Description

NSE Clearing revises cut-off timings for Early Pay-in (EPI) of funds and securities, collateral allocation, and margin report download for April 17, 2026, in line with SEBI's running account settlement circular.

Summary

NSE Clearing Limited has revised the cut-off timings for Early Pay-in (EPI) of funds and securities, collateral allocation window, margin report download, and upstreaming of cash/FDR receipts for April 17, 2026. The revision is in accordance with SEBI circular SEBI/HO/MIRSD/DOP/P/CIR/2022/10 dated July 27, 2022, concerning the settlement of running accounts of client funds held with Trading Members.

Key Points

  • EPI of Funds final cut-off time moved earlier from 07:45 PM to 07:00 PM
  • EPI of Securities final cut-off time moved earlier from 09:00 PM to 07:00 PM
  • EPI of Securities for clients clearing directly via UPI block facility revised from 08:00 PM to 06:00 PM
  • Download of margin report revised from 10:30 PM to 09:00 PM
  • Upstreaming of cash and fixed deposit receipts revised from 07:30 PM to 08:00 PM (pushed later)
  • Collateral allocation window revised from 08:00 PM to 10:00 PM (pushed later)
  • NSE Clearing will endeavour to release Cash/FDR/BG within one hour of request from clearing member on April 17, 2026, subject to available collateral post margin checks

Regulatory Changes

This circular implements operational adjustments mandated under SEBI circular SEBI/HO/MIRSD/DOP/P/CIR/2022/10 dated July 27, 2022, on the settlement of running accounts of client funds lying with Trading Members. No new regulatory framework is introduced; this is a one-day timing revision.

Compliance Requirements

  • All Members, Custodians, and PCMs must adhere to the revised cut-off timings for EPI of funds and securities on April 17, 2026
  • Members using UPI block facility for client clearing must ensure EPI of securities is completed by 06:00 PM on April 17, 2026
  • Clearing members seeking release of Cash/FDR/BG should submit requests within the revised collateral allocation window (10:00 PM)

Important Dates

  • April 13, 2026: Circular issued (Ref No: NCL/CMPT/73712, Circular Ref No: 0132/2026)
  • April 17, 2026: Revised timings are effective for this date only

Impact Assessment

This is a short-term operational adjustment affecting all capital market segment participants including members, custodians, and PCMs. The earlier cut-off for EPI of funds and securities requires back-office and operations teams to advance their settlement workflows on April 17, 2026. The later collateral allocation window (10:00 PM) and upstreaming of cash/FDR (08:00 PM) provide slightly more time on those fronts. Impact is limited to a single trading day and is operationally manageable with advance notice.

Impact Justification

Operational timing change affecting all members and custodians for a single day (April 17, 2026); no structural regulatory change, but requires member action to comply with revised cut-off times.