Description

NSE consolidated circular for Commodity Derivatives segment replacing the earlier circular dated April 28, 2025, compiling circulars issued from April 1, 2025 to March 31, 2026.

Summary

NSE has issued a Consolidated Circular (Ref No: NSE/COM/73930, Circular Ref. No: 24/2026) for the Commodity Derivatives segment, superseding the earlier consolidated circular NSE/COM/67724 dated April 28, 2025. This circular compiles all relevant circulars issued between April 1, 2025 and March 31, 2026 relating to trading, trading services, and member services in the Commodity Derivatives segment.

Key Points

  • Replaces earlier consolidated circular NSE/COM/67724 dated April 28, 2025
  • Covers circulars issued during April 1, 2025 to March 31, 2026
  • Organized into six parts: important circulars list (Part A), rescinded items (Part B), consolidated contents (Part C), report formats (Part D), contingency pool trading format (Part E), and proprietary undertaking format (Part F)
  • No sections are rescinded under Part B (listed as NIL)
  • Contact: msm@nse.co.in | 1800-266-00-50 (Option 1)

Regulatory Changes

  • Aluminium & Copper Futures: Change in contract specifications (NSE/COM/68091, May 20, 2025)
  • Electricity Futures: Liquidity Enhancement Scheme introduced (NSE/COM/68807, June 27, 2025)
  • Bullion Contracts: Modification of contract cycle from Bi-Monthly/Tri-Monthly to Monthly (NSE/COM/68935, July 4, 2025)
  • Pre-Trade Risk Controls: Pre-emptive order cancellation on NNF ID-Algo ID validations (NSE/COM/69297, July 24, 2025)
  • WTI Crude Oil Options: Modification in expiry date and number of strikes (NSE/COM/70978, Oct 27, 2025; NSE/COM/73091, Mar 2, 2026)
  • Base Price Calculation: Updated calculation methodology for Futures contracts (NSE/COM/71089, Oct 31, 2025)
  • Lead, Nickel, Zinc Futures: Change in contract specifications (NSE/COM/71308, Nov 14, 2025)
  • NEAT Adapter: New version for Commodity Derivatives & Currency Derivatives segments (NSE/MSD/71601, Dec 2, 2025)
  • Bullion Derivatives: Revision in additional delivery centers (NSE/COM/72451, Jan 23, 2026)
  • Gold 10g Futures: Introduction of new Gold 10 grams Futures contracts (NSE/COM/72915, Feb 20, 2026)
  • Dated Brent Crude Oil (Platts) Futures: Introduction of new futures contracts (NSE/COM/73512, Mar 27, 2026)

Compliance Requirements

  • All members of the Commodity Derivatives segment must familiarize themselves with the updated consolidated circular
  • Members must adhere to revised contract specifications for Aluminium, Copper, Lead, Nickel, Zinc, and Bullion contracts
  • Members must implement updated pre-trade risk controls for NNF ID-Algo ID validations
  • Members should update systems for NEAT Adapter new version as per NSE/MSD/71601
  • Members must follow revised formats for reports, contingency pool trading, and proprietary undertakings as detailed in Parts D, E, and F

Important Dates

  • April 28, 2025: Earlier consolidated circular NSE/COM/67724 (now superseded)
  • April 1, 2025 – March 31, 2026: Period covered by compiled circulars
  • April 28, 2026: Effective date of this consolidated circular
  • Trading holidays for 2026: Refer NSE/COM/71784 (Dec 15, 2025)
  • Contingency Drill/Mock Trading schedule for 2026: Refer NSE/MSD/71999 (Dec 24, 2025)

Impact Assessment

This consolidated circular has broad and significant impact across the Commodity Derivatives segment. Key impacts include: (1) introduction of new products — Gold 10g Futures and Dated Brent Crude Oil (Platts) Futures — expanding the product suite; (2) revised contract specifications across multiple metal contracts (Aluminium, Copper, Lead, Nickel, Zinc) requiring member system updates; (3) strengthened pre-trade risk controls via NNF ID-Algo ID validation; (4) bullion contract cycle simplification to monthly cadence improving liquidity management. All commodity derivatives members must review and update their operational and trading systems accordingly.

Impact Justification

This is a master consolidated circular for the entire Commodity Derivatives segment superseding all prior guidance, covering contract specifications, risk controls, trading holidays, and introduction of new contracts for FY2025-26.