Description

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

Summary

NSE Clearing Limited has notified the settlement schedules for the Securities Lending & Borrowing Scheme (SLBS) for February 2026. The circular provides three annexures detailing First Leg Settlement (Type ‘L’), Reverse Leg Settlement (Type ‘P’), and Reverse Leg Auction (Type ‘Q’) schedules.

Key Points

  • Settlement calendar covers February 2026 for all SLBS settlement types
  • First Leg Settlement: 20 settlements scheduled from Feb 2-27, 2026
  • Reverse Leg Settlement: 13 series from 02/X2 to 02/X2 (next year)
  • Reverse Leg Auction: Same 13 series with one-day settlement lag
  • Settlement Type ‘L’ for First Leg, ‘P’ for Reverse Leg, ‘Q’ for Auction Reverse Leg
  • Reference circular: NCL/CMPT/67763 dated April 30, 2025

Regulatory Changes

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

Compliance Requirements

  • All participants and custodians must adhere to the published settlement schedules
  • Custodial confirmations required on same day as trade date for First Leg settlements
  • Settlement dates are T+1 for most First Leg trades, with some T+2 on Feb 19-20, 2026

Important Dates

First Leg Settlement (Type ‘L’):

  • Trading period: Feb 2-27, 2026
  • 20 settlement numbers: 2026022 through 2026041
  • Settlement dates: Feb 3, 2026 through Mar 2, 2026

Reverse Leg Settlement (Type ‘P’):

  • Series 02/X2: Settlement on Feb 3, 2026
  • Series 03/X3: Settlement on Mar 4, 2026
  • Series 04/X4 through 01/X1: Monthly settlements through Jan 5, 2027
  • Series 02/X2 (new): Settlement on Feb 2, 2027

Reverse Leg Auction (Type ‘Q’):

  • Same series as Reverse Leg with settlement one day after transaction date

Impact Assessment

Operational Impact: Low - This is a standard monthly settlement calendar notification that market participants routinely follow.

Market Impact: Minimal - The calendar provides operational clarity for SLBS participants and ensures smooth functioning of securities lending and borrowing activities.

Participant Action: Participants and custodians should note the settlement schedules and ensure their systems and operations align with the published dates, particularly noting the T+2 settlement on Feb 19-20, 2026.

Impact Justification

Routine monthly settlement calendar for SLBS with standard operational schedules