Description

NSE Clearing updates FAQ and procedures for submitting penalty review requests through the new digital portal, with old portal submissions now disabled.

Summary

NSE Clearing Limited has issued revised FAQs and procedural guidelines for the digital submission of penalty review requests through the new member portal. All new penalty review requests raised after December 24, 2025 must be submitted via the new portal at https://ims.connect2nsccl.com/NCLMemberPortal/. The old portal has been disabled for new submissions. The circular provides detailed step-by-step instructions for submitting and viewing penalty review requests on the new platform.

Key Points

  • New penalty review requests after December 24, 2025 must be submitted on the new portal only
  • Old portal submission of new penalty requests has been disabled
  • Members must login at https://ims.connect2nsccl.com/NCLMemberPortal/
  • Navigation path: Login → Inspection Portal → Statement Upload → Penalties at NCL → Submission for Penalty Review Request
  • Mandatory fields include: Type of Penalty, Total Penalty Amount, contact details, Email address, and Attachment
  • Unique Case IDs are generated for each successful submission (format: MM_NONSUB_XXXXX_01)
  • Members can view both success and failure records for submitted requests
  • NCL provides comments on review requests, and members can now respond with comments up to 2000 characters
  • Sample formats and supporting document lists are available for download within the portal

Regulatory Changes

The circular references previous circulars NCL/CMPL/66692 (February 14, 2025) and NCL/CMPL/60651 (February 12, 2024) regarding the digital representation of penalty review requests. The key regulatory change implemented via circular NCL/CMPL/71983 mandated that all penalty review requests raised after December 24, 2025 must be submitted through the new portal, with the old portal being permanently disabled for new submissions.

Compliance Requirements

For All NSE Clearing Members/Custodians:

  • Must use the new portal (https://ims.connect2nsccl.com/NCLMemberPortal/) for all penalty review requests raised after December 24, 2025
  • Must complete all mandatory fields marked with asterisk (*) for successful Case ID generation
  • Must attach required documentation as per the sample format provided
  • Must provide supporting documents relevant to the type of penalty review request
  • Should use the prescribed navigation path: Inspection Portal → Statement Upload → Penalties at NCL
  • Can track submission status and view NCL comments through the “View Penalty Review Request” section
  • May provide responsive comments (up to 2000 characters) against NCL’s comments on their review requests

Contact Information:

Important Dates

  • February 09, 2026: Circular issue date with revised FAQ
  • December 24, 2025: Cut-off date after which all new penalty review requests must be submitted on new portal (old portal disabled)
  • February 14, 2025: Previous circular NCL/CMPL/66692 on FAQ for digital representation issued
  • February 12, 2024: Initial circular NCL/CMPL/60651 on digital representation of penalty review requests and new portal

Impact Assessment

Operational Impact: All NSE Clearing members and custodians must adapt to the new portal system for penalty review submissions. The migration is mandatory with no alternative submission method available since the old portal has been disabled. Members need to familiarize themselves with the new interface, navigation paths, and submission procedures outlined in the circular.

Process Improvements: The new portal offers enhanced features including auto-population of member details, tooltip guidance for field information, downloadable sample formats, automated Case ID generation for tracking, ability to view submission history (success/failure records), and interactive comment functionality allowing two-way communication between members and NCL.

Administrative Impact: Members benefit from better transparency and tracking capabilities. The Case ID system (format: MM_NONSUB_XXXXX_01) enables systematic tracking of review requests. The ability to download data grids and view historical submissions improves record-keeping and audit capabilities.

Risk Mitigation: The circular includes comprehensive step-by-step instructions with screenshots (Annexure 1) and revised FAQs (Annexure 2) to minimize transition difficulties and ensure smooth adoption of the new system by all members.

Impact Justification

Procedural update affecting all NSE Clearing members who need to submit penalty review requests. Medium importance as it mandates use of new portal (old portal disabled since December 24, 2025) but relates to administrative compliance processes rather than trading operations.