Description

BSE announces revised trading and settlement schedule for the Institutional Trading Platform (ITP) in the SME segment covering the period from January 1, 2026 to January 31, 2026.

Summary

BSE has issued a revised trading and settlement programme for the Institutional Trading Platform (ITP) in the SME segment for the period from January 1, 2026 to January 31, 2026. The circular provides detailed settlement numbers, trading dates, and corresponding pay-in/pay-out dates for 20 settlement cycles during this period. Pay-in is scheduled at 10:00 AM with members required to submit instructions by 9:50 AM, and pay-out of funds and securities will be effected by 11:00 AM.

Key Points

  • Revised settlement schedule covers January 1-31, 2026
  • 20 settlement cycles detailed with specific dates
  • Pay-in timing: 10:00 AM (instructions must be submitted by 9:50 AM)
  • Pay-out timing: By 11:00 AM
  • Settlement cycle operates on T+1 basis with adjustments for weekends and holidays
  • Applies specifically to ITP-SME segment
  • Settlement numbers range from ITP-189/25-26 to ITP-209/25-26
  • Depository settlement numbers: 2526189 to 2526209

Regulatory Changes

This is a revised schedule update, not a regulatory change. The circular updates the previously issued trading and settlement calendar to reflect actual trading days and holidays for January 2026.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks latest by 9:50 AM on pay-in dates
  • Pay-in must be completed by 10:00 AM
  • Members must ensure timely submission of funds and securities as per the revised schedule
  • Compliance with Indian Clearing Corporation Ltd. settlement procedures mandatory

Important Dates

Settlement Schedule Highlights:

  • January 1, 2026: Trading day, pay-in/out on January 2
  • January 14, 2026: Trading day, pay-in/out on January 16 (skip of January 15 indicates holiday)
  • January 26, 2026: No settlement listed (Republic Day holiday)
  • January 30, 2026: Last trading day of the month, pay-in/out on February 2

Notable gaps indicating holidays/weekends:

  • January 15, 2026 (skipped settlement number ITP-199)
  • January 24-26, 2026 (weekend and Republic Day)
  • January 31, 2026 (weekend)

Impact Assessment

Operational Impact: Medium - Participants in the ITP-SME segment must align their settlement operations with the revised schedule. The adjustments for holidays require operational planning.

Market Impact: Low - This is a procedural update affecting settlement timings rather than trading rules or market structure.

Stakeholder Impact: Affects institutional investors trading in SME securities through ITP, clearing members, depositories, and banks involved in settlement processes.

Risk Considerations: Proper adherence to the 9:50 AM deadline for pay-in instructions is critical to avoid settlement failures. The tight timeline between pay-in (10:00 AM) and pay-out (11:00 AM) requires efficient coordination between members, depositories, and clearing corporations.

Impact Justification

Operational circular affecting ITP-SME segment participants. Medium impact due to revised settlement schedule affecting institutional trading operations. Not market-wide but affects specific trading platform users.