Description
Revised settlement schedule for Securities Lending and Borrowing Scheme (SLBS) on January 16, 2026 due to Municipal Corporations Elections in Maharashtra on January 15, 2026.
Summary
NSE Clearing Limited has revised the settlement schedule for Securities Lending and Borrowing Scheme (SLBS) on January 16, 2026 due to a settlement holiday on January 15, 2026 on account of Municipal Corporations Elections in Maharashtra. This circular partially modifies earlier circulars regarding settlement holidays for 2026 and the SLBS settlement calendar for January 2026.
Key Points
- January 15, 2026 will be a settlement holiday due to Municipal Corporations Elections in Maharashtra
- Settlement schedule for January 16, 2026 has been revised with new pay-in and pay-out timings
- Three settlement types affected: L 2026010, P 2026711, and L 2026011
- Participants and custodians must note cut-off timings at depositories due to revised settlement timings
- Partial modification to circular NCL/CMPT/71913 dated December 22, 2025 and NCL/CMPT/71919 dated December 22, 2025
Regulatory Changes
This circular does not introduce new regulatory requirements but modifies existing settlement schedules temporarily for operational reasons.
Compliance Requirements
- Participants and custodians must adhere to the revised settlement schedule on January 16, 2026
- Pay-in must be completed according to the updated timings for each settlement type
- Cut-off timings at depositories must be observed due to revised settlement timings
Important Dates
- January 15, 2026: Settlement holiday (Municipal Corporations Elections in Maharashtra)
- January 16, 2026: Revised settlement schedule effective
Revised Settlement Schedule for January 16, 2026:
| Settlement Type & Number | Transaction Date | Settlement Date | Pay-in Time | Pay-out Time |
|---|---|---|---|---|
| L 2026010 | 14-Jan-26 | 16-Jan-26 | 08:00 hrs | 09:30 hrs |
| P 2026711 | - | 16-Jan-26 | 08:30 hrs | 09:45 hrs |
| L 2026011 | 15-Jan-26 | 16-Jan-26 | 10:15 hrs | 12:00 hrs |
Impact Assessment
Operational Impact: Medium - The revised settlement schedule requires participants and custodians to adjust their operational workflows for January 16, 2026. Multiple settlements will be processed on the same day with different pay-in and pay-out timings.
Market Impact: Low to Medium - This is a one-time schedule adjustment affecting only SLBS participants. The impact is limited to securities lending and borrowing operations and does not affect broader market trading.
Entities Affected: All SLBS participants and custodians conducting securities lending and borrowing transactions during the affected period.
Impact Justification
Operational circular affecting SLBS settlement timings for a specific day due to regional elections. Impacts participants and custodians who need to adjust pay-in/pay-out schedules.