Holiday Calendar

India International Bullion Exchange IFSC Limited (IIBX) publishes an annual Holiday Calendar that specifies trading holidays, settlement holidays, and operational closures applicable to the Exchange. The holiday calendar serves as an important operational reference for market participants, enabling effective planning of trading, clearing, settlement, delivery, and treasury activities throughout the year.

The IIBX holiday framework is designed to support seamless market operations while aligning with domestic and international settlement infrastructures. Given the global nature of bullion trading, the holiday schedule takes into consideration both Indian public holidays and certain international banking and settlement holidays that may impact cross-border transactions and settlement processes.

Categories of Holidays

        Trading and Settlement Holidays : On designated Trading and Settlement Holidays, the Exchange remains closed for trading activities and no clearing or settlement operations are conducted. Orders cannot be entered, matched, or executed, and settlement obligations are deferred to the next applicable business day. Typical examples include major Indian national and religious holidays such as Republic Day, Holi, Good Friday, Mahavir Jayanti, Gandhi Jayanti, and Christmas.

        Settlement Holidays : On certain days, trading on the Exchange may continue while settlement activities are suspended due to closures of banking, payment, depository, or international settlement systems. Such holidays are generally linked to U.S. banking holidays and other international settlement holidays, including Martin Luther King Day, Washington's Birthday, Memorial Day, Juneteenth, Labour Day, Veterans Day, and Thanksgiving Day.

Operational Impact
The Holiday Calendar provides clarity on:
    •   Trading availability across Spot and Futures segments.
    •   Clearing and settlement processing schedules.
    •   Bullion Depository Receipt (BDR) settlement timelines.
    •   Funds settlement and banking arrangements.
    •   Delivery and contract settlement timelines.
    •   Impact on margin collection, pay-in and pay-out obligations.
    •   Contract expiry and delivery schedules where applicable.

Publication and Amendments
IIBX publishes the holiday schedule through official circulars and market notices before the commencement of each calendar year. The Exchange may revise, modify, add, or withdraw holidays based on regulatory requirements, government notifications, banking system declarations, or operational considerations. Any such changes are communicated to market participants through separate circulars issued in advance.

Importance for Market Participants
The holiday calendar plays a critical role in facilitating effective operational planning and risk management. Participants utilize the schedule to manage trading strategies, settlement obligations, liquidity requirements, collateral planning, delivery intentions, and treasury operations. Advance visibility of trading and settlement holidays contributes to efficient market functioning and helps ensure timely fulfillment of contractual obligations across the bullion market ecosystem.

• Trading Holiday
• Clearing - Settlement Holiday