Description

NSE will conduct mock trading on March 14, 2026 to test the revised Order-to-Trade Ratio (OTR) framework in the Capital Market segment. No new version release is involved; production rollout is scheduled for April 6, 2026.

Summary

NSE is conducting a mock trading session on Saturday, March 14, 2026, specifically to test the revised Order-to-Trade Ratio (OTR) framework in the Capital Market Segment. This follows SEBI circular HO/47/11/16(2)2025-MRD-POD2/I/4113/2026 dated February 4, 2026, and Exchange circular NSE/SURV/72668 dated February 6, 2026. No new software version is being released for this mock session; the NEAT+ version remains at 7.8.7. The revised OTR framework will go live in production on April 6, 2026.

Key Points

  • Mock trading session scheduled for Saturday, March 14, 2026, to test revised OTR framework conditions
  • No new software version release for this mock — NEAT+ version 7.8.7 remains in use
  • Two trading sessions: Session 1 from Primary Site and Session 2 from DR (Disaster Recovery) Site
  • All outstanding orders will be purged before each session
  • Trades during mock sessions carry no financial obligations (no fund pay-in or pay-out)
  • Only valid UCC/PAN entries uploaded and approved before cutoff will be recognized
  • NEAT+ 7.8.7 download path on NSE Extranet: /common/NEATPlus787

Regulatory Changes

The revised Order-to-Trade Ratio (OTR) framework is mandated by SEBI circular ref. no. HO/47/11/16(2)2025-MRD-POD2/I/4113/2026 dated February 4, 2026. This mock session is a testing exercise for the revised conditions before production deployment. The framework will be released to production effective April 6, 2026.

Compliance Requirements

  • Members must participate in the mock trading session to test readiness for the revised OTR framework
  • Members using NNF (Non-NEAT Front-end) software must manually clear outstanding orders in their systems before each session
  • Members should refer to circular NSE/MSD/46441 and SEBI circular SEBI/HO/MRD1/DSAP/CIR/P/2020/234 for regulatory testing requirements
  • Members may use either Mock Trading or Simulated Environment to meet regulatory requirements
  • Connectivity parameters per circular NSE/MSD/67674 dated April 24, 2025

Important Dates

  • March 14, 2026: Mock trading session (Saturday)
  • April 6, 2026: Revised OTR framework goes live in production
  • Reference SEBI Circular: February 4, 2026 (HO/47/11/16(2)2025-MRD-POD2/I/4113/2026)
  • Exchange Circular NSE/SURV/72668: February 6, 2026

Impact Assessment

This circular has low immediate market impact as it pertains to a scheduled mock/test session with no financial obligations. The revised OTR framework itself, going live on April 6, 2026, may have broader implications for algorithmic and high-frequency traders in the Capital Market Segment by changing the permissible ratio of orders to executed trades. Members should use this mock session to validate their systems and trading strategies against the new OTR conditions ahead of the April 6 production release. Session 2 from the DR site also provides members an opportunity to test disaster recovery connectivity.

Impact Justification

Routine mock trading session for testing a regulatory framework change; no immediate production impact, no financial obligations, and production release is weeks away on April 6, 2026.