Description

BSE extends the discontinuation date of existing NFCAST market data stream format to November 7, 2025, with new format 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, based on feedback from market participants requesting more time for trading application changes. From November 10, 2025, 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 will be discontinued on Friday, November 7, 2025
  • New NFCAST format will be mandatory from Monday, November 10, 2025
  • Extension granted based on market participant feedback requesting more implementation time
  • Applies to all segments: Equity, Equity Derivatives, Currency Derivatives, Commodities Derivatives, and EGR
  • Trading members and third-party trading application vendors must complete necessary system development
  • This is a continuation of previous circulars: 20250528-44 (May 28, 2025), 20250725-11 (July 25, 2025), 20250828-10 (August 28, 2025), and 20251001-50 (October 1, 2025)

Regulatory Changes

No regulatory framework changes. This is an operational technology upgrade with an extended implementation timeline for the enhanced market data stream format.

Compliance Requirements

  • Trading Members: Must upgrade systems to support new NFCAST market data stream format by November 7, 2025
  • Third-Party Trading Application Vendors: Must complete necessary system development and testing before November 10, 2025
  • All Participants: Should contact BSE at 022-22728053 or bse.tech@bseindia.com for queries or assistance
  • Action Required: Undertake necessary system development and testing during the parallel run period

Important Dates

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

Impact Assessment

Operational Impact: High - affects core market data infrastructure used by all trading members and vendors. System changes are mandatory and non-compliance will result in inability to receive market data feeds after November 9, 2025.

Market Participants Affected: All trading members, third-party trading application vendors, and any entity consuming NFCAST market data across equity and derivatives segments.

Technical Impact: Requires development effort to migrate from existing format to new enhanced format. The extension provides additional time but the deadline is firm.

Business Continuity: Critical for maintaining trading operations. Failure to upgrade by the deadline will disrupt trading capabilities.

Positive Aspect: Extension demonstrates exchange responsiveness to member feedback and provides additional preparation time.

Impact Justification

Critical technology infrastructure change affecting all trading members and third-party vendors across multiple segments with firm deadline for system upgrades