Description
NSE Clearing Limited has scheduled multiple settlements on March 20, 2026 due to a settlement holiday on March 19, 2026. Three settlement cycles (2026052, 2026053, 2026054) will be processed on the same day with revised pay-in and pay-out timings.
Summary
NSE Clearing Limited (formerly NSCCL) has announced multiple settlements scheduled on March 20, 2026 for the Capital Market Segment. This is necessitated by a settlement holiday on March 19, 2026 (Gudi Padwa). Three settlement numbers — 2026052, 2026053, and 2026054 — will be processed on March 20, 2026 with staggered pay-in and pay-out timings. Members, custodians, and PCMs must adjust their operations accordingly.
Key Points
- Settlement holiday on March 19, 2026 triggers multiple settlements on March 20, 2026
- Three settlement cycles will run on March 20, 2026: A/2026052, M/Z/B 2026053, and M/Z/B 2026054
- Revised pay-in and pay-out windows are staggered across the day to accommodate all three settlements
- No auction will be conducted for settlement 2026054; its shortages will be clubbed with 2026055
- Auction settlement 2026053 trade date is March 20, 2026 with settlement on March 23, 2026
- Auction settlement 2026055 trade date is March 23, 2026 with settlement on March 24, 2026
- Cut-off for early pay-in of securities on March 20, 2026 is 9:00 PM
- Securities marked as early pay-in on the trading day will be considered for margin reporting per NSE/INSP/57112 dated June 14, 2023
Regulatory Changes
No new regulatory changes are introduced. This circular operationalizes existing settlement framework provisions to handle a compressed settlement schedule caused by the March 19, 2026 holiday.
Compliance Requirements
- All Members/Custodians/PCMs must note the revised settlement schedule and adjust operational workflows for March 20, 2026
- Members must observe revised cut-off timings for pay-in at the depositories for all three settlements
- UNPAID MTF files for T+1 settlements 2026053 and 2026054 must be uploaded within the specified time windows across March 18, 19, and 20, 2026
- Early pay-in of securities must be completed by 9:00 PM on March 20, 2026
Important Dates
| Event | Date |
|---|---|
| Settlement Holiday | March 19, 2026 |
| Multiple Settlement Day | March 20, 2026 |
| Settlement 2026052 Pay-in / Pay-out | 08:00 hrs / 10:00 hrs, March 20 |
| Settlement 2026053 Pay-in / Pay-out | 10:30 hrs / 15:30 hrs, March 20 |
| Settlement 2026054 Pay-in / Pay-out | 16:30 hrs / 21:00 hrs, March 20 |
| Early Pay-in Cut-off | 21:00 hrs, March 20, 2026 |
| Auction 2026053 Settlement Date | March 23, 2026 |
| Auction 2026055 Trade Date | March 23, 2026 |
| Auction 2026055 Settlement Date | March 24, 2026 |
MTF File Upload Windows:
- Settlement 2026053 (Trade: Mar 18): Mar 18 & 19 (15:30–22:00), Mar 20 (06:30–10:00)
- Settlement 2026054 (Trade: Mar 19): Mar 19 (15:30–22:00), Mar 20 (06:30–13:00)
Impact Assessment
This circular has high operational impact on all capital market participants. The compression of three settlement cycles into a single trading day (March 20, 2026) creates tight time windows for pay-in and pay-out across morning, midday, and evening sessions. Custodians and clearing members must ensure system readiness and staffing for the full day. The clubbing of 2026054 shortages into auction 2026055 means participants must track shortage positions across a longer window. MTF members face multi-day upload obligations requiring proactive file management from March 18 onward. No stocks are directly affected; the impact is operational and systemic across the entire capital market segment.
Impact Justification
Multiple settlements on a single day with revised timings directly affect all capital market members, custodians, and PCMs requiring coordinated operational adjustments for pay-in, pay-out, auction, and MTF file uploads.