Description

NSE updates the list of illiquid securities for periodic call auction mechanism based on trading activity during April-September 2025. No securities are being added or removed from the mechanism.

Summary

NSE has issued its periodic update on illiquid securities subject to call auction mechanism, effective October 10, 2025. The circular references SEBI guidelines on rationalization of periodic call auction for illiquid scrips. Based on trading activity during April 2025 to September 2025, no securities are being added to the periodic call auction list and no securities are being removed from the mechanism.

Key Points

  • Circular references NSE circular NSE/CMTR/25320 dated December 20, 2013 and SEBI circular CIR/MRD/DP/38/2013 dated December 19, 2013
  • Review period: April 2025 - September 2025
  • Effective date: October 10, 2025 (Friday)
  • Annexure 1 (securities moving into periodic call auction): Nil
  • Annexure 2 (securities moving out of periodic call auction): Nil
  • Members advised to exercise additional due diligence while trading in illiquid securities

Regulatory Changes

No regulatory changes introduced. This is a routine periodic review as per existing SEBI guidelines on periodic call auction mechanism for illiquid securities.

Compliance Requirements

  • NSE members must exercise additional due diligence while trading in illiquid securities
  • Applies to trading on own account or on behalf of clients
  • Members can direct queries to surveillance@nse.co.in

Important Dates

  • Circular Date: October 07, 2025
  • Effective Date: October 10, 2025 (Friday)
  • Review Period: April 2025 - September 2025

Impact Assessment

Minimal market impact as no changes are being implemented. This is a routine administrative circular confirming that the existing list of illiquid securities remains unchanged. No securities are being moved into or out of the periodic call auction mechanism, indicating stable liquidity patterns during the review period. Members continue to follow existing protocols for trading in illiquid securities.

Impact Justification

Routine periodic update with no actual changes - both annexures show 'Nil' entries, indicating no securities are being added to or removed from the periodic call auction mechanism