Description

BSE announces revised trading and settlement schedule for cash segment covering T+1 and T+0 settlement cycles for the period from January 1-31, 2026, with adjusted timelines for settlement holiday on January 15, 2026.

Summary

BSE has issued the revised trading and settlement programme for the cash segment covering January 1-31, 2026. The circular provides detailed settlement schedules for both T+1 and T+0 settlement cycles, including settlement numbers, trading dates, pay-in/pay-out dates, and auction schedules. Key adjustment made for settlement holiday on January 15, 2026, with settlements DR-798 and DR-799 having pay-in/pay-out on January 16, 2026.

Key Points

  • Settlement schedule covers period from January 1-31, 2026 for cash segment
  • Includes both T+1 rolling settlement cycle (DR-789 to DR-809) and T+0 settlement cycle (DR-484 to DR-504)
  • Total 21 regular settlements and 21 auction settlements scheduled for T+1 cycle
  • Total 20 settlements scheduled for T+0 cycle (no DR-494 settlement listed, likely due to January 15 holiday)
  • Settlement numbers for depository purposes: 2526789 to 2526809 (T+1) and 2526484 to 2526504 (T+0)
  • Revised pay-in/pay-out dates marked with @ symbol for settlements affected by January 15 holiday
  • OTR (Off-Trade Reference) allocation deadline: 8:00 PM on T day
  • OTR confirmation by custodians deadline: 7:30 AM on T+1 day

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule publication with revisions to accommodate the settlement holiday.

Compliance Requirements

  • Members must enter 6A/7A data on trading date as per schedule
  • Custodians must confirm 6A/7A data by specified dates
  • Members must adhere to pay-in/pay-out timelines for both securities and funds
  • Auction offers must be submitted on specified auction settlement dates
  • OTR allocation entries must be completed by members by 8:00 PM on trade date
  • OTR confirmation (take-up entry) must be done by custodians by 7:30 AM on T+1 day
  • All participants must note revised settlement dates for settlements around January 15, 2026

Important Dates

  • January 1-31, 2026: Trading period covered by this settlement schedule
  • January 15, 2026: Settlement holiday (affects settlements DR-798 and DR-799)
  • January 16, 2026: Pay-in/pay-out for both DR-798 (trading date Jan 14) and DR-799 (trading date Jan 15)
  • First T+1 Settlement: DR-789 with trading date January 1, pay-in/pay-out January 2
  • Last T+1 Settlement: DR-809 with trading date January 30, pay-in/pay-out February 2
  • First T+0 Settlement: DR-484 with trading date January 1
  • Last T+0 Settlement: DR-504 with trading date January 30
  • Weekend/Holiday Gaps: January 4, 10-11, 18, 25-26, 31 (non-trading days)

Impact Assessment

Operational Impact: Medium - All market participants including brokers, custodians, clearing members, and depositories must align their settlement operations with this revised schedule. The consolidation of two settlements (DR-798 and DR-799) for pay-in/pay-out on January 16 due to the January 15 holiday requires careful operational planning to manage increased settlement volumes on that date.

Market Impact: Low - This is a routine settlement calendar with no changes to settlement mechanics or cycles. However, participants must ensure adequate liquidity and securities availability for January 16 when two settlements converge.

System Impact: Medium - Settlement systems, risk management systems, and clearing platforms must be configured with the correct settlement numbers and dates. The auction settlement schedules (RA-789 to RA-809) must be properly mapped to corresponding delivery settlements.

Timeline Planning: Critical for back-office operations to schedule staff and resources appropriately, especially around the January 15 holiday period and the subsequent consolidated settlement on January 16.

Impact Justification

Routine monthly settlement schedule with importance due to revised dates around January 15 settlement holiday. Critical for operational planning but no regulatory changes.