Description

BSE announces the trading and settlement schedule for the cash segment for April 2026, covering both T+1 and T+0 settlement cycles with specific pay-in/pay-out dates.

Summary

BSE has published the trading and settlement programme for the Cash Segment for April 2026 (01.04.2026 to 30.04.2026). The circular covers both the T+1 Settlement Cycle (Settlement Nos. DR-602/26-27 to DR-621/26-27) and the T+0 Settlement Cycle (Settlement Nos. DR-301/26-27 to DR-319/26-27), detailing trading dates, pay-in/pay-out schedules, auction settlement dates, and custodian confirmation deadlines.

Key Points

  • T+1 settlement cycle covers 20 settlement numbers (DR-602/26-27 to DR-621/26-27) for trading dates from 01-04-2026 to 30-04-2026.
  • T+0 settlement cycle covers 19 settlement numbers (DR-301/26-27 to DR-319/26-27) for trading dates from 02-04-2026 to 30-04-2026.
  • 01-04-2026 (Tuesday) is the first trading date of the new financial year 2026-27; T+0 settlement starts from 02-04-2026.
  • 14-04-2026 is a market holiday (no settlement listed); 15-04-2026 follows next.
  • Pay-in deadline is 10:30 a.m. on settlement day; members must submit pay-in instructions to Depositories/Banks by 10:30 a.m.
  • OTR (Give-up) allocation by members allowed up to 08:00 p.m. on T day; OTR confirmation (Take-up) by custodians allowed up to 07:30 a.m. on T+1 day.
  • Corresponding depository settlement numbers (2627xxx series) are provided for each settlement.

Regulatory Changes

No new regulatory changes introduced. This is a routine operational calendar circular for the upcoming month under the existing T+1 and T+0 settlement framework already in force.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/Banks by 10:30 a.m. on pay-in day.
  • Members must complete OTR Give-up entries by 08:00 p.m. on T day.
  • Custodians must complete OTR Take-up (confirmation of 6A/7A data) by 07:30 a.m. on T+1 day.
  • Members must submit auction offers on the designated auction submission dates per the T+1 schedule.

Important Dates

  • 01-04-2026: First trading day of FY 2026-27; T+1 settlement DR-602/26-27 begins.
  • 02-04-2026: First T+0 settlement (DR-301/26-27) pay-in/pay-out.
  • 14-04-2026: Market holiday (no trading/settlement listed).
  • 30-04-2026: Last trading date covered; T+1 pay-out on 04-05-2026, T+0 pay-in/pay-out same day.
  • 04-05-2026 & 05-05-2026: Auction settlement dates for the last T+1 settlement (DR-621/26-27) of April 2026.

Impact Assessment

This circular is operationally significant for all equity market participants — brokers, custodians, clearing members, and depositories. It establishes the authoritative settlement calendar for April 2026, enabling back-office teams to plan fund and securities movements. The continuation of both T+1 and T+0 cycles reflects the current dual-settlement framework. Participants should note the holiday on 14-04-2026 and plan settlements around it, particularly for the DR-608 and DR-307 cycles which skip from 10-04-2026 to 13-04-2026 and 15-04-2026 respectively.

Impact Justification

Operational circular affecting all equity market participants; defines settlement dates for the entire month of April 2026 for both T+1 and T+0 cycles, critical for trading and back-office operations.