Description

BSE announces revised settlement schedule for Electronic Gold Receipts segment due to settlement holiday on January 15, 2026 for Maharashtra Municipal Corporation elections.

Summary

BSE has revised the settlement programme for the Electronic Gold Receipts (EGR) segment for the period from January 13-15, 2026, following RBI’s notification of a settlement holiday on January 15, 2026 due to Municipal Corporation elections in Maharashtra. The circular provides detailed settlement numbers, dates, and revised timings for pay-in/pay-out and auction settlements.

Key Points

  • Settlement holiday declared on January 15, 2026 due to Maharashtra Municipal Corporation elections
  • Three settlements affected: DR-204, DR-205, and DR-206 of 2025-2026
  • Settlement DR-205 (trade date 14.01.2026) will have pay-in/pay-out on 16.01.2026 at 02:00 PM / 04:00 PM
  • Settlement DR-206 (trade date 15.01.2026) will have pay-in/pay-out on 16.01.2026 at 05:00 PM / 07:00 PM
  • Members must submit pay-in instructions to depositories/banks 10 minutes before scheduled pay-in times
  • Auction pay-in scheduled at 9:00 AM with instructions required by 8:50 AM

Regulatory Changes

This circular implements RBI’s directive dated January 8, 2026 regarding the settlement holiday on January 15, 2026. No permanent regulatory changes are introduced; this is a temporary schedule adjustment to accommodate the election-related holiday.

Compliance Requirements

  • Members must adhere to revised settlement schedule for settlements DR-204, DR-205, and DR-206
  • Pay-in instructions must be submitted to depositories/banks by 01:50 PM for DR-205 settlement
  • Pay-in instructions must be submitted to depositories/banks by 04:50 PM for DR-206 settlement
  • Auction pay-in instructions must be submitted by 8:50 AM
  • All EGR segment participants must adjust operational timings accordingly

Important Dates

  • January 9, 2026: Circular issued
  • January 13, 2026: Trading date for DR-204/2025-2026
  • January 14, 2026: Trading date for DR-205/2025-2026; Pay-in/Pay-out for DR-204
  • January 15, 2026: Settlement holiday; Trading date for DR-206/2025-2026
  • January 16, 2026: Pay-in/Pay-out for DR-205 (02:00 PM/04:00 PM) and DR-206 (05:00 PM/07:00 PM)
  • January 19, 2026: Auction submission date for RA-206
  • January 20, 2026: Auction pay-in/pay-out for RA-206

Impact Assessment

Operational Impact: EGR segment participants must adjust their settlement operations to accommodate the condensed schedule on January 16, 2026, with two settlements occurring on the same day at different times. This requires careful coordination with depositories and banks.

Market Impact: Limited market disruption as the revised schedule maintains settlement continuity by shifting affected settlements to the next available trading day. The staggered timings (2:00 PM and 5:00 PM) on January 16 allow operational separation between the two settlements.

Participant Impact: Members need to ensure adequate staffing and system availability for extended hours on January 16, 2026, particularly for the DR-206 settlement extending to 7:00 PM for pay-out.

Impact Justification

Settlement schedule changes affect EGR segment participants but follow standard holiday protocols. Medium impact due to altered timings requiring operational adjustments.