Description

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

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, DP settlement numbers, 6A/7A entry and confirmation dates, pay-in/pay-out dates, and auction dates for 20 settlement cycles during this period.

Key Points

  • Settlement programme covers 20 settlement cycles from NDS-184/25-26 to NDS-204/25-26
  • Trading dates run from January 1, 2026 to January 30, 2026
  • Regular pay-in time is at 11:00 a.m. with members required to submit instructions by 10:50 a.m.
  • Auction pay-in time is at 9:30 a.m. with members required to submit instructions by 9:20 a.m.
  • Settlement holidays observed on January 15, 2026 (skipping settlement NDS-194)
  • Settlement cycle follows T+1 pattern for pay-in/pay-out
  • Instructions must be submitted to Depositories/banks before specified cut-off times

Regulatory Changes

No regulatory changes introduced. This is a routine operational circular updating the settlement calendar.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks latest by 10:50 a.m. for regular settlements (pay-in at 11:00 a.m.)
  • Members must submit auction pay-in instructions to Depositories/banks latest by 9:20 a.m. for auction settlements (auction pay-in at 9:30 a.m.)
  • Members must adhere to the published settlement schedule for all NDS transactions during January 2026

Important Dates

  • Programme Period: January 1, 2026 to January 31, 2026
  • Settlement Holiday: January 15, 2026 (no settlement NDS-194/25-26)
  • First Settlement: NDS-184/25-26 - Trading on January 1, 2026, Pay-out on January 2, 2026
  • Last Settlement: NDS-204/25-26 - Trading on January 30, 2026, Pay-out on February 2, 2026
  • Notice Date: January 9, 2026

Impact Assessment

Market Impact: Minimal. This is a routine operational schedule update.

Operational Impact: Low. Members need to note the revised settlement calendar and ensure timely submission of pay-in instructions. The settlement holiday on January 15, 2026 requires attention to avoid missed deadlines.

Stakeholders Affected: Trading members and clearing members participating in the New Debt Segment (NDS) of BSE.

Action Required: Members should update their internal systems and calendars with the revised settlement schedule and ensure compliance with pay-in instruction timings.

Impact Justification

Routine administrative circular providing updated settlement calendar for debt segment trading. No policy changes or market impact, purely operational schedule information for January 2026.