Description

BSE announces trading and settlement schedule for the ITP-SME segment covering 22 trading days 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) in the SME segment for December 2025. The schedule covers 22 trading days from December 1, 2025 to December 31, 2025, with settlement numbers ranging from ITP-167/25-26 to ITP-188/25-26. All settlements follow a T+1 cycle with specific timings for pay-in and pay-out processes.

Key Points

  • Trading period: December 1-31, 2025 (22 trading days)
  • Settlement cycle: T+1 (next day settlement)
  • Settlement numbers: ITP-167/25-26 through ITP-188/25-26
  • Depository settlement numbers: 2526167 through 2526188
  • Pay-in deadline: 9:50 AM (members must submit instructions to depositories/banks)
  • Pay-in time: 10:00 AM
  • Pay-out time: By 11:00 AM for both funds and securities
  • No trading on weekends (Saturdays and Sundays excluded from schedule)
  • Special note: December 25, 2025 (Christmas) appears to be a trading holiday

Regulatory Changes

No regulatory or policy changes introduced. This is a routine operational schedule announcement maintaining existing settlement framework.

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks by 9:50 AM on settlement day
  • Pay-in of securities and funds must be completed by 10:00 AM
  • Compliance with T+1 settlement cycle mandatory
  • All institutional trades on ITP-SME platform must follow the published schedule

Important Dates

Trading Period: December 1, 2025 - December 31, 2025

Key Settlement Dates:

  • First trading day: December 1, 2025 (Settlement: December 2, 2025)
  • Last trading day: December 31, 2025 (Settlement: January 1, 2026)

Non-Trading Days in December 2025:

  • December 6-7 (Weekend)
  • December 13-14 (Weekend)
  • December 20-21 (Weekend)
  • December 25 (Holiday)
  • December 27-28 (Weekend)

Daily Timings:

  • Pay-in instruction deadline: 9:50 AM
  • Pay-in execution: 10:00 AM
  • Pay-out completion: 11:00 AM

Impact Assessment

Market Impact: Minimal - This is a routine operational schedule with no changes to existing settlement mechanisms.

Operational Impact: Low - Standard monthly schedule that institutional participants in the SME segment use for planning their trading and settlement activities.

Participant Impact: Informational only - ITP participants and clearing members need to note the schedule for operational planning. The T+1 settlement cycle and timing requirements remain unchanged from previous months.

Segment Affected: Specifically applies to Institutional Trading Platform (ITP) in the SME segment only, not the regular SME or main board trading segments.

Impact Justification

Routine monthly trading and settlement schedule announcement for ITP-SME segment with standard T+1 cycle. No policy changes or market-wide impact, primarily operational information for institutional participants.