Description

BSE announces revised trading and settlement schedule for the Institutional Trading Platform (ITP) SME segment covering January 1-30, 2026, with modified timings on January 16, 2026 due to settlement holiday.

Summary

BSE has issued a revised trading and settlement programme for the Institutional Trading Platform (ITP) SME Segment for the period January 1-30, 2026. The circular outlines 21 settlement cycles (ITP-189/25-26 through ITP-209/25-26) with T+1 settlement for most days. Special arrangements are in place for January 16, 2026, where two settlements will occur on the same day due to a settlement holiday on January 15, 2026, with different pay-in and pay-out timings.

Key Points

  • Settlement cycle runs from ITP-189/25-26 (trade date: January 1) to ITP-209/25-26 (trade date: January 30)
  • Standard T+1 settlement cycle applies for most trading days
  • Standard pay-in time: 10:00 AM (members must submit instructions by 9:50 AM)
  • Standard pay-out time: 11:00 AM
  • January 16, 2026 will have two settlements due to settlement holiday on January 15
  • Special settlement timings on January 16: First settlement at 10:00 AM/12:30 PM, second at 4:30 PM/9:30 PM
  • January 26 is a trading holiday (Republic Day)
  • Notice issued by Indian Clearing Corporation Ltd.

Regulatory Changes

No regulatory changes introduced. This is a routine operational circular providing revised settlement schedules to accommodate the settlement holiday on January 15, 2026.

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks by 9:50 AM for standard settlements
  • For ITP-198/25-26 (January 14 trade, January 16 settlement): Submit instructions by 9:50 AM
  • For ITP-199/25-26 (January 15 trade, January 16 settlement): Submit instructions by 4:20 PM
  • Members must ensure funds and securities are available according to the revised schedule
  • Adherence to modified timings on January 16, 2026 is mandatory

Important Dates

  • January 1-30, 2026: Revised settlement programme period
  • January 15, 2026: Settlement holiday
  • January 16, 2026: Special settlement day with two separate settlement cycles
    • Settlement 1 (ITP-198): Pay-in 10:00 AM, Pay-out 12:30 PM
    • Settlement 2 (ITP-199): Pay-in 4:30 PM, Pay-out 9:30 PM
  • January 26, 2026: Trading holiday (Republic Day - implied from schedule gap)
  • January 31, 2026: Pay-out for January 30 trading (February 2, 2026)

Impact Assessment

Operational Impact: Medium. Members trading on the ITP-SME platform must adjust their operational processes to accommodate the dual settlement cycle on January 16, 2026. The modified timings require careful planning for fund and security management.

Market Impact: Low to Medium. The revised schedule ensures continuity of trading operations while accommodating the settlement holiday. The T+1 settlement cycle is maintained throughout, minimizing disruption to institutional participants.

Risk Considerations: Members must ensure adequate liquidity and operational readiness for the afternoon settlement cycle on January 16, particularly the 4:30 PM pay-in and 9:30 PM pay-out, which deviate from standard market hours. Failure to meet these timings could result in settlement failures and penalties.

Impact Justification

Operational circular affecting institutional trading platform participants with specific settlement timing changes for a settlement holiday, requiring attention from ITP-SME segment members for compliance with revised schedules.