Description

NSE Clearing reminds members to submit their half-yearly net worth certificate for the period ending September 30, 2025, by November 30, 2025, through the NCL Member Portal.

Summary

NSE Clearing Limited has issued a reminder to all clearing members regarding the submission of Half Yearly Net Worth Certificate as on September 30, 2025. Members must submit the certificate by November 30, 2025, through the NCL Member Portal (https://ims.connect2nsccl.com/NCL Member Portal/). This circular references earlier notifications issued on September 30, 2025 (NCL/CMPL/70544) and October 7, 2025 (NCL/CMPL/70688). Failure to comply will result in prescribed regulatory action.

Key Points

  • Mandatory submission of Half Yearly Net Worth Certificate for period ending September 30, 2025
  • Submission deadline: November 30, 2025
  • Submission to be made through NCL’s new Member Portal
  • Members must comply with applicable Net Worth requirements (higher of Base Net Worth or Variable Net Worth)
  • Net Worth requirements as per SEBI Gazette Notification No. SEBI/LAD-NRO/GN/2022/73 dated February 23, 2022
  • Non-compliance will result in regulatory action as prescribed in master and administrative circulars

Regulatory Changes

No new regulatory changes introduced. This circular is a reminder enforcing existing SEBI net worth requirements established through:

  • SEBI Gazette Notification No. SEBI/LAD-NRO/GN/2022/73 dated February 23, 2022
  • NCL Circular ref no. NCL/CMPL/55460 dated February 01, 2023 (clarification on net worth ascertainment)

Compliance Requirements

Who Must Comply: All NSE Clearing Members

What to Submit: Half Yearly Net Worth Certificate as on September 30, 2025

Where to Submit: NCL Member Portal (https://ims.connect2nsccl.com/NCL Member Portal/)

Net Worth Standard: Members must adhere to the higher of:

  • Base Net Worth, or
  • Variable Net Worth

Consequences of Non-Compliance:

  • Action as prescribed in NCL master circular ref no. NCL/CMPL/67806 dated April 30, 2025
  • Action as prescribed in administrative circular ref no. NCL/CMPL/67927 dated May 8, 2025
  • Action as prescribed in NCL/CMPL/70806 dated October 14, 2025
  • Potential suspension or restrictions on trading/clearing activities

Important Dates

  • September 30, 2025: Net Worth Certificate reporting date (end of half-year period)
  • September 30, 2025: First circular issued (NCL/CMPL/70544)
  • October 7, 2025: Second circular issued (NCL/CMPL/70688)
  • November 17, 2025: Reminder circular issued (current circular)
  • November 30, 2025: Final submission deadline

Impact Assessment

Impact Level: High

Affected Parties: All NSE Clearing Members

Operational Impact:

  • Members must ensure timely preparation and submission of audited/certified net worth certificates
  • Members with net worth shortfalls must take immediate corrective action
  • Non-compliant members face potential suspension of clearing and settlement activities

Market Impact:

  • Ensures financial stability and adequacy of clearing members
  • Protects market integrity by maintaining minimum capital standards
  • Potential temporary impact on clearing capacity if members face suspension

Regulatory Significance:

  • Part of ongoing supervisory framework for clearing member financial health
  • Aligns with SEBI’s risk management and capital adequacy requirements
  • Critical for systemic risk mitigation in clearing and settlement operations

Contact Information:

Impact Justification

Mandatory compliance requirement with strict deadline; non-compliance results in regulatory action including potential suspension of operations