Description
BSE announces the trading and settlement schedule for the ITP-SME segment covering 22 trading sessions 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 December 2025. The schedule covers 22 trading sessions from December 1, 2025, to December 31, 2025, following a T+1 settlement cycle. Pay-in is scheduled at 10:00 AM with instructions due by 9:50 AM, and pay-out occurs by 11:00 AM on settlement dates.
Key Points
- Total of 22 trading sessions scheduled for December 2025
- Settlement numbers range from ITP-167/25-26 to ITP-188/25-26
- Depository settlement numbers range from 2526167 to 2526188
- T+1 settlement cycle maintained throughout the month
- No trading on weekends (Saturdays and Sundays)
- December 25, 2025 (Christmas) appears to be a trading holiday (gap in schedule)
Trading Schedule Details
Settlement Timings
- Pay-in Time: 10:00 AM
- Pay-in Instruction Deadline: 9:50 AM (members must submit instructions to Depositories/banks)
- Pay-out Time: By 11:00 AM (for both funds and securities)
December 2025 Schedule
| Settlement No. | Depository No. | Trading Date | Pay-in/Pay-out Date |
|---|---|---|---|
| ITP-167/25-26 | 2526167 | Dec 1, 2025 | Dec 2, 2025 |
| ITP-168/25-26 | 2526168 | Dec 2, 2025 | Dec 3, 2025 |
| ITP-169/25-26 | 2526169 | Dec 3, 2025 | Dec 4, 2025 |
| ITP-170/25-26 | 2526170 | Dec 4, 2025 | Dec 5, 2025 |
| ITP-171/25-26 | 2526171 | Dec 5, 2025 | Dec 8, 2025 |
| ITP-172/25-26 | 2526172 | Dec 8, 2025 | Dec 9, 2025 |
| ITP-173/25-26 | 2526173 | Dec 9, 2025 | Dec 10, 2025 |
| ITP-174/25-26 | 2526174 | Dec 10, 2025 | Dec 11, 2025 |
| ITP-175/25-26 | 2526175 | Dec 11, 2025 | Dec 12, 2025 |
| ITP-176/25-26 | 2526176 | Dec 12, 2025 | Dec 15, 2025 |
| ITP-177/25-26 | 2526177 | Dec 15, 2025 | Dec 16, 2025 |
| ITP-178/25-26 | 2526178 | Dec 16, 2025 | Dec 17, 2025 |
| ITP-179/25-26 | 2526179 | Dec 17, 2025 | Dec 18, 2025 |
| ITP-180/25-26 | 2526180 | Dec 18, 2025 | Dec 19, 2025 |
| ITP-181/25-26 | 2526181 | Dec 19, 2025 | Dec 22, 2025 |
| ITP-182/25-26 | 2526182 | Dec 22, 2025 | Dec 23, 2025 |
| ITP-183/25-26 | 2526183 | Dec 23, 2025 | Dec 24, 2025 |
| ITP-184/25-26 | 2526184 | Dec 24, 2025 | Dec 26, 2025 |
| ITP-185/25-26 | 2526185 | Dec 26, 2025 | Dec 29, 2025 |
| ITP-186/25-26 | 2526186 | Dec 29, 2025 | Dec 30, 2025 |
| ITP-187/25-26 | 2526187 | Dec 30, 2025 | Dec 31, 2025 |
| ITP-188/25-26 | 2526188 | Dec 31, 2025 | Jan 1, 2026 |
Regulatory Changes
No regulatory changes announced. This is a standard monthly settlement schedule notification.
Compliance Requirements
For Trading Members
- Submit pay-in instructions to Depositories/banks by 9:50 AM on settlement day
- Ensure timely submission of funds and securities for pay-in at 10:00 AM
- Be prepared to receive pay-out of funds and securities by 11:00 AM
Operational Requirements
- Follow T+1 settlement cycle for all ITP-SME trades
- Coordinate with depositories and banks for timely settlement
- Adhere to specified timelines for pay-in and pay-out processes
Important Dates
- Programme Effective Period: December 1, 2025 to December 31, 2025
- First Trading Session: December 1, 2025 (Settlement: ITP-167/25-26)
- Last Trading Session: December 31, 2025 (Settlement: ITP-188/25-26)
- Year-End Settlement: December 31, 2025 trades settle on January 1, 2026
- Notice Date: November 13, 2025
- Notice Number: 20251113-34
Impact Assessment
Market Impact: Low
This is a routine operational schedule that maintains existing T+1 settlement practices for the ITP-SME segment. No changes to trading or settlement procedures.
Operational Impact: Low
Standard monthly programme with familiar timings and procedures. Members should experience no disruption to normal operations.
Segment Affected
- Primary: Institutional Trading Platform (ITP) - SME Segment only
- Participants: Trading members dealing in SME securities through ITP
Key Observations
- Weekend gaps are appropriately handled with next business day settlements
- December 25, 2025 (Christmas) holiday reflected in schedule
- Smooth transition to January 2026 with final settlement on January 1, 2026
- Consistent T+1 cycle maintained throughout the period
Impact Justification
Routine monthly settlement schedule for ITP-SME segment with no policy changes or market disruptions