Description

BSE announces the trading and settlement schedule for the Institutional Trading Platform (ITP) SME segment from January 1, 2026 to January 31, 2026, covering 21 settlement cycles with T+1 settlement.

Summary

BSE has published the trading and settlement programme for the Institutional Trading Platform (ITP) - SME Segment for the period from January 1, 2026 to January 31, 2026. The schedule covers 21 settlement cycles (ITP-189/25-26 through ITP-209/25-26) with corresponding depository settlement numbers. All settlements follow a T+1 settlement cycle with specific pay-in and pay-out timings.

Key Points

  • 21 trading sessions scheduled for January 2026 on the ITP-SME platform
  • Settlement cycle runs from ITP-189/25-26 to ITP-209/25-26
  • T+1 settlement cycle applies (trading day followed by next business day settlement)
  • Pay-in deadline: 9:50 AM for members to submit instructions to depositories/banks
  • Pay-in time: 10:00 AM
  • Pay-out time: By 11:00 AM for both funds and securities
  • Trading holidays observed on January 3-4, 10-11, 17-18, 24-26, and 31 (weekends and public holidays)

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule circular.

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks latest by 9:50 AM on settlement day
  • Members must ensure timely completion of pay-in obligations by 10:00 AM
  • Adherence to the published settlement calendar is mandatory for all ITP-SME segment participants

Important Dates

  • Effective Period: January 1, 2026 to January 31, 2026
  • First Settlement: January 2, 2026 (for January 1 trading)
  • Last Settlement in January: February 2, 2026 (for January 30 trading)
  • Total Trading Days: 21 days
  • Non-Trading Days: January 3, 4, 10, 11, 17, 18, 24, 25, 26, 31

Impact Assessment

Operational Impact: Low - This is a standard monthly calendar notification that enables market participants to plan their trading and settlement activities for the ITP-SME segment.

Market Impact: Minimal - The circular provides administrative scheduling information without affecting trading rules, margins, or market structure. It ensures transparency and predictability for institutional investors trading in SME securities.

Participant Impact: Members and clearing participants can use this schedule to plan liquidity management, fund transfers, and securities delivery obligations for the month ahead. The T+1 settlement cycle continues unchanged from previous periods.

Impact Justification

Routine administrative circular providing monthly settlement schedule for ITP-SME segment. No regulatory changes or compliance requirements, only operational calendar information for institutional traders.