Description

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

Summary

BSE has issued a revised trading and settlement programme for the Institutional Trading Platform (ITP) - SME Segment covering the period from January 1, 2026 to January 31, 2026. The circular provides the complete settlement schedule with 20 settlement cycles (ITP-189/25-26 through ITP-209/25-26), including adjustments for trading holidays on January 15, 2026 and January 26, 2026. The schedule follows T+1 settlement pattern with specific timings for pay-in and pay-out.

Key Points

  • Revised settlement schedule covers January 1-31, 2026 for ITP-SME segment
  • 20 settlement cycles scheduled from ITP-189/25-26 to ITP-209/25-26
  • Trading holiday on January 15, 2026 (settlement ITP-199/25-26 skipped)
  • Trading holiday on January 26, 2026 (weekend, no settlement scheduled)
  • Pay-in deadline: 9:50 AM for members to submit instructions to depositories/banks
  • Actual pay-in time: 10:00 AM
  • Pay-out completion: 11:00 AM for both funds and securities
  • Notice issued by Indian Clearing Corporation Ltd.

Regulatory Changes

This is a revised schedule incorporating trading holidays. No fundamental regulatory changes to ITP-SME settlement procedures. The revision adjusts the previously announced schedule to accommodate the trading holiday on January 15, 2026 (Makar Sankranti/Pongal) and maintains the existing T+1 settlement framework.

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks by 9:50 AM on pay-in day
  • Pay-in must be completed by 10:00 AM
  • Members should ensure availability of funds and securities for settlement
  • Adherence to the revised settlement calendar is mandatory for all ITP-SME segment participants
  • Standard settlement obligations apply as per SEBI and BSE regulations

Important Dates

Settlement No.Depository No.Trading DatePay-in/Pay-out Date
ITP-189/25-26252618901-01-202602-01-2026
ITP-190/25-26252619002-01-202605-01-2026
ITP-191/25-26252619105-01-202606-01-2026
ITP-192/25-26252619206-01-202607-01-2026
ITP-193/25-26252619307-01-202608-01-2026
ITP-194/25-26252619408-01-202609-01-2026
ITP-195/25-26252619509-01-202612-01-2026
ITP-196/25-26252619612-01-202613-01-2026
ITP-197/25-26252619713-01-202614-01-2026
ITP-198/25-26252619814-01-202616-01-2026
ITP-200/25-26252620016-01-202619-01-2026
ITP-201/25-26252620119-01-202620-01-2026
ITP-202/25-26252620220-01-202621-01-2026
ITP-203/25-26252620321-01-202622-01-2026
ITP-204/25-26252620422-01-202623-01-2026
ITP-205/25-26252620523-01-202627-01-2026
ITP-206/25-26252620627-01-202628-01-2026
ITP-207/25-26252620728-01-202629-01-2026
ITP-208/25-26252620829-01-202630-01-2026
ITP-209/25-26252620930-01-202602-02-2026

Note: Settlement ITP-199/25-26 is skipped due to trading holiday on January 15, 2026.

Impact Assessment

Market Impact: Medium - This revised schedule specifically affects institutional investors and market participants trading in the SME segment through the ITP platform. The adjustment maintains market continuity while accommodating statutory trading holidays.

Operational Impact: Medium - Trading members and clearing members need to update their internal settlement calendars and systems to reflect the revised schedule. The skip in settlement numbering (ITP-198 to ITP-200) due to the January 15 holiday requires attention in operational planning.

Liquidity Impact: Low - The T+1 settlement cycle continues without disruption. The extended settlement periods around holidays (e.g., January 14 trading settling on January 16, January 23 trading settling on January 27) are standard adjustments that market participants routinely manage.

Compliance Impact: Low - No changes to compliance requirements or settlement procedures. Members need to ensure their operations teams are aware of the revised dates, particularly the pay-in instruction deadline of 9:50 AM.

Impact Justification

Operational circular affecting ITP-SME segment participants with revised settlement schedule due to trading holidays. Medium impact for institutional traders in SME segment but routine in nature.