Description

Extension of NFCAST existing format discontinuation date to November 7, 2025, with new format becoming mandatory from November 10, 2025 across all segments.

Summary

BSE has extended the discontinuation date for the existing NFCAST market data stream format to November 7, 2025, following feedback from market participants requesting additional time for system changes. From November 10, 2025, market data via NFCAST will be available only in the new enhanced format across Equity, Equity Derivatives, Currency Derivatives, Commodities Derivatives, and EGR segments.

Key Points

  • Extension granted for NFCAST existing format discontinuation based on market participant feedback
  • Existing format will continue until Friday, November 7, 2025
  • New format becomes mandatory from Monday, November 10, 2025
  • Applies to all segments: Equity, Equity Derivatives, Currency Derivatives, Commodities Derivatives & EGR
  • All trading members and third-party trading application vendors must complete system development before the deadline
  • This is a continuation of earlier circulars (20250528-44, 20250725-11, 20250828-10, 20251001-50)

Regulatory Changes

Mandatory migration from existing NFCAST market data stream format to new enhanced format across all trading segments. The parallel run period that allowed both formats to operate simultaneously has been extended but will end on November 7, 2025.

Compliance Requirements

Trading Members:

  • Complete necessary system development to support new NFCAST format
  • Ensure trading applications are updated before November 10, 2025
  • Test systems during the extended parallel run period

Third-Party Trading Application Vendors:

  • Update trading applications to be compatible with new NFCAST format
  • Coordinate with clients to ensure smooth transition
  • Complete all development work before the mandatory switchover date

Support Contact:

Important Dates

  • October 31, 2025: Circular issued announcing extension
  • November 7, 2025 (Friday): Last day for existing NFCAST format availability
  • November 10, 2025 (Monday): New NFCAST format becomes mandatory; existing format discontinued

Previous Related Circulars:

  • May 28, 2025: Circular 20250528-44
  • July 25, 2025: Circular 20250725-11
  • August 28, 2025: Circular 20250828-10
  • October 1, 2025: Circular 20251001-50

Impact Assessment

Market-Wide Impact: High - affects all trading members and third-party vendors across multiple segments

Operational Impact:

  • Trading firms must allocate resources for system upgrades and testing
  • Risk of trading disruption if systems are not updated before November 10, 2025
  • Extended timeline provides additional buffer for participants who need more time

Technical Requirements:

  • System development and testing required for new market data format
  • Integration testing needed during parallel run period
  • Potential for compatibility issues if updates are not completed

Segments Affected:

  • Equity segment
  • Equity Derivatives
  • Currency Derivatives
  • Commodities Derivatives
  • Electronic Gold Receipts (EGR)

Preparedness Actions:

  • Immediate assessment of current system readiness
  • Prioritize development and testing activities
  • Engage with BSE technical support if clarifications needed
  • Coordinate with technology vendors for timely updates

Impact Justification

Critical infrastructure change affecting all trading members and vendors across multiple segments requiring mandatory system upgrades by November 10, 2025