Description

BSE announces the trading and settlement schedule for the Cash Segment for April 2026 covering both T+1 and T+0 settlement cycles, detailing settlement numbers, trading dates, pay-in/pay-out dates, and auction timelines.

Summary

BSE has published the Trading and Settlement Programme for the Cash Segment for the period from 01 April 2026 to 30 April 2026. The circular covers both T+1 and T+0 settlement cycles, providing a complete schedule of settlement numbers, trading dates, 6A/7A data entry/confirmation deadlines, pay-in/pay-out dates, and auction settlement details for the new financial year 2026-27.

Key Points

  • Settlement numbers for T+1 cycle run from DR-602/26-27 to DR-621/26-27 (depository numbers 2627602–2627621) covering trading dates 01 Apr to 30 Apr 2026.
  • Settlement numbers for T+0 cycle run from DR-301/26-27 to DR-319/26-27 (depository numbers 2627301–2627319) covering trading dates 02 Apr to 30 Apr 2026.
  • Under T+1, pay-in/pay-out occurs on T+1 business day; under T+0, pay-in/pay-out occurs on the same trading day.
  • OTR (Off-market Trade Reporting) allocation (Give-up entry) by members is allowed up to 8:00 p.m. on T day; OTR confirmation (Take-up entry) by custodians is allowed up to 7:30 a.m. on T+1 day.
  • Pay-in is at 10:30 a.m.; members must submit pay-in instructions to Depositories/Banks latest by 10:30 a.m.
  • Auction settlement numbers are prefixed RA- and follow the corresponding DR- settlement by one business day.
  • The first trading day of the new FY 2026-27 is 01 April 2026 (Wednesday), with pay-in/pay-out on 02 April 2026.
  • 14 April 2026 is a market holiday (no settlement listed).

Regulatory Changes

No new regulatory changes are introduced. This circular continues the existing T+1 and T+0 settlement framework in line with SEBI’s mandate and references Notice No. 20221223-17 for OTR allocation/confirmation timelines.

Compliance Requirements

  • Members: Must enter 6A/7A data on T day and submit pay-in instructions to Depositories/Banks by 10:30 a.m. on pay-in day. OTR Give-up entries must be completed by 8:00 p.m. on T day.
  • Custodians: Must confirm 6A/7A data and complete OTR Take-up entries by 7:30 a.m. on T+1 day.
  • All participants: Must adhere to the published settlement schedule for April 2026 to avoid failed settlements and penalties.
  • Auction offers must be submitted on the designated auction submission dates per the schedule.

Important Dates

  • First trading day FY 2026-27: 01 April 2026 (T+1 settlement DR-602/26-27; pay-out 02 April 2026)
  • First T+0 settlement day: 02 April 2026 (DR-301/26-27)
  • Last trading day in schedule: 30 April 2026 (DR-621/26-27 for T+1; DR-319/26-27 for T+0; pay-out 04 May 2026 for T+1)
  • Market holiday: 14 April 2026 (no settlement entry)
  • Pay-in deadline daily: 10:30 a.m. on pay-in date
  • OTR Give-up deadline: 8:00 p.m. on T day
  • OTR Take-up deadline: 7:30 a.m. on T+1 day

Impact Assessment

This is a routine but operationally critical circular impacting all brokers, custodians, clearing members, and depositories participating in BSE’s Cash Segment. The settlement calendar governs trade obligations for the entire month of April 2026 (start of new financial year 2026-27). Participants must update their systems and workflows to reflect the new settlement schedule. The continuation of both T+1 and T+0 cycles ensures no change in settlement risk framework. Failure to comply with specified timelines may result in auction penalties and settlement shortfalls.

Impact Justification

This circular affects all equity market participants (members, custodians, depositories) by setting the mandatory settlement calendar for the entire month of April 2026, covering both T+1 and T+0 cycles. Non-compliance with settlement timelines can result in penalties and failed trades.