Description

BSE extends the discontinuation date for the existing NFCAST market data stream format to November 7, 2025, with new format becoming mandatory from November 10, 2025.

Summary

BSE has extended the deadline for discontinuing the existing NFCAST market data stream format to November 7, 2025, based on feedback from market participants requesting more time for system changes. From November 10, 2025 onwards, market data via NFCAST will be available only in the new format across Equity, Equity Derivatives, Currency Derivatives, Commodities Derivatives, and EGR segments.

Key Points

  • Existing NFCAST format discontinuation extended to Friday, November 7, 2025
  • New NFCAST format becomes mandatory from Monday, November 10, 2025
  • Extension applies to all segments: Equity, Equity Derivatives, Currency Derivatives, Commodities Derivatives, and EGR
  • Extension granted due to market participant feedback requesting more time for trading application changes
  • Parallel run of both formats continues until November 7, 2025
  • All trading members and third-party trading application vendors must complete migration

Regulatory Changes

This circular continues the phased implementation of enhanced market data streams announced in earlier circulars (20250528-44, 20250725-11, 20250828-10, 20251001-50). The timeline extension provides additional migration period while maintaining the commitment to enhanced market data capabilities.

Compliance Requirements

  • Trading Members: Must complete system development and testing to support new NFCAST format before November 10, 2025
  • Third-Party Trading Application Vendors: Must update trading applications to handle new market data format
  • System Development: Undertake necessary development work as applicable to their systems
  • Testing: Complete testing during parallel run period (until November 7, 2025)
  • Contact Point: For queries, contact 022-22728053 or bse.tech@bseindia.com

Important Dates

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

Impact Assessment

Technical Impact: High - All trading members and vendors must migrate their systems to support the new market data format. Failure to migrate will result in loss of market data access from November 10, 2025.

Operational Impact: High - Affects real-time market data consumption across all major trading segments (Equity, Derivatives, Currency, Commodities, EGR). Members must allocate development and testing resources during the extension period.

Market Participants Affected: All trading members, third-party trading application vendors, and any entities consuming NFCAST market data streams.

Risk Mitigation: The extension provides additional time for market participants who need more time to implement changes, reducing risk of disruption when the new format becomes mandatory.

Impact Justification

Critical technology change affecting all trading members and third-party vendors who must migrate to new market data format by hard deadline of November 10, 2025