Description

BSE announces revised daily settlement schedule for currency derivatives segment covering the period from January 1, 2026 to January 31, 2026, including expiry details for January 2026 contracts.

Summary

BSE has issued a revised settlement programme for the Currency Derivatives Segment covering the period from January 1, 2026 to January 31, 2026. The circular provides the daily settlement dates corresponding to each trade date and specifies the expiry and final settlement dates for January 2026 currency future contracts.

Key Points

  • Revised settlement schedule covers January 1-31, 2026
  • Daily settlement dates are typically T+1 (next business day after trade date)
  • Settlement holiday observed on January 15, 2026 (settlement for January 14 trades occurs on January 16)
  • January 28, 2026 expiry contracts settle on January 30, 2026
  • All settlement dates account for weekends and holidays

Regulatory Changes

No regulatory changes introduced. This is a routine operational update to the settlement calendar.

Compliance Requirements

  • Market participants must adhere to the revised settlement schedule
  • Clearing members must ensure funds/securities availability as per the published settlement dates
  • Back-office systems should be updated to reflect the revised settlement timeline

Important Dates

  • Effective Period: January 1, 2026 to January 31, 2026
  • Settlement Holiday: January 15, 2026
  • January 2026 Contract Expiry (Last Trading Day): January 28, 2026
  • January 2026 Contract Final Settlement Date: January 30, 2026
  • Month-end Settlement: January 30 trades settle on February 2, 2026

Settlement Schedule Details

Trade DateSettlement Date
01-01-202602-01-2026
02-01-202605-01-2026
05-01-202606-01-2026
06-01-202607-01-2026
07-01-202608-01-2026
08-01-202609-01-2026
09-01-202612-01-2026
12-01-202613-01-2026
13-01-202614-01-2026
14-01-202616-01-2026
16-01-202619-01-2026
19-01-202620-01-2026
20-01-202621-01-2026
21-01-202622-01-2026
22-01-202623-01-2026
23-01-202627-01-2026
27-01-202628-01-2026
28-01-202629-01-2026
29-01-202630-01-2026
30-01-202602-02-2026

Impact Assessment

Operational Impact: Medium - All participants in currency derivatives segment must align their settlement operations with the revised schedule. Clearing members need to ensure adequate liquidity planning around the settlement holiday on January 15, 2026.

Market Impact: Low - This is a routine administrative update with no impact on trading activities or market structure.

Risk Management: Settlement teams must update their systems to reflect the modified settlement cycle, particularly noting the gap on January 15 and the January 2026 contract expiry settlement on January 30.

Issued by: Indian Clearing Corporation Ltd.
Contact: Tajindersingh Virdi, Assistant Vice President
Notice Number: 20260109-53
Segment: Currency Derivatives

Impact Justification

Routine operational circular providing revised settlement schedule for currency derivatives. Medium impact as it affects settlement timelines for all currency derivatives participants. Important for back-office operations and settlement planning.