Description

BSE announces revised trading and settlement schedule for the New Debt Segment (NDS) covering the period from January 1, 2026 to January 31, 2026, including pay-in/pay-out dates and auction schedules.

Summary

BSE has issued the revised trading and settlement programme for the New Debt Segment (NDS) for the period from January 1, 2026 to January 31, 2026. The circular provides detailed settlement schedules including trading dates, 6A/7A entry and confirmation dates, pay-in/pay-out dates, and auction dates for 20 settlement cycles (NDS-184/25-26 through NDS-204/25-26).

Key Points

  • Settlement schedule covers January 1-31, 2026 with 20 settlement cycles
  • Trading follows T+1 settlement cycle for regular pay-in/pay-out
  • Pay-in deadline: 11:00 a.m. (members must submit instructions by 10:50 a.m.)
  • Auction pay-in deadline: 9:30 a.m. (members must submit instructions by 9:20 a.m.)
  • Schedule accounts for settlement holiday on January 15, 2026 (no settlement NDS-194)
  • Weekend holidays on January 11-12, 18-19, 25-26 are reflected in the schedule
  • Republic Day (January 26) impact reflected with extended settlement timeline

Regulatory Changes

No regulatory changes. This is a routine schedule update reflecting the calendar for January 2026.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks by 10:50 a.m. for regular pay-in (deadline 11:00 a.m.)
  • Members must submit auction pay-in instructions to Depositories/banks by 9:20 a.m. for auction pay-in (deadline 9:30 a.m.)
  • Members must adhere to the revised settlement schedule for all NDS transactions during January 2026
  • 6A/7A entries and confirmations must be completed on specified dates

Important Dates

  • Effective Period: January 1, 2026 to January 31, 2026
  • Settlement Holiday: January 15, 2026 (no settlement cycle NDS-194)
  • First Settlement: NDS-184/25-26 (Trading: Jan 1, Pay-out: Jan 2)
  • Last Settlement in Period: NDS-204/25-26 (Trading: Jan 30, Pay-out: Feb 2)
  • Republic Day Impact: Settlement NDS-199 trading on Jan 22 has extended pay-out to Jan 27

Impact Assessment

Market Impact: Minimal. This is a routine administrative circular providing the standard monthly settlement calendar.

Operational Impact: Low. Members trading in the New Debt Segment need to note the revised schedule and ensure timely submission of pay-in instructions. The settlement holiday on January 15 and Republic Day on January 26 create slightly extended settlement cycles that members should plan for.

Stakeholder Impact: Affects NDS trading members, clearing corporation, and depositories who need to coordinate settlement activities according to the published schedule.

Impact Justification

Routine monthly settlement schedule update for debt segment with no policy changes or market impact