Description

NSE introduces new broadcast parameters and transcodes for F&O market data with enhanced dissemination capabilities, effective August 2025.

Summary

NSE has issued an update to its July 18, 2025 circular regarding new broadcast parameters for market data in the Futures & Options segment. The exchange is introducing new transcodes for Bhavcopy broadcast and additional broadcast parameters to enable streamwise dissemination, building upon previously announced enhanced data dissemination capabilities.

Key Points

  • Partial modification to Exchange circular NSE/MSD/69181 dated July 18, 2025
  • New transcode for Bhavcopy broadcast being introduced
  • New broadcast parameter for streamwise dissemination of Bhavcopy broadcast
  • Enhanced data dissemination for Ticker, Market Index, Market Watch Update & Underlying Open Interest
  • Price volume data with 5 depth 1 second refresh frequency
  • New transcodes: 17201, 17202, 17130 & 11833 replacing existing 7201, 7202, 7130 & 1833
  • Interim coexistence period provided for smooth transition

Regulatory Changes

  • Introduction of new broadcast parameters for F&O segment market data
  • Implementation of new transcodes for improved data dissemination
  • Enhanced streaming capabilities for market data broadcasts
  • Updated NNF API document (Version 9.43) with encryption protocol details

Compliance Requirements

  • Members must refer to updated annexures for new parameter details
  • Implementation of new broadcast parameters required
  • Migration from existing to new transcodes mandatory
  • Compliance with updated NNF API documentation
  • Adherence to coexistence and migration timeline

Important Dates

  • August 02, 2025: Mock testing begins, release of new additional details
  • August 04, 2025: Live environment implementation
  • September 06, 2025: Discontinuation of existing market data broadcast parameters for NNF users

Impact Assessment

Technical Impact: Medium - requires system updates and migration planning by members Operational Impact: Medium - affects market data infrastructure and requires coordination during transition period Market Impact: Low to Medium - improved data dissemination capabilities may enhance market efficiency Member Impact: Medium - requires technical implementation and staff training on new parameters and transcodes

Impact Justification

Technical update affecting market data infrastructure for F&O segment with defined migration timeline