Description

BSE announces the trading and settlement schedule for the Institutional Trading Platform (ITP) SME segment from December 1-31, 2025, with T+1 settlement cycle and specific pay-in/pay-out timings.

Summary

BSE has released the trading and settlement programme for the Institutional Trading Platform (ITP) - SME segment for the period from December 1, 2025 to December 31, 2025. The schedule covers 22 trading days with settlement numbers ITP-167/25-26 through ITP-188/25-26, following a T+1 settlement cycle where pay-in and pay-out occur the next business day after the trading date.

Key Points

  • Total of 22 settlement cycles scheduled for December 2025
  • Settlement numbers range from ITP-167/25-26 to ITP-188/25-26
  • Depository settlement numbers: 2526167 to 2526188
  • T+1 settlement cycle maintained throughout the month
  • Pay-in deadline: 09:50 AM (members must submit instructions to depositories/banks)
  • Pay-in time: 10:00 AM
  • Pay-out time: 11:00 AM (funds and securities)
  • Weekend adjustments: Pay-out dates skip to next business day when trading dates fall before weekends
  • Christmas holiday adjustment: December 25 is skipped (trading on Dec 24 settles on Dec 26)

Regulatory Changes

No regulatory changes introduced in this circular. This is a standard operational schedule announcement.

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks by 09:50 AM on the settlement date
  • Pay-in must be completed by 10:00 AM on T+1 day
  • Members must be available to receive pay-out by 11:00 AM on T+1 day
  • All timings and schedules are mandatory for participants in the ITP-SME segment

Important Dates

  • Schedule Period: December 1, 2025 to December 31, 2025
  • First Trading Day: December 1, 2025 (Settlement: ITP-167/25-26)
  • Last Trading Day: December 31, 2025 (Settlement: ITP-188/25-26, Pay-out: January 1, 2026)
  • Holiday Observance: December 25, 2025 (Christmas) - No trading
  • Weekend Days: Saturdays and Sundays throughout December skipped
  • Year-End Settlement: Last settlement pay-out occurs on January 1, 2026

Impact Assessment

Market Impact: Minimal. This is a routine operational schedule that enables institutional investors to plan their trading and settlement activities in the SME segment for December 2025.

Operational Impact: Low. The T+1 settlement cycle and timing requirements remain consistent with previous months. Market participants can use this schedule for liquidity planning and settlement preparation.

Participant Impact: Members trading on the ITP-SME platform need to ensure operational readiness for the specified pay-in/pay-out timings, particularly around the year-end period where the last settlement extends into January 2026.

Impact Justification

Routine monthly trading and settlement schedule announcement for ITP-SME segment with standard T+1 settlement cycle. No policy changes or exceptional dates.