Description

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

Summary

BSE has issued a revised settlement programme for the Electronic Gold Receipts (EGR) segment covering the period from January 13, 2026 to January 15, 2026. This revision is necessitated by a settlement holiday on January 15, 2026, declared by the Reserve Bank of India (RBI) on account of Municipal Corporation elections in Maharashtra. The circular provides detailed settlement numbers, revised pay-in/pay-out dates, and specific timings for members to submit instructions to depositories and banks.

Key Points

  • Settlement holiday on January 15, 2026 due to Maharashtra Municipal Corporation elections as per RBI directive dated January 8, 2026
  • Three settlement cycles affected: DR-204, DR-205, and DR-206 for FY 2025-2026
  • Revised pay-in/pay-out schedule with adjusted dates for settlements originally planned around the holiday
  • Special timing arrangements for settlements DR-205 and DR-206 both scheduled for pay-in/pay-out on January 16, 2026
  • DR-205: Pay-in at 2:00 PM, Pay-out at 4:00 PM on January 16, 2026
  • DR-206: Pay-in at 5:00 PM, Pay-out at 7:00 PM on January 16, 2026
  • Corresponding auction settlement timings also revised
  • Members must submit pay-in instructions to depositories/banks by specified cut-off times

Regulatory Changes

This circular implements an RBI directive dated January 8, 2026, declaring a settlement holiday on January 15, 2026. The settlement holiday is specifically on account of elections for Municipal Corporations in Maharashtra. This requires adjustments to the standard settlement cycle for the EGR segment to ensure continuity of operations while respecting the mandated holiday.

Compliance Requirements

  • Members must adhere to the revised settlement schedule for settlements DR-204, DR-205, and DR-206
  • For settlement DR-205 (trade date January 14, 2026): Submit pay-in instructions to depositories/banks by 1:50 PM on January 16, 2026
  • For settlement DR-206 (trade date January 15, 2026): Submit pay-in instructions to depositories/banks by 4:50 PM on January 16, 2026
  • For auction pay-ins: Submit instructions to depositories/banks by 8:50 AM for 9:00 AM auction pay-in
  • Members must ensure timely submission of instructions to avoid settlement delays
  • Pay-in and pay-out timings must be strictly observed as per the revised schedule

Important Dates

  • January 9, 2026: Circular issued
  • January 13, 2026: Trading date for settlement DR-204/2025-2026
  • January 14, 2026:
    • Pay-in/Pay-out for settlement DR-204
    • Trading date for settlement DR-205/2025-2026
    • Auction offer submission for RA-204
  • January 15, 2026:
    • Settlement holiday (Maharashtra Municipal Corporation elections)
    • Trading date for settlement DR-206/2025-2026
  • January 16, 2026:
    • Pay-in/Pay-out for settlements DR-205 and DR-206 (multiple timing slots)
    • Auction pay-in/pay-out for RA-204
    • Auction offer submission for RA-205
  • January 19, 2026: Auction offer submission for RA-206
  • January 20, 2026: Auction pay-in/pay-out for RA-206

Impact Assessment

Operational Impact: Medium. The settlement holiday necessitates compression of two settlement cycles (DR-205 and DR-206) into a single day (January 16, 2026) with staggered timings. Members trading in the EGR segment must carefully manage their operations to accommodate the revised schedule, particularly the two separate pay-in/pay-out windows on January 16.

Market Participants Affected: All trading members and clearing members participating in BSE’s Electronic Gold Receipts (EGR) segment, along with depositories and banks handling settlement instructions.

Risk Considerations: The compressed settlement schedule increases operational risk as members must process two settlements on the same day with tight deadlines. Members need to ensure adequate staffing and system readiness to handle the dual settlement windows. Late submission of pay-in instructions could result in settlement failures.

Liquidity Impact: Minimal direct impact on market liquidity, though the revised schedule may affect short-term cash management for members handling multiple settlements on January 16, 2026.

Impact Justification

Operational circular affecting settlement timelines for EGR segment participants due to election-related holiday. Medium impact as it requires members to adjust settlement schedules and submission timings.