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Based on the X-ray observations from XMM-Newton and Swift, and opticalobservations from Transiting Exoplanet Survey Satellite (TESS) and AAVSO, wepresent temporal and spectral properties of probable intermediate polar SWIFTJ0503.7-2819. The X-ray light curve shows two distinctive features, wherepossibly the second pole seems to be active during the middle of the XMM-Newtonobservations. Present analysis confirms and also refines the previouslyreported orbital period of SWIFT J0503.7-2819 as 81.65$\pm$0.04 min. The X-rayand optical variations of this target have been found to occur at the period of$\sim$ 65 min, which we propose as the spin period of the white dwarf (WD). Theenergy-dependent modulation at this period, which are due to the photoelectricabsorption in the accretion flow, also assures this conjecture. Two temperaturethermal plasma model well explains the X-ray spectra with temperatures of$\sim$ 150 eV and $\sim$ 18.5 keV, which is absorbed by a dense material withan average equivalent hydrogen column density of 3.8 $\times$ 10$^{22}$cm$^{-2}$ that partially covers $\sim$ 27% of the X-ray source. An attempt ismade to understand the accretion flow in this system using the present data ofSWIFT J0503.7-2819. If the proposed spin period is indeed the actual period,then SWIFT J0503.7-2819 could be the first nearly synchronous intermediatepolar below the period gap.

SWIFT J0503.7-2819: A nearly synchronous intermediate polar below the period gap?