Description

NSE Clearing Limited (NCL) issues operational guidelines and certificate formats for clearing members to submit their half-yearly networth certificates as on March 31, 2026, in compliance with SEBI (Stock Brokers) Regulations 2026.

Summary

NSE Clearing Limited (NCL) has issued operational guidelines for clearing members to submit their half-yearly networth certificates as on March 31, 2026. The circular provides the base networth requirements by segment and membership type, and prescribes the certificate format (C-1) to be certified by a Chartered Accountant or Company Secretary.

Key Points

  • All NCL clearing members must maintain networth at or above the prescribed minimum at all times as per continuing membership norms.
  • Applicable networth is the higher of Base Networth or Variable Networth, as per SEBI (Stock Brokers) Regulations 2026.
  • Base networth thresholds are effective from February 23, 2024 per SEBI Gazette Notification No. SEBI/LAD-NRO/GN/2022/73.
  • Certificate must be prepared on the letterhead of the certifying Chartered Accountant or Company Secretary and include the UDIN.
  • Members must refer to NCL Circulars NCL/CMPL/55460 (February 01, 2023) and NCL/CMPL/72712 (February 09, 2026) for networth computation clarifications.

Regulatory Changes

No new regulatory changes are introduced. The circular reiterates existing base networth requirements under SEBI (Stock Brokers) Regulations 2026 and SEBI Gazette Notification No. SEBI/LAD-NRO/GN/2022/73 dated February 23, 2022, applicable from February 23, 2024.

Compliance Requirements

  • Self Clearing Members (SCM) & Clearing Members (CM) — Corporate/LLP or Firm/Individual: Minimum Base Networth of Rs. 5 Crore (SCM) or Rs. 15 Crore (CM) across Capital Market, F&O, Currency Derivatives, Commodity Derivatives, and Debt Segment.
  • Professional Clearing Members (PCM) — Corporate/LLP only: Minimum Base Networth of Rs. 50 Crore across all applicable segments (PCM is not available for Firms/Individuals).
  • Members must submit a networth certificate in Format C-1, certified by a CA/CS, covering:
    • Base Networth applicable per SEBI gazette
    • Variable Networth (or reason if Nil/Not Applicable)
    • Standalone financial statements (audited or unaudited)
    • Confirmation of no fund-based activities outside securities/commodity derivatives
    • Confirmation of no conflict of interest or related-party relationship with the certifying professional

Important Dates

  • Reference Date for Networth Certificate: March 31, 2026
  • Base Networth Thresholds Applicable From: February 23, 2024
  • Key Prior Circulars: NCL/CMPL/55460 (February 01, 2023), NCL/CMPL/72712 (February 09, 2026)

Impact Assessment

This circular has a medium operational impact on all registered NCL clearing members (SCM, CM, PCM) across all segments. Members must engage a qualified CA or CS to certify their networth position as of March 31, 2026, and ensure the computation aligns with Chapter X of SEBI (Stock Brokers) Regulations 2026. Non-compliance could result in membership-related consequences. No new financial thresholds are introduced, so the impact is administrative rather than financial.

Impact Justification

Routine periodic compliance requirement for NCL clearing members to certify networth as of March 31, 2026; affects all registered clearing members across segments but does not alter existing networth thresholds.