Description

BSE announces trading and settlement schedule for cash segment covering February 1-28, 2026, including T+1 and T+0 settlement cycles with detailed pay-in/pay-out dates and auction schedules.

Summary

BSE has issued the trading and settlement programme for the cash segment covering the period from February 1, 2026 to February 28, 2026. The circular details both T+1 and T+0 settlement cycles, including settlement numbers, trading dates, custodian confirmation deadlines, pay-in/pay-out dates, and auction schedules. The T+1 cycle includes 21 settlements (2526810 through 2526830) with corresponding auction settlements, while the T+0 cycle includes 19 settlements (DR-505/25-26 through DR-523/25-26).

Key Points

  • T+1 settlement cycle: 21 settlements scheduled from February 1-28, 2026 (settlement numbers 2526810 to 2526830)
  • T+0 settlement cycle: 19 settlements scheduled from February 2-27, 2026 (settlement numbers 2526505 to 2526523)
  • Trading dates exclude February 7, 8, 14, 15, 21, 22, and 28, 2026 (weekends)
  • Each T+1 settlement includes corresponding auction settlement numbers (RA-810/25-26 through RA-830/25-26)
  • Entry of 6A/7A data by members due on trading date (T day)
  • Custodian confirmation of 6A/7A data due on T+1 day
  • 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
  • Pay-in deadline: 10:30 AM with instructions to depositories/banks required by 10:30 AM
  • Special dates: February 19, 2026 trading settles on February 20, 2026

Regulatory Changes

No regulatory changes introduced. This is a standard operational calendar notification following existing T+1 and T+0 settlement frameworks.

Compliance Requirements

  • Members must submit 6A/7A data entry on the trading date
  • Custodians must confirm 6A/7A data by the specified T+1 date
  • Members must submit pay-in instructions to depositories/banks latest by 10:30 AM on pay-in day
  • OTR allocation entries must be completed by 8:00 PM on trading day
  • Custodians must complete OTR confirmation (take-up entry) by 7:30 AM on T+1 day
  • Auction offers must be submitted on the specified auction dates
  • Members must adhere to the published settlement calendar for operational planning

Important Dates

T+1 Settlement Cycle:

  • First settlement: February 1, 2026 (Settlement No. 2526810) - Pay-in/Pay-out: February 2, 2026
  • Last settlement: February 27, 2026 (Settlement No. 2526830) - Pay-in/Pay-out: March 2, 2026
  • Special settlement: February 19, 2026 trading (Settlement No. 2526824) - Pay-in/Pay-out: February 20, 2026
  • Auction pay-in/pay-out dates range from February 4, 2026 to March 4, 2026

T+0 Settlement Cycle:

  • First settlement: February 2, 2026 (DR-505/25-26)
  • Last settlement: February 27, 2026 (DR-523/25-26)
  • Same-day pay-in and pay-out for all T+0 settlements

Non-trading dates in February 2026: 7, 8, 14, 15, 21, 22, and 28 (weekends)

Impact Assessment

Operational Impact: Medium - All brokers, custodians, clearing members, and market participants must align their operational calendars, settlement workflows, and fund/securities management systems with this schedule. The calendar is essential for planning liquidity requirements and settlement obligations.

Market Impact: Low - This is a routine operational calendar that follows established settlement cycles. No disruption to normal trading activities expected.

Participant Impact: All cash segment participants including brokers, institutional investors, custodians, and clearing corporations must ensure their systems and processes are configured according to this settlement schedule. Special attention required for the February 19 trading date which settles on February 20 (marked with @), and the subsequent catch-up settlements.

System Requirements: Participants must ensure their back-office systems, depository interfaces, and settlement modules are updated with the correct settlement numbers and dates to avoid settlement failures or delayed processing.

Impact Justification

Operational calendar notification affecting all cash segment participants. Medium importance as it provides essential settlement dates for planning purposes. Medium impact as it covers routine monthly settlement operations.