I don't think so. The SEPM will push to SEP  or the GUP will pull the updates from SEPM as  soon as it is available with SEPM. U need not have to configure it.

Do you mean scheduling time?
It is not possible to schedule time for updating through GUP as Ajitha told
What is the exact problem you are facing?
Is it related to bandwidth?
It is possible to control the bandwidth used bu GUP for downloading the updates  in RU5 with GUI
(In MR4 also it is possible but for that we have to do some regisry modification in GUP pc)
Refer the below article in the first screen shot itself you can see that option(last option in that)
Configuring Group Update Providers in Symantec Endpoint Protection 11.0 RU5

You can also refer below article
What's new in Group Update Providers in RU5 release of Symantec Endpoint Protection 11.0

@sandip_sali your screen shot you took after selecting management server and GUP only or you selected Liveupdate server also? 
As per my knowledge Scheduling is possible only when you use a liveupdate server (internal/external) for updation..
Gup can take update only from SEPM not from Liveupdate server..
If I am wrong pls correct me...

You can chnage the communication setting of a group from push to Pull and changed the Heratbeat Interval.
This will enable client to get updates only when the connect to the SEPM.