Description

BSE announces revised settlement schedules for Corporate Debt (ICDM) segment covering T+0, T+1, and T+2 cycles for the period from January 1-31, 2026, including adjustments for settlement holiday on January 15.

Summary

BSE has issued the revised trading and settlement programme for the Corporate Debt Segment (ICDM - Indian Corporate Debt Market) for January 2026. The circular provides comprehensive settlement schedules for three settlement cycles: T+0, T+1, and T+2, covering the period from January 1 to January 31, 2026. The schedules reflect the settlement holiday on January 15, 2026.

Key Points

  • Revised settlement schedules issued for ICDM segment for January 2026
  • Three settlement cycles covered: T+0 (same day), T+1 (next day), and T+2 (two days)
  • Settlement numbers range from 2526185 to 2526205
  • January 15, 2026 is a settlement holiday (Settlement No. 2526195 skipped)
  • Total of 20 settlement days during the month
  • Both securities and funds pay-in and pay-out dates specified for each settlement

Regulatory Changes

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

Compliance Requirements

  • Market participants must adhere to the specified settlement schedules
  • Members must check depository settlement deadline times for respective market types
  • Securities must be transferred to ICCL (Indian Clearing Corporation Limited) account within specified timelines
  • Reference to ICCL Notice No.20091206-01 dated December 6, 2009 for detailed settlement procedures

Important Dates

Period Covered: January 1-31, 2026

Settlement Holiday: January 15, 2026

First Settlement: January 1, 2026 (Settlement No. 2526185)

Last Settlement: January 30, 2026 (Settlement No. 2526205)

Key T+2 Settlement Dates Extending Beyond January:

  • January 29 transaction settles on February 2, 2026
  • January 30 transaction settles on February 3, 2026

Impact Assessment

Market Impact: Medium - affects all participants trading in corporate debt securities on BSE’s ICDM platform.

Operational Impact: Participants must align their operations, fund management, and securities delivery schedules according to the revised calendar. The settlement holiday on January 15 requires planning for extended settlement cycles around that date.

Trading Impact: No impact on trading hours or activities; only affects post-trade settlement timelines for the debt segment.

Participant Action Required: Update internal settlement systems and calendars to reflect the January 2026 schedule, particularly noting the gap on January 15.

Impact Justification

Operational circular providing routine monthly settlement schedules for debt market participants. Medium impact as it affects settlement planning for corporate debt trading activities.