Description
NSE announces Special Pre-Open Session (SPOS) for Hindustan Unilever Limited on December 5, 2025 from 9:00 AM to 10:00 AM following scheme of arrangement.
Summary
NSE will conduct a Special Pre-Open Session (SPOS) for Hindustan Unilever Limited (HINDUNILVR) in the Capital Market segment on Friday, December 5, 2025 from 9:00 AM to 10:00 AM as part of a scheme of arrangement. This circular is issued under 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 December 5, 2025 from 9:00 AM to 10:00 AM
- One-hour call auction session with order-level risk management applicable to ’re-listed scrips'
- All unmatched orders within dynamic price band will move to normal trading session at limit price
- If equilibrium price is not discovered, all orders will be cancelled and stock continues in call auction mechanism
- Members must load updated security.gz/nnf_security.gz file before trading on December 5, 2025
- Files available from common/NTNEAT directory on Extranet server
Regulatory Changes
This circular implements SEBI guidelines for special pre-open sessions during scheme of arrangement:
- Risk management framework as per SEBI circular CIR/MRD/DP/01/2012 para 5 applies
- Dynamic price band mechanism for order matching
- Contingency provisions for failed price discovery
Compliance Requirements
- All Members: Must refer to Chapter 1.2 in circular NSE/CMTR/67774 dated April 30, 2025 for SPOS details
- Trading Members: Must load updated security files before December 5, 2025 trading session
- Order Management: Follow order-level risk management rules for re-listed scrips
- Technical Setup: Obtain security.gz/nnf_security.gz files from Extranet server directory
Important Dates
- December 5, 2025: Special Pre-Open Session from 9:00 AM to 10:00 AM
- December 5, 2025: HINDUNILVR eligible for second session of block deal window (subject to successful price discovery)
- Before December 5, 2025: Members must update trading application with latest security files
Impact Assessment
Market Impact: High - Major corporate restructuring requiring special trading mechanism for one of India’s largest consumer goods companies. The SPOS ensures orderly price discovery post-scheme of arrangement.
Trading Impact: HINDUNILVR will have restricted trading during SPOS period. Normal trading resumes only after successful price discovery. Block deal eligibility limited to second session with VWAP as base price.
Operational Impact: Members must ensure technical readiness by updating security files. Failed price discovery will result in continued call auction mechanism, affecting normal trading operations.
Investor Impact: All orders must be placed during one-hour SPOS window. Unmatched orders within price band carry forward to normal session, but orders outside band may be cancelled if equilibrium price fails to discover.
Impact Justification
Major corporate action requiring special trading session for large-cap stock with specific price discovery mechanism and trading restrictions