Description

Updated trading and settlement schedule for the Institutional Trading Platform (ITP) in the SME segment covering the period from January 1 to January 31, 2026, including special timings for settlement holidays.

Summary

BSE has issued the revised trading and settlement programme for the Institutional Trading Platform (ITP) - SME Segment for the period from January 1, 2026 to January 31, 2026. The circular outlines 21 settlement cycles (ITP-189/25-26 through ITP-209/25-26) with corresponding trading dates and pay-in/pay-out dates. Special timings apply on January 16, 2026 due to a settlement holiday on January 15, 2026.

Key Points

  • Settlement cycle covers January 1-31, 2026 with 21 settlement numbers (ITP-189 to ITP-209)
  • Standard pay-in time: 10:00 a.m. with instructions to depositories/banks by 9:50 a.m.
  • Standard pay-out time: 11:00 a.m. for funds and securities
  • Special timings on January 16, 2026 due to settlement holiday impact
  • T+1 settlement cycle maintained throughout the period

Regulatory Changes

No regulatory changes introduced. This is a routine schedule update.

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks latest by 9:50 a.m. for standard settlements
  • For settlement ITP-198/25-26 (trade date: January 14, 2026), pay-in instructions must be submitted by 9:50 a.m. on January 16, 2026
  • For settlement ITP-199/25-26 (trade date: January 15, 2026), pay-in instructions must be submitted by 4:20 p.m. on January 16, 2026
  • Members must adhere to revised timings to ensure smooth settlement operations

Important Dates

  • January 15, 2026: Settlement holiday
  • January 16, 2026: Special settlement timings apply for two settlement cycles:
    • ITP-198/25-26: Pay-in at 10:00 a.m., Pay-out at 12:30 p.m.
    • ITP-199/25-26: Pay-in at 4:30 p.m., Pay-out at 9:30 p.m.
  • January 24, 2026: No trading (Friday trading holiday reflected in gap to January 27)
  • January 26, 2026: No trading (Republic Day holiday reflected in gap to January 27)
  • January 31, 2026: Last trading date covered, with pay-out on February 2, 2026

Impact Assessment

Operational Impact: Low - This is a routine schedule update with minimal operational changes. The only notable modification is the dual settlement processing on January 16, 2026 to accommodate the January 15 settlement holiday.

Market Impact: Negligible - The revised schedule maintains the standard T+1 settlement cycle for ITP-SME segment. Members and participants need to be aware of the special timings on January 16 to avoid settlement failures.

Participant Action Required: Members trading on the ITP-SME platform should update their internal systems and operations teams with the revised schedule, particularly noting the modified pay-in/pay-out timings for settlements on January 16, 2026.

Impact Justification

Routine administrative circular providing revised settlement schedule for ITP-SME segment with standard timings and minor adjustments for settlement holiday on January 15, 2026