Description

NSE will levy Annual Maintenance Charges of Rs 5,000 per registered Authorised Person as of March 31, 2026, applicable for FY 2026-27. Trading Members advised to cancel inactive AP registrations before March 31, 2026 to avoid charges.

Summary

NSE will impose Annual Maintenance Charges (AMC) of Rs 5,000 per registered Authorised Person (AP) for all Trading Members. The charges will be levied in April 2026 for Financial Year 2026-27, based on AP registrations as of March 31, 2026. The AMC is non-refundable once charged, even if AP registration is cancelled subsequently. Trading Members are advised to review and cancel registrations of inactive APs (inactive for 6 months or more) before March 31, 2026 to avoid unnecessary charges.

Key Points

  • AMC of Rs 5,000 per registered AP across all segments will be charged in April 2026
  • Charges applicable based on Exchange records as of March 31, 2026
  • AMC is non-refundable once levied, regardless of subsequent cancellation or disciplinary action
  • Trading Members should cancel registrations of APs inactive for 6 months or more before March 31, 2026
  • AMC policy was originally introduced via circulars dated June 02, 2023 and September 18, 2023
  • Regular review of AP status recommended to avoid charges for inactive APs

Regulatory Changes

No new regulatory changes introduced. This circular is a reminder and implementation notice for the existing Annual Maintenance Charge policy for Authorised Persons that was introduced in 2023.

Compliance Requirements

  • Trading Members must pay Rs 5,000 AMC per registered AP as of March 31, 2026
  • Trading Members should review status of all registered APs
  • Cancel registrations of APs with prolonged inactivity (6 months or more) before March 31, 2026 to avoid AMC
  • Contact helpdesk at 1800 266 0050 (IVR option 3) or memcompliance_support@nse.co.in for support

Important Dates

  • March 31, 2026: Cut-off date for determining registered APs subject to AMC; deadline to cancel inactive AP registrations to avoid charges
  • April 2026: AMC will be levied for Financial Year 2026-27

Impact Assessment

Financial Impact: Trading Members with multiple registered APs will face recurring annual costs of Rs 5,000 per AP. Members should conduct cost-benefit analysis of maintaining inactive AP registrations.

Operational Impact: Requires Trading Members to review and manage their AP registrations proactively. Members need to assess which APs are actively used and cancel those inactive for 6+ months to optimize costs.

Compliance Impact: Non-compliance or delayed action may result in unnecessary charges for inactive APs. The non-refundable nature of AMC makes timely review critical before the March 31, 2026 cut-off date.

Impact Justification

Operational circular affecting Trading Members with cost implications. AMC of Rs 5,000 per AP is a recurring charge that impacts members with multiple registered APs. Non-refundable once levied.