Description

BSE announces revised trading and settlement schedule for Corporate Debt Segment (ICDM) covering T+0, T+1, and T+2 settlement cycles for the period from January 1-30, 2026, with adjustments for settlement holiday on January 15, 2026.

Summary

BSE has issued a revised trading and settlement programme for the Corporate Debt Segment (ICDM) for the period from January 1, 2026 to January 31, 2026. The circular provides detailed settlement schedules for three settlement cycles: T+0 (same day settlement), T+1 (next day settlement), and T+2 (two-day settlement). The schedule includes adjustments for the settlement holiday on January 15, 2026, with settlement number 2526195 being skipped.

Key Points

  • Revised settlement schedule covers January 1-30, 2026 for Corporate Debt Segment (ICDM)
  • Three settlement cycles provided: T+0, T+1, and T+2
  • Settlement numbers range from 2526185 to 2526205
  • Settlement number 2526195 is skipped due to settlement holiday on January 15, 2026
  • Total of 20 settlement dates scheduled for the month
  • All three settlement cycles show aligned transaction dates with varying pay-in and pay-out dates based on settlement type
  • January 3, 4, 10, 11, 15, 17, 18, 24, 25, 26, and 31 are non-trading days

Regulatory Changes

No new regulatory changes introduced. This is a routine operational schedule update to accommodate the settlement holiday on January 15, 2026.

Compliance Requirements

  • Market participants must adhere to the revised settlement schedule for all Corporate Debt Segment transactions
  • Participants must check depository settlement deadline times for respective market types
  • Securities must be transferred to ICCL (Indian Clearing Corporation Ltd.) account within specified timelines
  • Reference ICCL Notice No.20091206-01 dated December 6, 2009 for additional settlement details
  • Separate schedules apply for T+0, T+1, and T+2 settlement cycles as per transaction requirements

Important Dates

  • Effective Period: January 1, 2026 to January 31, 2026
  • Settlement Holiday: January 15, 2026 (Settlement No. 2526195 skipped)
  • First Settlement: January 1, 2026 (Settlement No. 2526185)
  • Last Settlement for January: January 30, 2026 (Settlement No. 2526205)
  • Month-end Spillover Settlements:
    • T+1: January 30 transaction settles on February 2, 2026
    • T+2: January 29 transaction settles on February 2, 2026; January 30 transaction settles on February 3, 2026

Impact Assessment

Operational Impact: This circular has medium operational impact on debt market participants, clearing members, and brokers dealing in corporate debt securities. The revised schedule ensures proper coordination of settlement activities and helps participants plan their fund and securities management for the month.

Market Segments Affected: Corporate Debt Segment (ICDM) exclusively

Participant Categories: Clearing members, trading members, custodians, and depositories involved in corporate debt trading and settlement

Planning Considerations: Participants need to adjust their internal settlement calendars, fund management, and securities transfer processes according to the revised schedule, particularly around the January 15 settlement holiday and month-end spillover settlements into February 2026.

Impact Justification

Operational circular providing revised settlement schedule for Corporate Debt Segment participants. Medium impact as it affects debt market operations and settlement timelines, particularly due to January 15, 2026 settlement holiday adjustment. Essential for debt market participants to ensure proper settlement coordination.