Description

BSE announces revised trading and settlement schedule for Cash segment covering the period from January 1, 2026 to January 31, 2026, including both T+1 and T+0 settlement cycles with adjustments for settlement holiday on January 15, 2026.

Summary

BSE has issued a revised trading and settlement programme for the Cash (Equity) segment covering the period from January 1, 2026 to January 31, 2026. The circular provides detailed settlement schedules for both T+1 and T+0 settlement cycles, including settlement numbers, trading dates, depository entry deadlines, pay-in/pay-out dates, and auction schedules. The revision accounts for a settlement holiday on January 15, 2026, which affects settlement timelines for trades executed on January 14 and 15.

Key Points

  • Revised settlement programme covers January 1-31, 2026 for both T+1 and T+0 cycles
  • T+1 settlements: DR-789/25-26 through DR-809/25-26 (21 settlements)
  • T+0 settlements: DR-484/25-26 through DR-504/25-26 (20 settlements, skipping DR-494)
  • Settlement holiday on January 15, 2026 impacts pay-in/pay-out schedules
  • Trades on January 14 and 15 will settle on January 16, 2026 (marked with @)
  • Auction settlements follow regular trading settlements with designated RA numbers
  • OTR allocation deadline: 8:00 PM on T day
  • OTR confirmation deadline: 7:30 AM on T+1 day

Regulatory Changes

No new regulatory changes. This is a routine operational schedule revision to accommodate the settlement holiday on January 15, 2026.

Compliance Requirements

  • Members must enter 6A/7A data on the specified trading dates
  • Custodians must confirm 6A/7A data by the deadlines indicated
  • Members must submit auction offers on designated auction settlement numbers
  • OTR (Off-The-Record) allocation entries must be completed by members by 8:00 PM on T day
  • OTR confirmation (take-up entries) must be completed by custodians by 7:30 AM on T+1 day
  • All participants must adhere to the revised pay-in/pay-out schedules

Important Dates

  • January 1-31, 2026: Revised settlement programme period
  • January 15, 2026: Settlement holiday - no settlements processed
  • January 14, 2026: Trading date for DR-798/25-26, settling January 16, 2026
  • January 15, 2026: Trading date for DR-799/25-26, settling January 16, 2026
  • January 16, 2026: Pay-in/pay-out for both January 14 and 15 trades
  • Weekends adjusted: Settlements scheduled around Saturday-Sunday closures

Impact Assessment

Market-Wide Impact: High - This circular affects all participants in the Cash/Equity segment at BSE, including brokers, custodians, clearing members, and depositories. The revised schedule ensures smooth operations throughout January 2026.

Operational Impact: The settlement holiday on January 15, 2026 requires careful planning as it consolidates two trading days (January 14 and 15) into a single settlement date (January 16). This may result in higher settlement volumes and requires participants to manage liquidity and positions accordingly.

Liquidity Impact: Members and custodians must ensure adequate funds and securities availability for the consolidated settlement on January 16, 2026. The auction timelines remain aligned with regular settlements to manage shortages.

System Impact: Participants must update their internal systems and reconciliation processes to reflect the revised settlement numbers and dates, particularly for the affected period around January 15.

Risk Management: Clearing corporations and members should account for the extended settlement cycle around the holiday when calculating margins, exposure, and collateral requirements.

Impact Justification

Critical operational information affecting all cash segment participants for entire January 2026, with modified settlement schedules due to settlement holiday on January 15, 2026