Description

NSE Clearing Limited publishes the Mutual Fund Service System (MFSS) settlement calendar for May 2026, covering subscription, liquid subscription, and redemption settlement schedules.

Summary

NSE Clearing Limited (NCL) has issued the MFSS (Mutual Fund Service System) settlement calendar for May 2026. The circular covers three settlement types: Subscription (T+1), Liquid Subscription, and Redemption, along with category codes for scheme categories and fund settlement days.

Key Points

  • Settlement schedules cover May 2026 for all MFSS settlement types
  • Subscription settlement type ‘S’ follows T+1 settlement cycle
  • Liquid Subscription uses settlement type ‘K’
  • Redemption uses settlement type ‘U’
  • Settlement numbers run from 202608x through 202609x series for May 2026
  • Funds settlement for subscription orders depends on the fund’s settlement day for the scheme category (T Day = transaction date)
  • Participants must check scheme category in the scheme master

Regulatory Changes

No regulatory changes. This is a routine monthly operational notification.

Compliance Requirements

  • MFSS participants must adhere to the published settlement schedule for May 2026
  • Participants are required to check the category of each scheme in the scheme master to determine the applicable funds settlement day
  • Pay-in/pay-out of funds and units must occur as per the dates specified in Annexures A, B, and C

Important Dates

  • Settlement period: 04-May-2026 to 29-May-2026
  • First settlement (202608004): Subscription order 04-May-26, Pay-in/pay-out of funds 04-May-26, Pay-in/pay-out of units 05-May-26
  • Last settlement in series (202609008): Subscription order 29-May-26, Pay-in/pay-out of funds 29-May-26, Pay-in/pay-out of units 01-Jun-26
  • Circular reference: NCL/MFSS/73610, Circular Ref. No. 0123/2026, dated April 06, 2026

Impact Assessment

This circular has low market impact as it is a routine administrative notice for MFSS participants (mutual fund distributors and clearing members). It provides operational clarity for scheduling subscription and redemption settlements in May 2026 but introduces no new rules or changes. Participants should update their internal systems with the published calendar to ensure timely fund and unit settlements.

Impact Justification

Routine operational circular publishing monthly settlement schedules for MFSS participants. No regulatory changes or compliance requirements — informational only for mutual fund service system participants.