Description

Revised settlement schedule for Debt Segment due to settlement holiday on January 15, 2026 on account of Municipal Corporation Elections in Maharashtra.

Summary

NSE Clearing Limited has revised the settlement schedule for the Debt Segment due to a settlement holiday on Thursday, January 15, 2026, declared on account of Municipal Corporation Elections in Maharashtra. This circular modifies previous circulars and provides the updated settlement calendar with revised settlement dates for affected trades.

Key Points

  • Settlement holiday declared for January 15, 2026 in Debt Segment
  • Holiday is on account of Municipal Corporation Elections in Maharashtra
  • Three debt settlements affected with revised settlement dates
  • Settlement I-2026010 for trades on January 14 moved to January 16
  • Settlement 2-2026009 for trades on January 14 moved to January 16
  • Settlement 2-2026010 for trades on January 16 moved to January 19
  • Circular reference: NCL/DS/72255, Circular No. 014/2026
  • Partial modification to earlier circulars NSE/DS/71968 and NCL/DS/71927

Regulatory Changes

No regulatory changes. This is an operational adjustment to accommodate a regional holiday in Maharashtra.

Compliance Requirements

  • Members, Custodians, and PCMs must note the revised settlement schedule
  • Participants should adjust their settlement operations and fund management accordingly
  • All debt segment participants must comply with the revised settlement dates
  • For clarifications, contact helpdesk at 1800 266 0050 (IVR Option 2) or securities_ops@nsccl.co.in

Important Dates

  • January 9, 2026: Circular issued
  • January 14, 2026: Trade date for settlements I-2026010 and 2-2026009
  • January 15, 2026: Settlement holiday (Municipal Corporation Elections in Maharashtra)
  • January 16, 2026: Revised settlement date for I-2026010 and 2-2026009 (originally January 15); Trade date for settlement 2-2026010
  • January 19, 2026: Revised settlement date for settlement 2-2026010 (originally January 17)

Impact Assessment

Operational Impact: Medium - The settlement holiday requires debt market participants to adjust their settlement schedules and fund management for affected dates. Three settlements are impacted with dates pushed forward by 1-2 business days.

Market Segments Affected: Debt Segment only. Equity and derivative segments are not covered by this circular.

Participant Impact: Members, custodians, and Professional Clearing Members (PCMs) dealing in debt segment securities need to account for the revised settlement calendar in their operations, liquidity management, and client communications.

Duration: Temporary adjustment - affects only the settlements scheduled around January 15, 2026. Normal settlement schedule will resume thereafter.

Impact Justification

Operational change affecting debt segment settlements due to regional holiday. Medium impact as it affects settlement timelines for debt market participants but is a temporary schedule adjustment with clear advance notice.