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, 2026 to January 31, 2026, including auction settlement dates.

Summary

BSE has issued a revised trading and settlement programme for the cash segment covering the period from January 1, 2026 to January 31, 2026. The circular provides comprehensive settlement schedules for both T+1 and T+0 settlement cycles, including details of settlement numbers, trading dates, custodian confirmation timelines, pay-in/pay-out dates, and auction settlement schedules. The revised schedule accounts for trading holidays on January 15 and 26, 2026.

Key Points

  • Revised settlement schedule covers January 1-31, 2026 for both T+1 and T+0 cycles
  • T+1 cycle: 21 regular settlements (DR-789 to DR-809) with corresponding auction settlements
  • T+0 cycle: 20 settlements (DR-484 to DR-504) with same-day pay-in/pay-out
  • Settlement numbers skip DR-799 and DR-494 due to trading holidays
  • OTR allocation (give-up entry) allowed until 8:00 PM on T day
  • OTR confirmation (take-up entry) allowed until 7:30 AM on T+1 day
  • Custodians must confirm 6A/7A data on T+1 day for T+1 settlements

Regulatory Changes

No new regulatory changes introduced. This is a routine operational circular revising the settlement calendar for January 2026.

Compliance Requirements

  • Trading Members: Must enter 6A/7A data on trading date as per schedule
  • Custodians: Must confirm 6A/7A data by T+1 day before pay-in/pay-out
  • Members: Submit auction offers on specified auction settlement dates
  • All Participants: Adhere to OTR allocation deadline (8:00 PM T day) and OTR confirmation deadline (7:30 AM T+1 day)
  • Settlement Operations: Follow depository settlement numbers (2526XXX series) for all transactions

Important Dates

  • Effective Period: January 1, 2026 to January 31, 2026
  • Notice Date: January 12, 2026
  • Trading Holidays: January 15, 2026 and January 26, 2026 (Municipal Corporation elections in Maharashtra)
  • First T+1 Settlement: DR-789/25-26 (Trading: Jan 1, Pay-in/out: Jan 2)
  • Last T+1 Settlement: DR-809/25-26 (Trading: Jan 30, Pay-in/out: Feb 2)
  • First T+0 Settlement: DR-484/25-26 (Trading and Pay-in/out: Jan 1)
  • Last T+0 Settlement: DR-504/25-26 (Trading and Pay-in/out: Jan 30)

Impact Assessment

Market Impact: Medium - affects all cash segment trading operations and settlement cycles

Operational Impact: All trading members, custodians, and clearing members must update their systems and operations calendar to reflect the revised settlement schedule. The schedule accommodates two trading holidays which shifts settlement dates accordingly.

Timeline Impact: Pay-in/pay-out dates are pushed forward for trades occurring before holidays (January 15 and 26), with settlements moving from T+1 to T+4 for those specific dates.

Member Action Required: Members must ensure adequate liquidity planning considering the revised settlement dates, particularly around the holiday periods where auction pay-outs are delayed by additional days.

Impact Justification

Operational circular providing revised settlement schedule for January 2026. Essential for trading members and custodians to plan settlement activities but does not introduce new regulatory changes.