Description

NSE announces mock trading session on December 06, 2025 to test the new NEAT+ 7.8.7 version and pre-open session functionality in Equity Derivatives (F&O) segment, effective live from December 08, 2025.

Summary

NSE will conduct a mock trading session in the Futures & Options segment on Saturday, December 06, 2025 to test the new NEAT+ version 7.8.7 and the introduction of pre-open session in Equity Derivatives. The pre-open session will be available for testing during the mock session and will go live from December 08, 2025. Members are required to actively participate in the mock session and test the functionality related to safer participation of retail investors in algorithmic trading.

Key Points

  • Mock trading session scheduled for December 06, 2025 in F&O segment
  • New NEAT+ version 7.8.7 to be tested and implemented
  • Pre-open session in F&O segment available for testing in mock, effective live from December 08, 2025
  • Three trading sessions planned: two from Primary Site and one from BCP/DR Site
  • Pre-open session applicable for December month futures contracts (FUTIDX & FUTSTK)
  • NEAT+ version 7.8.6 will be discontinued on January 03, 2026
  • Members must use latest NEAT+ version for placing orders in pre-open session
  • Testing required for algorithmic trading retail investor safety features
  • Members must provide evidence of participation in mock session

Regulatory Changes

  • Introduction of pre-open session in Equity Derivatives (F&O) segment from December 08, 2025
  • Implementation of SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/132 dated September 30, 2025 regarding safer participation of retail investors in algorithmic trading
  • Pre-open session will have random closure in the last one minute of the pre-open close time

Compliance Requirements

  • Members must participate in mock trading session on December 06, 2025
  • Download and install NEAT+ version 7.8.7 from /common/NEATPlus787 path on NSE Extranet
  • Load latest master files in trading application before mock trading on December 06, 2025 and live trading on December 08, 2025
  • Test functionality related to safer participation of retail investors in algorithmic trading
  • Provide evidence of participation in mock session to the exchange with required details
  • Actively participate in Trading Session 1 of the mock session
  • Use latest NEAT+ version for placing orders in pre-open session

Important Dates

  • December 05, 2025: Circular issued
  • December 06, 2025: Mock trading session
    • Trading Session-1: 09:00 - 10:00 (Pre-open: 09:00-09:15, Normal: 09:15-10:00)
    • Trading Session-2: 12:30 - 15:40 (Pre-open: 12:30-13:30, Normal: 13:30-15:30, Contingency: 14:30-15:30)
    • Trading Session-3 (DR Site): 16:00 - 16:55 (Pre-open: 16:00-16:15, Normal: 16:15-16:45)
    • Live Re-login: 18:30 - 19:00
  • December 08, 2025: Pre-open session goes live in F&O segment
  • January 03, 2026: NEAT+ version 7.8.6 discontinuation date

Impact Assessment

Operational Impact: Medium - All F&O trading members must upgrade to NEAT+ 7.8.7 and adapt to new pre-open session workflows. This requires system updates, testing participation, and potential changes to existing trading strategies and automated systems.

Market Impact: Medium - Introduction of pre-open session in F&O segment will change market microstructure, potentially improving price discovery and reducing volatility at market open. The pre-open session applies to December month futures contracts (FUTIDX & FUTSTK), affecting trading in index and stock futures.

Technology Impact: Members must ensure their trading systems, especially algorithmic trading systems, are compatible with the new NEAT+ version and pre-open session functionality. The requirement to test algorithmic trading safety features indicates enhanced regulatory oversight of automated trading activities.

Compliance Impact: Members must provide evidence of mock session participation, adding to compliance documentation requirements. The glide path for algorithmic trading retail investor safety features requires ongoing attention and implementation.

Impact Justification

Important system upgrade requiring mandatory testing participation by all F&O members, with new pre-open session implementation affecting trading workflows from December 08, 2025