Description

BSE announces revised trading and settlement schedule for ITP-SME segment covering September 1-30, 2025, with modified pay-in/pay-out timings for specific settlement dates.

Summary

BSE has issued Notice No. 20250905-42 dated September 5, 2025, announcing the revised trading and settlement programme for the Institutional Trading Platform (ITP) - SME Segment for the period from September 1, 2025 to September 30, 2025. The circular outlines 21 settlement cycles (ITP-105/25-26 through ITP-125/25-26) with standard and modified pay-in/pay-out timings for specific dates.

Key Points

  • 21 settlement cycles scheduled from September 1-30, 2025 (ITP-105/25-26 to ITP-125/25-26)
  • Standard pay-in timing: 10:00 a.m. with instructions to be submitted by 9:50 a.m.
  • Standard pay-out timing: 11:00 a.m. for funds and securities
  • Four settlement dates (September 9-10, 2025) have modified timings with two pay-in/pay-out cycles per day
  • Settlement numbers follow depository settlement number sequence 2526105 to 2526125
  • Applicable to ITP-SME segment only

Regulatory Changes

No new regulatory changes introduced. This is a routine operational schedule update for the ITP-SME segment.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks by 9:50 a.m. for standard settlements
  • For modified settlement timings on September 9-10, 2025:
    • Morning cycle: Submit instructions by 9:50 a.m. (pay-in at 10:00 a.m., pay-out at 12:30 p.m.)
    • Evening cycle: Submit instructions by 4:20 p.m. (pay-in at 4:30 p.m., pay-out at 9:30 p.m.)
  • Members must adhere to the published settlement schedule for all ITP-SME transactions

Important Dates

Modified Settlement Timings:

  • ITP-108/25-26 (Trade: Sep 4, Settlement: Sep 9): Pay-in 10:00 a.m., Pay-out 12:30 p.m.
  • ITP-109/25-26 (Trade: Sep 5, Settlement: Sep 9): Pay-in 4:30 p.m., Pay-out 9:30 p.m.
  • ITP-110/25-26 (Trade: Sep 8, Settlement: Sep 10): Pay-in 10:00 a.m., Pay-out 12:30 p.m.
  • ITP-111/25-26 (Trade: Sep 9, Settlement: Sep 10): Pay-in 4:30 p.m., Pay-out 9:30 p.m.

Effective Period: September 1, 2025 to September 30, 2025

Impact Assessment

Operational Impact: Medium - The revised schedule affects institutional traders participating in the SME segment through ITP. The presence of dual settlement cycles on September 9-10 requires operational adjustments for members to manage two separate pay-in/pay-out windows on these dates.

Market Impact: Low - This is a routine operational schedule that does not affect trading rules, eligibility criteria, or market structure. The impact is limited to settlement operations for ITP-SME participants.

Member Impact: Medium - Members trading on ITP-SME segment must adjust their settlement processes for the modified timings, particularly ensuring compliance with the evening cycle submission deadline of 4:20 p.m. for settlements scheduled on September 9-10, 2025.

Impact Justification

Operational circular affecting ITP-SME trading schedule with specific timing modifications for certain settlement dates in September 2025. Important for institutional traders in SME segment but limited broader market impact.