Description

Revised settlement schedule for Capital Market Segment T+1 and T+0 settlements due to Municipal Corporation Elections holiday in Maharashtra on January 15, 2026.

Summary

NSE Clearing Limited has revised the settlement schedule for the Capital Market Segment due to a settlement holiday on January 15, 2026, on account of Municipal Corporation Elections in Maharashtra. This is a partial modification to previous circulars regarding settlement holidays and settlement calendars. The circular outlines revised timings for T+1 settlements on January 16, 2026, cancellation of T+0 settlement number 2026511, and modified auction trading schedules.

Key Points

  • January 15, 2026 will be a settlement holiday due to Municipal Corporation Elections in Maharashtra
  • No settlement will occur for T+0 settlement number 2026511 on January 15, 2026
  • T+1 settlement schedule for January 16, 2026 has been revised with modified pay-in and pay-out timings
  • Three settlements (A 2026009, M/Z/B 2026010, and M/Z/B 2026011) will all settle on January 16, 2026
  • Auction trading and settlement schedule has been modified under the revised auction cycle
  • UNPAID MTF file upload timings have been adjusted for affected settlement numbers
  • Early pay-in cut-off time for January 16, 2026 is 9:00 PM

Regulatory Changes

This circular partially modifies:

  • Circular NCL/CMPT/71904 dated December 22, 2025 regarding Settlement holidays for calendar year 2026
  • Circular NCL/CMPT/71926 dated December 22, 2025 on Capital Market Segment of T+1 & T+0 settlement - Settlement Calendar for January 2026

Compliance Requirements

For All Members/Custodians/PCMs:

  1. Revised T+1 Settlement Schedule for January 16, 2026:

    • Settlement A 2026009 (Trade Date: Jan 14): Pay-in at 08:00 hrs, Pay-out at 10:00 hrs
    • Settlement M/Z/B 2026010 (Trade Date: Jan 14): Pay-in at 10:30 hrs, Pay-out at 15:30 hrs
    • Settlement M/Z/B 2026011 (Trade Date: Jan 15): Pay-in at 16:30 hrs, Pay-out at 21:00 hrs

  2. Note Depository Cut-off Timings: Members must observe cut-off timings for pay-in at the depositories end due to revised settlement timings for January 16, 2026

  3. Auction Schedule Compliance:

    • Auction for M 2026010 shortages: Auction trade date Jan 16, settlement Jan 19
    • No auction will be conducted for 2026011; shortages will be auctioned in 2026012
    • Auction for M 2026012 shortages: Auction trade date Jan 19, settlement Jan 20

  4. UNPAID MTF File Upload Timings:

    • M/Z 2026010: Upload windows on Jan 14 (15:30-22:00), Jan 15 (15:30-22:00), Jan 16 (06:30-10:00)
    • M/Z 2026011: Upload windows on Jan 15 (15:30-22:00), Jan 16 (06:30-13:00)

  5. Early Pay-in: Cut-off time is 9:00 PM on January 16, 2026. Securities marked as early pay-in in the depository system on the trading day will be considered for margin reporting (as per NSE/INSP/57112 dated June 14, 2023)

Important Dates

  • January 9, 2026: Circular issued
  • January 14, 2026: Trade date for settlements A 2026009 and M/Z/B 2026010
  • January 15, 2026: Settlement holiday (Municipal Corporation Elections in Maharashtra); Trade date for M/Z/B 2026011; No T+0 settlement 2026511
  • January 16, 2026: Revised settlement date for three T+1 settlements (2026009, 2026010, 2026011); Auction trade date for M 2026010
  • January 19, 2026: Auction settlement date for M 2026010; Trade and auction trade dates for M 2026012
  • January 20, 2026: Auction settlement date for M 2026012

Impact Assessment

Operational Impact: High - This circular has significant operational implications for all market participants in the Capital Market Segment. The compression of three T+1 settlements into a single day (January 16, 2026) with staggered pay-in and pay-out timings requires careful coordination and resource planning.

Settlement Operations: Members must adjust their settlement processes to handle multiple settlement numbers on the same day with different pay-in/pay-out windows ranging from 08:00 hrs to 21:00 hrs.

Liquidity Management: The revised schedule may impact liquidity management as three settlements will be processed on January 16 instead of being spread across two days.

Auction Cycle: The auction schedule modification, particularly the skipping of auction for 2026011 with shortages carried forward to 2026012, requires members to adjust their risk management and funding arrangements.

System Requirements: Depositories and members need to ensure their systems can handle the revised cut-off timings and the compressed settlement schedule.

Risk Considerations: Members should note the extended pay-out time of 21:00 hrs for settlement 2026011, which may affect end-of-day reconciliation and reporting processes.

Impact Justification

Critical operational circular affecting all market participants with revised settlement schedules and pay-in/pay-out timings for Capital Market Segment due to settlement holiday.