Description

NSE Clearing has revised the settlement calendar for commodity derivatives for February 2026 due to a live trading session scheduled on Sunday, February 01, 2026.

Summary

NSE Clearing Limited has issued a revised settlement calendar for the Commodity Derivatives Segment for February 2026. The revision is necessitated by a live trading session scheduled on Sunday, February 01, 2026. The circular modifies the previously issued settlement calendar (NCL/COM/72316 dated January 14, 2026) and provides updated timelines for compulsory delivery settlements across various commodity contracts including precious metals (Gold, Silver) and base metals (Aluminium, Copper, Lead, Nickel, Zinc).

Key Points

  • Revised settlement calendar issued for Commodity Derivatives Segment for February 2026
  • Modification required due to live trading session on Sunday, February 01, 2026
  • Supersedes earlier circular NCL/COM/72316 dated January 14, 2026
  • Applies to compulsory delivery settlements for multiple commodity contracts
  • Covers both primary delivery centres and additional delivery centres
  • Settlement type: T+1 with Intended Mode of Settlement (IMS)
  • Reference Number: NCL/COM/72495, Circular Ref. No: 040/2026

Regulatory Changes

No new regulatory changes introduced. This is an operational adjustment to the existing settlement calendar to accommodate the special trading session on February 01, 2026.

Compliance Requirements

  • Members must adhere to the revised settlement calendar for February 2026
  • Delivery intention marking windows: 6:00 PM - 9:00 PM for additional delivery centres; 10:00 AM - 9:00 PM for primary delivery centres
  • Members must ensure timely pay-in of commodities and funds as per revised schedule
  • Compliance with delivery marking timelines for expiry dates ranging from January 27-30, 2026 and February 5, 2026
  • Contact: DL-NSCCL-COMM-CNS@nsccl.co.in or Toll Free: 1800 266 0057

Important Dates

Expiry Dates:

  • January 27-30, 2026 (GOLDM - Additional Delivery Centre)
  • January 28-30, 2026 (GOLDM, GOLD1G, GOLD - Primary Delivery Centre)
  • January 28-30, 2026 (SILVERM, SILVERMIC, GOLDGUINEA)
  • January 28-30, 2026 (Base metals: Aluminium, Copper, Lead, Nickel, Zinc and their mini variants)
  • February 5, 2026 (GOLDM - Additional Delivery Centre)

Delivery Intention Windows:

  • January 27-30, 2026 and February 1-4, 2026: 6:00 PM - 9:00 PM (Additional Delivery Centre)
  • January 28-30, 2026: 10:00 AM - 9:00 PM (Primary Delivery Centre)

Settlement Pay-in/Pay-out Dates:

  • Range from January 28, 2026 to February 11, 2026 depending on contract and expiry date

Impact Assessment

Operational Impact: Medium impact on commodity derivatives members who must adjust their settlement operations to accommodate the revised calendar. The special trading session on Sunday, February 01, 2026 shifts several settlement milestones, requiring operational readiness on non-standard trading days.

Market Participants Affected:

  • All commodity derivatives segment members
  • Participants trading in GOLDM, GOLD, GOLD1G, GOLDGUINEA contracts
  • Participants trading in SILVERM, SILVERMIC contracts
  • Participants trading in base metals: ALUMINIUM, ALUMINI, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI

Risk Considerations: Members must ensure adequate staffing and operational capability on revised settlement dates including weekends. Failure to meet revised timelines may result in penalties for non-delivery as specified in the settlement schedule.

Impact Justification

Operational circular affecting settlement timelines for commodity derivatives members. Medium impact as it modifies existing settlement schedule due to special trading session, requiring members to adjust their operational processes.