Description
NSE prescribes annual calendar for quarterly and monthly settlement of running account of clients' funds lying with trading members for financial year 2026-27.
Summary
NSE has issued the annual calendar for settlement of running account of clients’ funds lying with trading members for financial year 2026-27. This circular is issued pursuant to SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2023/197 dated December 28, 2023, which mandates exchanges to prescribe settlement dates jointly. The calendar specifies dates for both quarterly and monthly settlements throughout FY 2026-27.
Key Points
- Annual calendar prescribed for FY 2026-27 for settlement of clients’ funds lying with trading members
- Calendar jointly prescribed by exchanges as per SEBI requirements
- Separate schedules provided for quarterly and monthly settlements
- All settlement dates fall on Friday and/or Saturday
- Trading members must comply with the prescribed settlement schedule
- Reference: SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2023/197 dated December 28, 2023
- Exchange circular reference: NSE/INSP/60014 dated December 28, 2023
Regulatory Changes
No new regulatory changes introduced. This circular implements the existing SEBI framework by prescribing the annual calendar for FY 2026-27 as required under para 3.2 and 6.3 of SEBI Circular dated December 28, 2023.
Compliance Requirements
Trading Members must:
- Settle running account of clients’ funds as per the prescribed calendar
- Complete quarterly settlements on specified dates for each quarter
- Complete monthly settlements on specified dates for each month
- Ensure compliance with settlement timelines falling on Friday and/or Saturday
Important Dates
Quarterly Settlement Dates (FY 2026-27):
- Q1 (April-June): 17th and/or 18th April 2026 (Friday/Saturday)
- Q2 (July-September): 3rd and/or 4th July 2026 (Friday/Saturday)
- Q3 (October-December): 16th and/or 17th October 2026 (Friday/Saturday)
- Q4 (January-March): 1st and/or 2nd January 2027 (Friday/Saturday)
Monthly Settlement Dates (FY 2026-27):
- April 2026: 17th and/or 18th (Friday/Saturday)
- May 2026: 15th and/or 16th (Friday/Saturday)
- June 2026: 5th and/or 6th (Friday/Saturday)
- July 2026: 3rd and/or 4th (Friday/Saturday)
- August 2026: 7th and/or 8th (Friday/Saturday)
- September 2026: 4th and/or 5th (Friday/Saturday)
- October 2026: 16th and/or 17th (Friday/Saturday)
- November 2026: 6th and/or 7th (Friday/Saturday)
- December 2026: 4th and/or 5th (Friday/Saturday)
- January 2027: 1st and/or 2nd (Friday/Saturday)
- February 2027: 5th and/or 6th (Friday/Saturday)
- March 2027: 5th and/or 6th (Friday/Saturday)
Impact Assessment
Operational Impact: All trading members must ensure their operational processes align with the prescribed settlement calendar. This requires coordination of back-office operations, client communication, and fund settlement processes on specified dates.
Compliance Impact: Mandatory compliance requirement for all NSE trading members. Non-compliance may result in regulatory action. Members need to update their internal compliance calendars and systems.
Client Impact: Clients of trading members will receive settlements of their running account funds as per the prescribed schedule. Ensures standardized and predictable settlement timelines across all trading members.
Market Impact: Minimal direct market impact as this is an operational and compliance matter. Ensures orderly settlement of client funds across the exchange ecosystem.
Impact Justification
Operational compliance requirement for all trading members with prescribed settlement calendar for client funds. Important for regulatory compliance but routine in nature.