Description

NSE Clearing publishes the settlement schedules for Securities Lending & Borrowing Scheme (SLBS) for January 2026, covering First Leg, Reverse Leg, and Reverse Leg Auction settlements.

Summary

NSE Clearing Limited has issued the settlement calendar for Securities Lending & Borrowing Scheme (SLBS) for January 2026. The circular provides three settlement schedules: First Leg Settlement (Type ‘L’), Reverse Leg Settlement (Type ‘P’), and Reverse Leg Auction (Type ‘Q’). This is issued in pursuance of circular NCL/CMPT/67763 dated April 30, 2025.

Key Points

  • Settlement calendar covers all trading days in January 2026
  • First Leg Settlement: 21 settlements scheduled from January 1-30, 2026
  • Reverse Leg Settlement: 12 monthly series (01/X1 through 12/XD) with settlement dates ranging from January 6, 2026 to January 5, 2027
  • Reverse Leg Auction: Same 12 series with settlement dates one day after transaction dates
  • Settlement Type ‘L’ follows T+1 settlement cycle
  • New 01/X1 series expiring on January 5, 2027 will be available from January 7, 2026

Regulatory Changes

No regulatory changes introduced. This is a routine operational calendar publication.

Compliance Requirements

All SLBS participants and custodians must follow the published settlement schedules for their lending and borrowing transactions during January 2026.

Important Dates

First Leg Settlements (Type ‘L’):

  • First settlement: January 2, 2026 (for trades on January 1, 2026)
  • Last settlement: February 2, 2026 (for trades on January 30, 2026)
  • Total settlements: 21

Reverse Leg Settlements (Type ‘P’):

  • Series 01/X1: January 6, 2026
  • Series 02/X2: February 3, 2026
  • Series 03/X3: March 3, 2026
  • Series 04/X4: April 7, 2026
  • Series 05/X5: May 5, 2026
  • Series 06/X6: June 2, 2026
  • Series 07/X7: July 7, 2026
  • Series 08/X8: August 4, 2026
  • Series 09/X9: September 1, 2026
  • Series 10/XO: October 6, 2026
  • Series 11/XN: November 3, 2026
  • Series 12/XD: December 1, 2026
  • New Series 01/X1: January 5, 2027 (available from January 7, 2026)

Reverse Leg Auction (Type ‘Q’):

  • Settlement dates are one day after transaction dates for all series

Impact Assessment

Operational Impact: Routine publication with no operational disruptions. Participants should note the settlement schedules for planning their SLBS activities.

Market Impact: Minimal. This is a standard monthly calendar publication that enables participants to plan their securities lending and borrowing activities for January 2026.

Participant Action Required: Review and incorporate settlement dates into operational systems and processes.

Impact Justification

Routine monthly settlement calendar publication for SLBS participants. No regulatory changes or compliance impact, purely operational schedule information.