Description

NSE announces early access to simulated market environment with updated timings for CM, F&O, CD and CO segments effective December 9, 2025.

Summary

NSE has updated the market timings for its simulated environment to provide members with early access for testing purposes. The changes will be effective from December 9, 2025, and modify timings across Cash Market (CM), Futures & Options (F&O), Currency Derivatives (CD), and Commodity Derivatives (CO) segments. This is a partial modification to circular NSE/MSD/67731 dated April 28, 2025.

Key Points

  • Simulated environment access moved earlier in the day to facilitate member testing
  • Order entry period for CM segment starts at 16:00 hrs instead of 17:30 hrs
  • F&O segment order entry begins at 16:00 hrs with random closure between 16:59 and 17:00
  • Normal market simulation continues until 22:00 hrs for all segments
  • Exchange helpdesk support available only until 19:30 hrs on regular trading days
  • Changes synced with pre-open session introduction in F&O segment per circular NSE/FAOP/71092

Regulatory Changes

Partial modification to NSE/MSD/67731 dated April 28, 2025 regarding Simulated Environment - Consolidated Circular.

Cash Market (CM) Segment:

  • Order Entry Period: Changed from 17:30-17:38 hrs to 16:00-16:08 hrs
  • System driven random closure between 7th and 8th minute
  • Order Matching & Trade Confirmation: 16:08-16:12 hrs
  • Buffer Period: 16:12-16:15 hrs
  • Normal Market: 16:15-22:00 hrs

F&O Segment:

  • Order Entry Period: 16:00 hrs onwards
  • Order Matching & Trade Confirmation: Random closure between 16:59-17:00 (59th-60th minute)
  • Buffer Period: 17:00-17:04 hrs (updated timings)
  • Normal Market: 17:07-22:00 hrs

CD and CO Segments:

  • Normal Market: 16:00-22:00 hrs

Other Timings:

  • Collateral value setup cutoff: 22:00 hrs (unchanged)
  • Trade modification/Give up approval end time: 22:15 hrs (unchanged)

Compliance Requirements

  • Members should update their testing schedules to align with new simulated environment timings
  • Members must note that Exchange helpdesk support is available only until 19:30 hrs on regular trading days
  • Members need to be aware of the pre-open session integration in F&O segment as per circular NSE/FAOP/71092

Important Dates

  • November 27, 2025: Circular issued
  • December 9, 2025: New simulated environment timings become effective

Impact Assessment

Operational Impact: Low - This change affects only the simulated/testing environment and does not impact actual trading operations. Members gain 90 minutes of additional early access for testing (16:00 hrs vs 17:30 hrs previously).

Member Impact: Members can now conduct testing and simulations earlier in the day, providing more flexibility for system testing, order validation, and technology preparedness. However, Exchange helpdesk support remains limited to 19:30 hrs, which members should factor into their testing plans.

Market Impact: None - This is purely a technical/testing environment change with no impact on live market operations or trading hours.

Impact Justification

Technical update for simulated trading environment timings, primarily affecting member testing schedules without impact on actual trading operations.