Description

BSE notice specifying the trading and settlement schedule for the Indian Corporate Debt Market (ICDM) under T+0, T+1, and T+2 settlement cycles for April 2026.

Summary

BSE (Notice No. 20260310-42) has published the trading and settlement programme for the Indian Corporate Debt Market (ICDM) segment for the period 01 April 2026 to 30 April 2026. The notice covers settlement schedules under three cycles: T+0, T+1, and T+2, with 19 settlement numbers (2627001–2627019) across all three types.

Key Points

  • Settlement numbers range from 2627001 to 2627019 covering all trading days in April 2026.
  • Three settlement cycles are defined: T+0 (same-day), T+1 (next business day), and T+2 (two business days later).
  • Market holidays in April 2026 result in gaps: 03 Apr (Thu), 05 Apr (Sun), 11 Apr (Sat), 12 Apr (Sun), 14 Apr (Mon), 18 Apr (Sat), 19 Apr (Sun), 25 Apr (Sat), 26 Apr (Sun) are excluded from the schedule.
  • For T+1, the last settlement (2627019, transaction date 30-04-2026) has pay-in/pay-out on 04-05-2026.
  • For T+2, the last two settlements spill into May: 2627018 (29-04-2026 transaction) settles on 04-05-2026, and 2627019 (30-04-2026 transaction) settles on 05-05-2026.
  • Issued by Indian Clearing Corporation Ltd. (ICCL), signed by Tajindersingh Virdi, Assistant Vice President.

Regulatory Changes

No new regulatory changes introduced. This is a routine periodic scheduling notice consistent with existing settlement frameworks for the corporate debt segment.

Compliance Requirements

  • Debt market participants must ensure timely transfer of securities into the ICCL account before the depository settlement deadline for each respective market type.
  • Participants are directed to refer to ICCL Notice No. 20091206-01 dated 06 December 2009 for further operational details on settlement deadlines.

Important Dates

  • Programme Period: 01 April 2026 to 30 April 2026
  • First Settlement Date: 02 April 2026 (Settlement No. 2627001)
  • Last Settlement Date (T+0): 30 April 2026 (Settlement No. 2627019)
  • T+1 Last Pay-out: 04 May 2026 (for transactions on 30 April 2026)
  • T+2 Last Pay-out: 05 May 2026 (for transactions on 30 April 2026)

Impact Assessment

This notice is operationally important for participants in the corporate debt segment, including banks, NBFCs, institutional investors, and brokers active in ICDM. It ensures clarity on settlement timelines, helping participants plan securities and funds movement. The spillover of T+1 and T+2 settlements into early May 2026 requires advance planning for end-of-month positions. No direct equity market impact.

Impact Justification

Routine operational notice detailing settlement schedules for the corporate debt segment; relevant to debt market participants but does not introduce regulatory changes or affect equity markets.