Description

NSE announces revised settlement schedules, client margin reporting timings, and file upload/download procedures for the special live trading session on Sunday, February 01, 2026, held on account of Union Budget presentation.

Summary

NSE Clearing Limited has issued detailed operational guidelines for the special live trading session scheduled on Sunday, February 01, 2026, in connection with the Union Budget presentation. The circular outlines modified settlement schedules, revised client margin reporting timelines, specific file upload/download windows, and custodian confirmation procedures. Multiple settlements are scheduled for February 02, 2026, with revised pay-in and pay-out timings to accommodate the special trading session.

Key Points

  • Special live trading session on Sunday, February 01, 2026 on account of Union Budget presentation
  • CP code modification window: 09:15 hrs to 16:15 hrs on February 01, 2026
  • Daily obligation reports to be released at 18:00 hrs
  • T-day confirmations timeline modified with obligation transfer requests from 17:00 hrs to 20:00 hrs
  • Multiple T+1 settlements scheduled on February 02, 2026 (settlements 2026020, 2026021, and 2026300)
  • Revised auction cycle with shortages from M 2026300 and M 2026022 assigned to Auction A 2026022
  • No auction trading in A 2026300
  • Modified UNPAID MTF file upload timings across multiple days
  • Early pay-in of securities cut-off at 9 p.m. on February 02, 2026

Regulatory Changes

No permanent regulatory changes introduced. This circular provides operational modifications specific to the Union Budget special trading session.

Compliance Requirements

For Members and Custodians:

  1. CP Code Modification: Must complete trades modification (CPCODE) between 09:15 hrs and 16:15 hrs on February 01, 2026

  2. T-Day Confirmations (February 01, 2026):

    • Obligation transfer requests: 17:00 hrs to 20:00 hrs
    • T-day confirmation window end (for Marginable CP): 19:30 hrs
    • Custodial NCIS log off: 19:30 hrs to 20:30 hrs
    • EPI of Funds cut-off: 19:45 hrs
    • EPI of Securities cut-off: 21:00 hrs
    • Custodian trade confirmation end: 07:30 hrs (T+1 day)

  3. Pay-in and Pay-out Schedules (February 02, 2026):

    • Settlement A 2026020: Pay-in 08:00 hrs, Pay-out 10:00 hrs
    • Settlement M, Z, B 2026021: Pay-in 10:30 hrs, Pay-out 15:30 hrs
    • Settlement M, Z, B 2026300: Pay-in 16:30 hrs, Pay-out 21:00 hrs

  4. UNPAID MTF File Upload:

    • M, Z 2026021: Upload windows on Jan 30 (15:30-22:00), Feb 01 (15:30-22:00), Feb 02 (06:30-10:00)
    • M, Z 2026300: Upload windows on Feb 01 (15:30-22:00), Feb 02 (06:30-13:00)

  5. Client Margin Reporting Schedule:

    • Trade Date Jan 23 → Sign Off Feb 01
    • Trade Date Jan 27 → Sign Off Feb 02
    • Trade Date Jan 28 → Sign Off Feb 03
    • Trade Date Jan 29 → Sign Off Feb 04
    • Trade Date Jan 30 → Sign Off Feb 05
    • Trade Date Feb 01 → Sign Off Feb 06

  6. Note depositories’ cut-off timings for pay-in due to revised settlement timings

Important Dates

  • January 19, 2026: Circular issued
  • February 01, 2026: Special live trading session (Sunday)
  • February 02, 2026: Custodial confirmation date and settlement date for trades executed on Feb 01; multiple settlements scheduled (A 2026020, M/Z/B 2026021, M/Z/B 2026300)
  • February 03, 2026: Auction settlement A 2026021
  • February 04, 2026: Auction settlement A 2026022

Settlement Details:

  • Settlement M, Z, B 2026300: Trade Date Feb 01 → Settlement Feb 02
  • Settlement A 2026020: Trade Date Jan 30 → Settlement Feb 02
  • Settlement M, Z, B 2026021: Trade Date Jan 30 → Settlement Feb 02

Impact Assessment

Operational Impact: High - All members and custodians must adjust their operational workflows to accommodate the Sunday trading session and multiple settlements on a single day (February 02, 2026). The compressed timeline requires careful coordination.

System Impact: High - Modified file upload/download windows and multiple settlement cycles on February 02 require system readiness and monitoring throughout extended hours (08:00 hrs to 21:00 hrs for pay-in/pay-out).

Risk Management: The early pay-in cut-off at 9 p.m. on February 02 and staggered settlement timings help manage settlement risk across multiple cycles.

Custodian Operations: Significant impact with extended confirmation windows and multiple obligation transfer request cycles requiring enhanced monitoring and resource allocation.

Market Participants: All members must ensure adequate staffing and system availability for Sunday trading session and subsequent settlement obligations over the weekend and Monday.

Impact Justification

Critical operational circular affecting all members and custodians with specific timings for special Sunday trading session and multiple settlements on February 02, 2026, requiring operational adjustments.