Description

BSE announces revised daily settlement schedule for Futures & Options segment for the period from January 1, 2026 to January 31, 2026, including adjustments for January 15, 2026 settlement holiday.

Summary

BSE has issued a revised settlement programme for the Futures & Options (F&O) segment covering the period from January 1, 2026 to January 31, 2026. The circular provides the complete trade date to settlement date mapping for daily settlements throughout the month, with specific adjustments made for the settlement holiday on January 15, 2026.

Key Points

  • Revised settlement schedule covers January 1-31, 2026 for F&O segment
  • Settlement holiday on January 15, 2026 affects settlement dates for trades on January 14 and 15
  • Trades executed on January 14, 2026 will settle on January 16, 2026
  • Trades executed on January 15, 2026 will settle on January 16, 2026
  • All other trading days follow T+1 settlement cycle
  • Monthly settlements conclude with January 30 trades settling on February 2, 2026

Regulatory Changes

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

Compliance Requirements

  • Trading members must ensure adequate funds and securities for settlement obligations as per the revised schedule
  • Clearing members should note the adjusted settlement dates, particularly around January 15, 2026 settlement holiday
  • Members must prepare for the extended settlement timeline where trades from both January 14 and 15 settle on January 16

Important Dates

  • January 9, 2026: Notice date - revised settlement programme announced
  • January 15, 2026: Settlement holiday - no settlements processed
  • January 16, 2026: Settlement for trades from both January 14 and January 15, 2026
  • January 1-31, 2026: Period covered by this settlement programme
  • February 2, 2026: Settlement date for trades executed on January 30, 2026

Impact Assessment

Operational Impact: Medium - All F&O market participants including traders, brokers, and clearing members must align their operational processes with the revised settlement calendar. The settlement holiday on January 15 requires special attention as it consolidates two days of trades into a single settlement on January 16.

Liquidity Impact: Low - The revised schedule is a minor adjustment to accommodate a settlement holiday and should not materially impact market liquidity or trading volumes.

Risk Management: Medium - Clearing members need to ensure adequate margin coverage for the extended settlement period around January 15-16, where settlement obligations from two trading days will be processed together.

Market Segments Affected: Futures and Options segment only, covering equity derivatives, index derivatives, and other derivative instruments traded on BSE F&O platform.

Impact Justification

Operational circular providing revised settlement calendar for F&O segment. Medium impact as it affects settlement timelines for all F&O participants, particularly around January 15 settlement holiday. Important for operational planning but routine in nature.