  Based on the X-ray observations from XMM-Newton and Swift, and optical
observations from Transiting Exoplanet Survey Satellite (TESS) and AAVSO, we
present temporal and spectral properties of probable intermediate polar SWIFT
J0503.7-2819. The X-ray light curve shows two distinctive features, where
possibly the second pole seems to be active during the middle of the XMM-Newton
observations. Present analysis confirms and also refines the previously
reported orbital period of SWIFT J0503.7-2819 as 81.65$\pm$0.04 min. The X-ray
and 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). The
energy-dependent modulation at this period, which are due to the photoelectric
absorption in the accretion flow, also assures this conjecture. Two temperature
thermal 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 with
an 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 is
made to understand the accretion flow in this system using the present data of
SWIFT J0503.7-2819. If the proposed spin period is indeed the actual period,
then SWIFT J0503.7-2819 could be the first nearly synchronous intermediate
polar below the period gap.
