Description

NSE Clearing Limited revises Market Wide Position Limits (MWPL) and participant/client limits for Securities Lending and Borrowing Scheme (SLBS) applicable for March 2026.

Summary

NSE Clearing Limited (NCL) has issued revised Market Wide Position Limits (MWPL) along with position limits for Participants, Institutional Clients, and Non-Institutional Clients under the Securities Lending and Borrowing Scheme (SLBS) applicable for the month of March 2026. This update is in pursuance of NCL Circular No. 037/2025 (NCL/CMPT/67763) dated April 30, 2025.

Key Points

  • MWPL and position limits have been revised for a large number of securities and ETFs eligible under SLBS for March 2026.
  • Four categories of limits are specified per security: Market Wide Position Limit (MWPL), Participant Limit, Institutional Client Limit, and Non-Institutional Client Limit.
  • Participant Limit and Institutional Client Limit are each set at 10% of MWPL; Non-Institutional Client Limit is set at 1% of MWPL.
  • The circular covers a comprehensive list of securities including equities and ETFs across sectors.
  • Issued by the Department of Securities Lending & Borrowing Scheme under NCL (Circular Ref. No. 025/2026, Download Ref: NCL/CMPT/73070).

Regulatory Changes

No new regulatory framework is introduced. This is a routine monthly revision of position limits under the existing SLBS framework established by NCL Circular No. 037/2025. Limits are recalculated based on updated market data for each security.

Compliance Requirements

  • All Participants and Custodians are required to take note of the revised MWPL and position limits effective for March 2026.
  • Participants must ensure that lending and borrowing positions in the covered securities do not exceed the prescribed limits for their respective category (Participant, Institutional Client, or Non-Institutional Client).
  • Breaches of position limits under SLBS may attract regulatory action from NSE Clearing Limited.

Important Dates

  • Circular Date: February 27, 2026
  • Applicable Period: March 2026
  • Reference Circular: NCL Circular No. 037/2025 dated April 30, 2025

Impact Assessment

This circular impacts all participants and custodians active in the Securities Lending and Borrowing Scheme. The revised limits affect a broad universe of securities (50+ symbols visible in Annexure I, with the full list continuing beyond the excerpt). Notably, ADANIPOWER carries the largest MWPL at approximately 482.9 million shares, while smaller-cap names like ANUP have limits as low as 1.18 million shares. Participants with active SLBS positions must review and adjust exposure accordingly before March 2026 begins to remain within the updated thresholds.

Impact Justification

Routine monthly update to MWPL and position limits under SLBS affecting a broad set of securities and ETFs; operationally relevant to participants and custodians but does not introduce new rules or structural changes.