Description

Updated daily settlement schedule for Futures & Options segment covering the trading period from January 1, 2026 to January 31, 2026, adjusted for trading holiday on January 15, 2026.

Summary

BSE has issued a revised settlement programme for the Futures & Options (F&O) segment for January 2026. The updated schedule provides daily settlement dates corresponding to each trade date from January 1, 2026 to January 31, 2026. This revision accounts for the trading holiday on January 15, 2026, causing settlement date adjustments for trades executed on January 14, 2026.

Key Points

  • Revised settlement calendar covers the entire month of January 2026
  • Daily settlement pattern maintained with T+1 settlement cycle
  • Trade date January 14, 2026 settles on January 16, 2026 (skipping the holiday)
  • Total of 21 trading days in January 2026
  • Last settlement for January trades occurs on February 2, 2026 (for January 30 trades)
  • Issued by Indian Clearing Corporation Ltd.

Regulatory Changes

No regulatory framework changes. This is a routine operational update to the settlement calendar necessitated by a scheduled trading holiday.

Compliance Requirements

  • Trading members must align their settlement operations with the revised schedule
  • Clearing members should update internal systems to reflect modified settlement dates
  • Risk management systems must be configured for the adjusted settlement timeline
  • Participants must ensure adequate margin and collateral availability as per the revised dates

Important Dates

  • Effective Period: January 1, 2026 to January 31, 2026
  • Trading Holiday: January 15, 2026
  • Key Settlement Adjustment: January 14, 2026 trades settle on January 16, 2026
  • Month-end Settlement: January 30, 2026 trades settle on February 2, 2026
  • Circular Issue Date: January 12, 2026

Impact Assessment

Operational Impact: Medium - All F&O market participants including brokers, clearing members, and traders must update their systems and workflows to accommodate the revised settlement dates. The one-day shift due to the January 15 holiday requires operational adjustments.

Market Impact: Low to Medium - The revised schedule is a standard operational adjustment that maintains market continuity. Participants need to ensure adequate liquidity and margin management around the holiday period. No impact on trading strategies or market access, but treasury and fund management teams must account for the modified settlement timeline in their cash flow planning.

Impact Justification

Routine operational circular revising settlement dates due to trading holiday; affects all F&O market participants' operational planning and settlement workflows for January 2026