Description

NSE Clearing modifies collateral allocation timings for January 02, 2026, extending upstream/downstream window to 8:00 PM and allocation window to 10:00 PM in Currency Derivatives Segment.

Summary

NSE Clearing Limited has announced changes to collateral allocation timings for the Currency Derivatives Segment effective January 02, 2026. The modifications extend operational windows for collateral upstream/downstream activities and allocation processes, providing clearing members with additional time to manage collateral requirements. This change is issued in reference to SEBI circular SEBI/HO/MIRSD/DOP/P/CIR/2022/101 dated July 27, 2022, regarding settlement of running account of client’s funds lying with Trading Members.

Key Points

  • Collateral up-streaming and down-streaming window for cash and fixed deposit receipts extended to 8:00 PM
  • Collateral allocation window extended to 10:00 PM
  • NSE Clearing commits to release Cash/FDR/BG within one hour of request, subject to collateral availability and margin checks
  • Changes apply specifically to January 02, 2026
  • Applicable to all clearing members in Currency Derivatives Segment

Regulatory Changes

This circular implements operational timing modifications in accordance with SEBI circular no SEBI/HO/MIRSD/DOP/P/CIR/2022/101 dated July 27, 2022. The extended timings provide clearing members with greater flexibility in managing collateral requirements for the settlement of running accounts of client funds.

Compliance Requirements

  • Clearing members must note the revised timings for collateral operations on January 02, 2026
  • Members should plan collateral management activities according to the extended windows
  • Cash, Fixed Deposit Receipt (FDR), and Bank Guarantee (BG) requests must be submitted within the specified timeframes
  • Collateral release requests are subject to availability post necessary margin checks

Important Dates

  • Circular Date: December 29, 2025
  • Effective Date: January 02, 2026
  • Collateral Upstream/Downstream Deadline: 8:00 PM on January 02, 2026
  • Collateral Allocation Deadline: 10:00 PM on January 02, 2026

Impact Assessment

The extended operational timings provide clearing members with additional flexibility for collateral management on January 02, 2026. This change allows members more time to optimize their collateral positions and meet margin requirements in the Currency Derivatives Segment. The one-hour release commitment from NSE Clearing improves operational efficiency and liquidity management for members. Impact is limited to a specific date, suggesting this may be related to year-end/year-start settlement activities or special circumstances requiring extended operating hours.

Contact Information

Impact Justification

Operational timing change affecting clearing members in currency derivatives segment with specific application date, allowing extended hours for collateral management operations