Description
NSE Clearing Limited revises Market Wide Position Limit (MWPL) and participant/client limits for symbol IRB in the Securities Lending and Borrowing Scheme, effective April 02, 2026, doubling all limits.
Summary
NSE Clearing Limited (NCL) has revised the Market Wide Position Limit (MWPL) and position limits applicable for Participants, Institutional Clients, and Non-Institutional Clients for symbol IRB under the Securities Lending and Borrowing Scheme (SLBS). The revision is effective from April 02, 2026, and approximately doubles all existing limits. This circular partially modifies circular NCL/CMPT/73541 dated March 30, 2026.
Key Points
- All position limits for IRB in the SLBS have been doubled effective April 02, 2026
- MWPL increases from 420,194,402 shares to 840,388,804 shares
- Institutional Client Limit increases from 42,019,440 shares to 84,038,880 shares
- Participant Limit increases from 42,019,440 shares to 84,038,880 shares
- Non-Institutional Client Limit increases from 4,201,944 shares to 8,403,888 shares
- Issued under Download Ref No: NCL/CMPT/73572, Circular Ref No: 038/2026
Regulatory Changes
This circular partially modifies circular NCL/CMPT/73541 (dated March 30, 2026), which itself was issued in pursuance of circular NCL/CMPT/67763 (dated April 30, 2025). The revised limits represent a ~100% increase across all categories for IRB in the SLBS for the month of April 2026.
| Category | Old Limit (Shares) | New Limit (Shares) |
|---|---|---|
| Market Wide Position Limit | 420,194,402 | 840,388,804 |
| Institutional Client Limit | 42,019,440 | 84,038,880 |
| Participant Limit | 42,019,440 | 84,038,880 |
| Non-Institutional Client Limit | 4,201,944 | 8,403,888 |
Compliance Requirements
- All SLBS Participants and Custodians are advised to take note of the revised limits
- Participants must update their internal systems to reflect the new MWPL and client-level position limits for IRB
- Positions must remain within the new limits from April 02, 2026 onwards
Important Dates
- Circular Date: April 01, 2026
- Effective Date: April 02, 2026
- Applicable Period: Month of April 2026
Impact Assessment
The doubling of position limits for IRB in the SLBS will allow participants and clients to take larger positions in the securities lending market for this stock. This may increase liquidity and activity in IRB’s SLBS segment. The impact is primarily operational for SLBS participants and custodians who need to update their risk and limit management systems. The change is specific to one symbol (IRB) and one segment (SLBS), limiting broader market impact.
Impact Justification
Circular doubles position limits for IRB in SLBS, directly affecting participants and clients trading this symbol; operational impact is moderate and scoped to SLBS participants.