Description

Settlement holiday on January 15, 2026 due to Maharashtra Municipal Corporation Elections causes revised settlement dates for equity, derivatives, SLB, EGR and commodity segments.

Summary

BSE has announced a settlement holiday on January 15, 2026 due to Municipal Corporation Elections in Maharashtra. This results in revised settlement dates for trades executed on January 14 and 15, 2026 across equity, SLB, equity derivatives, currency derivatives, EGR and commodity derivatives segments. Trades scheduled for settlement on January 15 will be settled on January 16, 2026 instead.

Key Points

  • January 15, 2026 is declared as a settlement holiday due to Maharashtra Municipal Corporation Elections
  • Settlement dates revised for trades in EQUITY, SLB, EQUITY DERIVATIVES, EGR and COMMODITY DERIVATIVES segments
  • Trades dated January 14, 2026 will settle on January 16, 2026 (instead of January 15)
  • Trades dated January 15, 2026 will settle on January 16, 2026 (instead of January 16)
  • Currency derivatives segment: January 15, 2026 is now a trading holiday, settlement not applicable
  • Currency derivatives trades dated January 14, 2026 will settle on January 16, 2026

Regulatory Changes

No regulatory policy changes. This is a temporary operational adjustment for a state election-related holiday.

Compliance Requirements

  • Members must adjust their settlement schedules and fund/securities arrangements accordingly
  • Members should ensure adequate liquidity and securities availability for the revised settlement date of January 16, 2026
  • Risk management systems should be updated to reflect the revised settlement timeline
  • Members must inform their clients about the settlement date changes

Important Dates

  • January 15, 2026: Settlement holiday (Municipal Corporation Elections in Maharashtra)
  • January 14, 2026 (Trade Date): Original settlement January 15, revised to January 16
  • January 15, 2026 (Trade Date): Original settlement January 16, revised to January 16 (both T+1 settlements consolidated)
  • January 16, 2026: Revised settlement date for both January 14 and January 15 trades

Impact Assessment

Operational Impact: Medium - Trading members and clearing members need to adjust settlement schedules, fund transfers, and securities delivery arrangements. The consolidation of two settlement dates into one (January 16) may increase operational volumes.

Liquidity Impact: Low to Medium - Members may need additional liquidity on January 16 to meet obligations from two trading days settling simultaneously.

Market Impact: Low - This is a procedural adjustment with no impact on trading activities. Currency derivatives segment faces additional impact as January 15 becomes a trading holiday, not just settlement holiday.

Clearing Corporation: Indian Clearing Corporation Ltd handles the revised settlement schedule across all affected segments.

Impact Justification

Settlement schedule changes affect all trading members and clearing operations but are procedural adjustments for a one-day holiday with minimal market disruption