Description

List of international holidays in 2026 on which institutional trades not confirmed by custodians will not attract penalties for T+1 settlement confirmation.

Summary

BSE has notified trading members and custodians of 11 international holidays in 2026 on which institutional trades not confirmed by custodians will not attract penalties. This applies to settlements where the custodian confirmation day (T+1) falls on these specified international holidays.

Key Points

  • Penalty waiver applies only when T+1 custodian confirmation day falls on listed international holidays
  • Circular continues the existing framework established in 2023 and 2005 notices
  • Relates to Delivery versus Payment (DvP) settlement mechanism for institutional trades
  • Custodians and trading members are the primary stakeholders affected

Regulatory Changes

No new regulatory changes. This circular provides the annual calendar update for existing penalty waiver provisions under the custodian confirmation framework for institutional trades.

Compliance Requirements

  • Trading members and custodians must note the specified international holidays
  • No penalties will be imposed for non-confirmation on these dates when they coincide with T+1 settlement day
  • Custodians should plan confirmation processes accounting for these holiday dates

Important Dates

International holidays in 2026 with penalty waiver for custodian confirmation:

  • January 1, 2026 (Thursday)
  • January 19, 2026 (Monday)
  • February 16, 2026 (Monday)
  • May 25, 2026 (Monday)
  • June 19, 2026 (Friday)
  • July 3, 2026 (Friday)
  • September 7, 2026 (Monday)
  • October 12, 2026 (Monday)
  • November 11, 2026 (Wednesday)
  • November 26, 2026 (Thursday)
  • December 25, 2026 (Friday)

Impact Assessment

Market Impact: Minimal. This is a procedural circular that provides operational clarity for institutional settlement processes.

Operational Impact: Low to moderate for custodians and institutional trading members who need to plan their confirmation workflows around these dates. Provides certainty and prevents unintended penalties when international holidays coincide with Indian settlement cycles.

Target Audience: Primarily custodians and trading members handling institutional trades under the DvP mechanism.

Impact Justification

Administrative circular providing advance notice of international holidays for 2026 where penalty waivers apply for custodian confirmation delays. Does not change market structure or impose new requirements.