Description

NSE Clearing Limited publishes the Securities Lending & Borrowing Scheme (SLBS) settlement calendar for May 2026, covering First Leg, Reverse Leg, and Auction Reverse Leg settlement schedules.

Summary

NSE Clearing Limited (NCL) has issued the Securities Lending & Borrowing Scheme (SLBS) settlement calendar for May 2026, pursuant to circular NCL/CMPT/67763 dated April 30, 2025. The calendar covers three settlement types: First Leg (Type ‘L’), Reverse Leg (Type ‘P’), and Reverse Leg Auction (Type ‘Q’).

Key Points

  • Settlement schedules cover 19 First Leg settlement cycles (Settlement Numbers 2026081–2026099) spanning May 4 to May 29, 2026.
  • Reverse Leg settlements cover 13 series from May 2026 through April 2027 (Settlement Numbers 2026505–2027505).
  • The 05/X5 series expiring on May 5, 2026 will be replaced by a new 05/X5 series available from May 6, 2026, expiring May 4, 2027.
  • First Leg settlements follow a T+1 settlement cycle (trade date to settlement date).
  • Custodial confirmation dates align with trade dates for all First Leg cycles.

Regulatory Changes

No regulatory changes. This is a routine operational notification issued in pursuance of existing circular NCL/CMPT/67763 dated April 30, 2025.

Compliance Requirements

  • All SLBS Participants and Custodians must adhere to the published settlement schedules for May 2026.
  • Participants should note the transition of the 05/X5 series and ensure positions are managed accordingly around the May 5, 2026 expiry date.

Important Dates

  • May 4, 2026: First SLBS First Leg settlement of the month (Settlement No. 2026081)
  • May 5, 2026: Expiry of current 05/X5 Reverse Leg series (Settlement No. 2026505)
  • May 6, 2026: New 05/X5 series becomes available
  • May 29, 2026: Last First Leg settlement of the month (Settlement No. 2026099), settling on June 1, 2026
  • Reverse Leg settlement dates span May 2026 through April 2027 across 13 series

Impact Assessment

This circular has minimal market impact as it is a standard operational calendar update. It is relevant primarily to institutional participants, custodians, and clearing members active in the SLBS segment. Participants should update their internal settlement tracking systems to reflect the published schedules, particularly noting the 05/X5 series rollover around May 5–6, 2026.

Impact Justification

Routine operational calendar circular for SLBS participants; no regulatory changes, no new compliance requirements, and no impact on broader market beyond scheduling clarity for lending/borrowing participants.