Description

Update on illiquid securities list for periodic call auction mechanism effective January 09, 2026, based on trading activity from July-December 2025.

Summary

NSE has issued an update on illiquid securities subject to periodic call auction mechanism effective January 09, 2026. The circular is issued in continuance of Exchange circular NSE/CMTR/25320 dated December 20, 2013, and pursuant to SEBI circular CIR/MRD/DP/38/2013 dated December 19, 2013. The list is based on trading activity during July 2025 - December 2025. No securities are being added to or removed from the periodic call auction mechanism.

Key Points

  • Effective date: January 09, 2026 (Friday)
  • Review period: July 2025 - December 2025
  • Annexure 1 (securities moving into periodic call auction): Nil
  • Annexure 2 (securities moving out of periodic call auction): Nil
  • Members advised to exercise additional due diligence while trading in illiquid securities
  • Trading applies to both proprietary and client accounts

Regulatory Changes

No new regulatory changes. This circular continues the existing framework established by:

  • NSE circular NSE/CMTR/25320 dated December 20, 2013
  • SEBI circular CIR/MRD/DP/38/2013 dated December 19, 2013 on rationalization of periodic call auction for illiquid scrips

Compliance Requirements

  • NSE members must exercise additional due diligence while trading in illiquid securities
  • This applies to trading on own account or on behalf of clients
  • For queries, members should contact surveillance@nse.co.in

Important Dates

  • Circular Date: January 06, 2026
  • Effective Date: January 09, 2026 (Friday)
  • Review Period: July 2025 - December 2025

Impact Assessment

Minimal market impact as no securities are being added to or removed from the periodic call auction mechanism. This is a routine update confirming the status quo. The periodic call auction framework continues to apply to existing illiquid securities to ensure fair price discovery and investor protection in low-liquidity securities.

Impact Justification

Administrative circular with no securities added or removed from periodic call auction. Both annexures show 'Nil' entries, indicating no change in illiquid securities list.