Description

NSE will conduct mock trading session in Capital Market Segment on December 06, 2025 to test new NEAT+ version 7.8.7, with detailed trading session timings and version discontinuation schedule.

Summary

NSE will conduct a mock trading session in the Capital Market Segment on Saturday, December 06, 2025 to test the new NEAT+ version 7.8.7. The mock session will simulate three trading sessions from primary and DR sites with specific timings for pre-open, normal market, T+0 market, block deals, auction market, and call auction sessions. This circular provides the complete schedule and important instructions regarding version management and algorithmic trading compliance.

Key Points

  • Mock trading session scheduled for December 06, 2025 (Saturday)
  • New NEAT+ version 7.8.7 will be tested during mock session
  • Three trading sessions planned: Two from Primary Site and one from DR Site
  • Trading Session-1: 08:45 to 10:00 hrs
  • Trading Session-2: 12:15 to 17:15 hrs (includes contingency testing from 14:30 to 15:30)
  • Trading Session-3 (DR Site): 16:00 to 17:15 hrs
  • Live re-login window: 18:30 to 19:00 hrs
  • NEAT+ version 7.8.4 will be discontinued on December 06, 2025 (mock day)
  • NEAT+ version 7.8.6 will be discontinued on January 03, 2026
  • Version 7.8.7 download path: /common/NEATPlus787

Regulatory Changes

  • Reference made to SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/132 dated September 30, 2025 regarding safer participation of retail investors in algorithmic trading
  • Trading members must adhere to the glide path provided by SEBI for algorithmic trading compliance
  • Continuation of block trading session updates from circular NSE/CMTR/71394 dated November 20, 2025

Compliance Requirements

  • All members must participate in the mock trading session
  • Members must upgrade to NEAT+ version 7.8.7 before the discontinuation dates
  • Members must ensure compliance with SEBI’s algorithmic trading requirements as per the prescribed glide path
  • Members must test all trading functionalities during the three mock sessions including:
    • Block Deal Windows (Morning and Afternoon sessions)
    • Pre-Open sessions with random closure
    • Special Pre-Open sessions for IPO and relisted securities
    • T+0 market trading and trade modifications
    • Call Auction sessions for illiquid securities
    • Auction market operations
    • Contingency trading (Session-2: 14:30-15:30)
    • DR Site failover operations (Session-3)

Important Dates

  • December 05, 2025: Circular issue date
  • December 06, 2025: Mock trading session date; NEAT+ version 7.8.4 discontinuation
  • January 03, 2026: NEAT+ version 7.8.6 discontinuation deadline

Impact Assessment

Operational Impact: Medium - All trading members must participate in the mock session to ensure their systems are compatible with NEAT+ 7.8.7. The mock session provides crucial testing opportunity for system upgrades and contingency procedures.

Market Impact: Low - This is a mock trading session on Saturday with no actual market transactions. No impact on live trading or investor positions.

Technical Impact: Medium - Members must coordinate system upgrades, test multiple trading scenarios including DR site failover, and ensure readiness for version discontinuation deadlines. The three-session format allows comprehensive testing of all trading mechanisms including T+0 settlement, block deals, and auction markets.

Compliance Impact: Medium - Members must ensure alignment with SEBI’s algorithmic trading guidelines while implementing the new system version.

Impact Justification

Mock trading session to test new system version; affects all trading members' systems but is a controlled test environment. Important for operational preparedness but no direct market impact.