<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001321300</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2016</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2016</reportCalendarOrQuarter>
      <filingManager>
        <name>True Bearing Asset Management LP</name>
        <address>
          <com:street1>ONE LETTERMAN DRIVE, BUILDING C</com:street1>
          <com:street2>3RD FLOOR, SUITE 330</com:street2>
          <com:city>SAN FRANCISCO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94129</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-12960</form13FFileNumber>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>True Bearing Asset Management LP has ceased all business operations as of 11/14/2016.  This represents its final 13F filing for Q3 2016.  Please note that assets under management totaled $0 at the end of the reporting period (09/30/2016).</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Kenneth Heller</name>
      <title>Managing Member True Bearing Holdings LLC, the GP</title>
      <phone>415-658-8720</phone>
      <signature>/s/ Kenneth Heller</signature>
      <city>San Francisco</city>
      <stateOrCountry>CA</stateOrCountry>
      <signatureDate>11-14-2016</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>1</tableEntryTotal>
      <tableValueTotal>0</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
    </summaryPage>
  </formData>
</edgarSubmission>
