Description

BSE announces revised trading and settlement schedule for Securities Lending and Borrowing (SLB) segment covering the period from January 1 to January 31, 2026, including special timings for settlement holiday.

Summary

BSE has issued the revised trading and settlement programme for the Securities Lending and Borrowing (SLB) segment for the period from January 1, 2026 to January 31, 2026. The circular details 21 settlements (SL-189/25-26 through SL-209/25-26) with corresponding depository settlement numbers, trading dates, and pay-in/pay-out schedules. Special arrangements have been made for settlements SL-198 and SL-199 due to a settlement holiday on January 15, 2026.

Key Points

  • Settlement schedule covers 21 trading days from January 1 to January 30, 2026
  • Standard pay-in time is 08:00 a.m. with instruction submission deadline of 07:50 a.m.
  • Settlements SL-198/25-26 (trade date: January 14) and SL-199/25-26 (trade date: January 15) both have pay-out on January 16, 2026 with different timings
  • SL-198: Pay-in at 08:00 a.m., Pay-out at 09:30 a.m.
  • SL-199: Pay-in at 10:15 a.m., Pay-out at 12:00 p.m.
  • Members must submit pay-in instructions to Depositories/Banks by specified cut-off times

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule update.

Compliance Requirements

  • Members must adhere to the published settlement schedule for SLB trades
  • Pay-in instructions must be submitted to Depositories/Banks latest by 07:50 a.m. for standard settlements
  • For January 16 settlements, separate timings apply: by 07:50 a.m. for SL-198 and by 10:05 a.m. for SL-199
  • Members must ensure timely submission of securities and funds as per the schedule

Important Dates

  • January 1-31, 2026: Revised SLB settlement period
  • January 15, 2026: Settlement holiday affecting two settlements
  • January 16, 2026: Special pay-in/pay-out arrangements with two separate time windows
  • January 26, 2026: Trading holiday (Republic Day) - no settlement numbered for this date

Impact Assessment

Operational Impact: Minimal impact on market participants. The revised schedule provides clarity on settlement timings for the month and allows members to plan their SLB operations accordingly.

Settlement Holiday Impact: The January 15 settlement holiday requires special attention as both SL-198 and SL-199 settlements will be processed on January 16 with staggered timings to manage operational load.

Market Participants Affected: All BSE members participating in the Securities Lending and Borrowing segment, including institutional investors, custodians, and clearing members who need to coordinate with depositories and banks for timely settlement.

Impact Justification

Routine operational circular providing revised settlement schedule for SLB segment with standard timings and one settlement holiday adjustment