Description
NSE has issued a consolidated circular for the Futures & Options segment replacing NSE/FO/67775 dated April 30, 2025, compiling all F&O-related circulars issued between April 1, 2025 and March 31, 2026 including updates on base price, expiry revisions, pre-trade risk controls, tick size, and pre-open sessions.
Summary
NSE has issued Consolidated Circular No. 51/2026 (Download Ref: NSE/FAOP/73928) dated April 28, 2026, for the Futures & Options segment. This replaces the earlier consolidated circular NSE/FO/67775 dated April 30, 2025. It consolidates all F&O-related circulars issued from April 1, 2025 through March 31, 2026 and incorporates new instructions applicable as of the date of issuance.
Key Points
- Replaces consolidated circular NSE/FO/67775 (April 30, 2025) as the master reference for F&O regulations
- Covers all circulars issued in the period April 1, 2025 – March 31, 2026
- Structured into six parts: (A) Summary of important circulars, (B) Rescinded sections, (C) Consolidated content, (D) Report/file formats, (E) Contingency Pool trading facility format, (F) Proprietary Undertaking format and checklist
- No circulars are rescinded under Part B for this period (listed as NIL)
- Circular NSE/FAOP/73629 dated April 6, 2026 on Business Continuity for Interoperable Segments has been added for ease of reference
Regulatory Changes
The following key circulars are compiled within this consolidated circular:
| Date | Ref No | Subject |
|---|---|---|
| April 24, 2025 | NSE/FAOP/67690 | Base Price for Future and Option Contracts – Update |
| June 25, 2025 | NSE/FAOP/68747 | Revision in Expiry Day of Index and Stock Derivatives Contracts – Update |
| July 24, 2025 | NSE/FAOP/69296 | Pre-Trade risk controls – Algo Market Order pre-emptive cancellation and NNF ID – Algo ID validations |
| September 23, 2025 | NSE/FAOP/70382 | Revision in tick size of Stock Options in F&O Segment |
| November 3, 2025 | NSE/FAOP/71092 | Introduction of Pre-Open Session in Equity Derivatives (F&O) Segment |
| December 2, 2025 | NSE/FAOP/71582 | Introduction of Pre-Open Session in Equity Derivatives (F&O) Segment – Update |
| December 12, 2025 | NSE/FAOP/71777 | Trading holidays for calendar year 2026 |
| April 6, 2026 | NSE/FAOP/73629 | Business Continuity for Interoperable Segments of Stock Exchanges |
Compliance Requirements
- All F&O segment members must treat this consolidated circular as the primary reference document for F&O regulations, superseding NSE/FO/67775
- Members must adhere to updated base pricing rules, revised expiry schedules, revised tick sizes for stock options, and pre-open session protocols for equity derivatives
- Algo trading members must comply with updated pre-trade risk controls including Algo Market Order pre-emptive cancellation and NNF ID/Algo ID validations
- Members must follow the updated business continuity procedures for interoperable segments
- All actions previously taken under rescinded guidelines remain valid under corresponding provisions of this Master Circular
Important Dates
- April 28, 2026: Date of issuance of this consolidated circular
- April 30, 2025: Date of the prior consolidated circular (NSE/FO/67775) that this replaces
- Period covered: April 1, 2025 – March 31, 2026
- Calendar year 2026 trading holidays: As specified in NSE/FAOP/71777 dated December 12, 2025
Impact Assessment
This consolidated circular has high operational impact for all F&O market participants. Key impacts include:
- Algo traders: Must ensure compliance with updated pre-trade risk controls including Algo Market Order pre-emptive cancellation logic and NNF ID/Algo ID validations
- Index & stock derivatives traders: Must be aware of revised expiry schedules affecting contract rollovers and position management
- Options traders: Tick size revisions for stock options affect order entry, P&L calculations, and spread strategies
- All F&O members: Pre-open session introduction in equity derivatives changes the trading workflow and risk management procedures at market open
- Risk & compliance teams: Must update internal documentation referencing the old consolidated circular (NSE/FO/67775) to refer to this new master circular
- Business continuity: Updated procedures for interoperable segments require review of disaster recovery and failover protocols
Impact Justification
This master consolidated circular governs all F&O segment operations and replaces the prior consolidated circular. It encapsulates regulations across base pricing, expiry schedules, algo risk controls, tick sizes, pre-open sessions, and business continuity — affecting all F&O market participants directly.