Description

NSE modifies equity derivatives settlement schedule for January 14, 2026 trade date due to Municipal Corporation Elections, postponing settlement from January 15 to January 16, 2026.

Summary

NSE Clearing Limited has revised the equity derivatives settlement schedule for trades executed on January 14, 2026. This modification is necessitated by Municipal Corporation Elections scheduled on January 15, 2026. The settlement originally scheduled for January 15, 2026 has been postponed to January 16, 2026. This circular (NCL/CMPT/72222) partially modifies the earlier circular NCL/CMPT/71930 dated December 22, 2025.

Key Points

  • Trade Date affected: January 14, 2026
  • Original Settlement Date: January 15, 2026
  • Revised Settlement Date: January 16, 2026
  • Reason: Municipal Corporation Elections
  • Circular Reference: 004/2026 (Department: Futures & Options)
  • Partial modification of earlier circular NCL/CMPT/71930 dated December 22, 2025
  • Applies to all members trading in equity derivatives

Regulatory Changes

This circular represents an operational adjustment rather than a regulatory change. NSE Clearing has exercised its authority to modify settlement schedules in response to public holidays and administrative requirements. The one-day postponement aligns with standard practice when settlement dates coincide with non-business days or election periods.

Compliance Requirements

  • All trading members must note the revised settlement schedule
  • Members should adjust their internal settlement processes and timelines accordingly
  • Cash and margin planning should be updated to reflect the January 16, 2026 settlement date
  • Risk management systems should be configured to account for the extended settlement period
  • Back-office operations must be coordinated to ensure smooth settlement on the revised date

Important Dates

  • Circular Issue Date: January 09, 2026
  • Trade Date: January 14, 2026
  • Original Settlement Date: January 15, 2026 (cancelled)
  • Revised Settlement Date: January 16, 2026
  • Election Date: January 15, 2026 (Municipal Corporation Elections)

Impact Assessment

Operational Impact: High - All members executing equity derivatives trades on January 14, 2026 must adjust their settlement workflows. This affects cash flow planning, margin management, and fund transfer schedules.

Market Impact: Medium - While the one-day delay does not affect trading activity, it extends the exposure period for open positions and requires additional day’s margin funding.

Member Impact: Members need to communicate the revised schedule to their clients, particularly institutional participants with strict settlement timelines. Treasury and operations teams must ensure adequate liquidity for the extended settlement cycle.

System Impact: Trading and risk management systems should be updated to reflect the revised settlement date to ensure accurate reporting and margin calculations.

Contact Information: Members with queries can contact NSE Clearing at 18002660050 (IVR Option 2) or email fao_clearing_ops@nsccl.co.in.

Impact Justification

Critical operational change affecting all F&O settlements for trades executed on January 14, 2026. Members must adjust their settlement processes and cash/margin planning due to one-day postponement.