Description

Revised settlement schedule for equity cash segment covering T+1 and T+0 settlement cycles for the period January 1-31, 2026, including auction settlement dates.

Summary

BSE has issued a revised trading and settlement programme for the cash segment covering January 1-31, 2026. The circular provides comprehensive settlement schedules for both T+1 and T+0 settlement cycles, including settlement numbers, depository reference numbers, trading dates, custodian confirmation timelines, pay-in/pay-out dates, and auction settlement schedules. The revision accounts for trading holidays on January 15, 2026 (Makar Sankranti) and January 26, 2026 (Republic Day).

Key Points

  • Revised settlement programme covers January 1-31, 2026 for equity cash segment
  • Includes both T+1 settlement cycle (21 settlements: DR-789 to DR-809) and T+0 settlement cycle (20 settlements: DR-484 to DR-504)
  • T+1 settlements include auction mechanisms with separate settlement numbers (RA-789 to RA-809)
  • Trading holidays impact settlement schedule on January 15 and 26, 2026
  • OTR allocation (Give-up entry) deadline: 8:00 PM on T day
  • OTR confirmation (Take-up entry) deadline: 7:30 AM on T+1 day
  • Settlement numbers for depository purposes follow format 2526XXX

Regulatory Changes

This is a revised schedule that supersedes the previous trading and settlement programme. The revision accommodates trading holidays and ensures proper sequencing of settlement activities including custodian confirmations, pay-in/pay-out processes, and auction settlements.

Compliance Requirements

  • Members must enter 6A/7A data on specified trading dates as per the schedule
  • Custodians must confirm 6A/7A data by the dates specified in the settlement programme
  • Auction offers must be submitted on designated auction settlement dates
  • OTR allocation entries must be completed by 8:00 PM on trading day
  • OTR confirmation entries must be completed by custodians by 7:30 AM on T+1 day
  • All participants must follow the revised pay-in and pay-out dates for both T+1 and T+0 cycles

Important Dates

  • Effective Period: January 1-31, 2026
  • Trading Holidays: January 15, 2026 (causing settlement adjustments) and January 26, 2026 (Republic Day)
  • T+1 Settlement Range: DR-789/25-26 (January 1) to DR-809/25-26 (January 30)
  • T+0 Settlement Range: DR-484/25-26 (January 1) to DR-504/25-26 (January 30)
  • Monthly Pay-in/Pay-out Dates: Extended to February 3, 2026 for final January settlements
  • OTR Deadlines: Give-up by 8:00 PM on T day, Take-up by 7:30 AM on T+1 day

Impact Assessment

Operational Impact: High - All equity cash segment participants including brokers, custodians, clearing members, and depositories must align their operations with this revised schedule. Any deviation could result in settlement failures or penalties.

Market Impact: Medium - The revised schedule ensures smooth market operations during the holiday period. Trading holidays on January 15 and 26 result in extended settlement cycles (T+3 and T+4 for certain settlements), requiring participants to manage liquidity and positions accordingly.

Participant Impact: Members must update their internal systems and processes to reflect the revised settlement dates, particularly for custodian confirmations and auction settlements. The schedule provides clear timelines for all 41 settlements (21 T+1 and 20 T+0) to facilitate operational planning.

Impact Justification

Essential operational information affecting all equity cash segment participants, detailing daily settlement schedules, pay-in/pay-out dates, and auction timelines for the entire month.