Description

NSE announces Special Pre-Open Session (SPOS) for Tata Motors Limited on October 14, 2025 from 9:00 a.m. to 10:00 a.m. following scheme of arrangement.

Summary

NSE will conduct a Special Pre-Open Session (SPOS) for Tata Motors Limited (TATAMOTORS) in the Capital Market segment on Tuesday, October 14, 2025 from 9:00 a.m. to 10:00 a.m. This is pursuant to a scheme of arrangement and is conducted as per SEBI circular CIR/MRD/DP/01/2012 dated January 20, 2012 and SEBI clarification OW/27536/2015 dated September 30, 2015.

Key Points

  • Special Pre-Open Session scheduled for October 14, 2025 from 9:00 a.m. to 10:00 a.m.
  • Order-level risk management will apply as per ’re-listed scrips’ guidelines (SEBI circular para 5)
  • All unmatched orders within dynamic price band will move to normal trading at their limit price
  • If equilibrium price is not discovered, all orders will be cancelled and stock continues in call auction until price discovery
  • TATAMOTORS eligible only for second session of block deal window on October 14, 2025 (subject to successful price discovery)
  • VWAP price will be base price for second block session
  • Members must load updated security.gz/nnf_security.gz file before trading on October 14, 2025

Regulatory Changes

No new regulatory changes. This circular implements existing SEBI regulations:

  • SEBI circular no CIR/MRD/DP/01/2012 dated January 20, 2012
  • SEBI clarification no. OW/27536/2015 dated September 30, 2015
  • NSE circular ref. no 67774 dated April 30, 2025 (Chapter 1.2 for SPOS details)

Compliance Requirements

  • Members: Must load updated security.gz/nnf_security.gz file from common/NTNEAT directory on Extranet server before trading on October 14, 2025
  • Members: Must refer to Chapter 1.2 in circular ref. no 67774 dated April 30, 2025 for Special Pre-Open Session details
  • Trading: Follow order-level risk management applicable to ’re-listed scrips'
  • Block Deals: TATAMOTORS eligible only in second block deal session with VWAP as base price (subject to price discovery)

Important Dates

  • October 14, 2025: Special Pre-Open Session from 9:00 a.m. to 10:00 a.m.
  • October 14, 2025: TATAMOTORS eligible for second session of block deal window (subject to successful price discovery)

Impact Assessment

Market Impact: High - Special trading session for major stock Tata Motors will affect all market participants. Price discovery mechanism during SPOS will determine opening price and subsequent trading. Failure to discover equilibrium price will result in continued call auction, potentially delaying normal trading.

Trading Impact: Members must prepare systems with updated security files. Special order handling rules apply during SPOS with specific risk management parameters. Block deal traders can only participate in second session contingent on successful price discovery.

Operational Impact: Trading members need to update their trading applications with latest security files and ensure traders understand SPOS mechanics, including call auction rules, dynamic price bands, and order migration to normal session.

Impact Justification

Critical trading session for major stock (Tata Motors) with special procedures, affects all market participants trading this security