Description

NSE issues a consolidated circular for Currency Derivatives segment, replacing the earlier circular NSE/CD/67722 dated April 28, 2025, compiling all subsequent circulars issued till March 31, 2026.

Summary

NSE’s Currency Derivatives department has issued a consolidated circular (NSE/CD/73929) dated April 28, 2026, replacing the earlier consolidated circular NSE/CD/67722 dated April 28, 2025. This circular compiles all subsequent circulars related to Currency Derivatives issued up to March 31, 2026, and serves as the single authoritative reference for regulations and operational instructions for Currency Derivatives segment members.

Key Points

  • Replaces consolidated circular NSE/CD/67722 (April 28, 2025) with updated compilation through March 31, 2026
  • Organised into six parts: important circulars list, rescissions, consolidated content, report/file formats, contingency pool trading formats, and proprietary undertaking formats
  • Three key circulars incorporated from April 1, 2025 – March 31, 2026: pre-trade risk controls, NEAT Adapter new version, and 2026 trading holidays
  • No circulars were rescinded in the current period (Part B lists “Nil”)
  • Covers market parameters including order types, permitted lot sizes, price steps, strike prices, quantity freeze, close/base prices, and operating price ranges

Regulatory Changes

No new standalone regulatory changes are introduced. The circular is a consolidation of existing rules and prior circulars:

  • NSE/CD/69298 (July 24, 2025): Pre-Trade risk controls — pre-emptive order cancellation on account of NNF ID-Algo ID validations
  • NSE/MSD/71601 (December 2, 2025): NEAT Adapter new version for Commodity Derivatives & Currency Derivatives segments
  • NSE/CD/71962 (December 23, 2025): Trading holidays for calendar year 2026

Compliance Requirements

  • All Currency Derivatives segment members must refer to this consolidated circular (NSE/CD/73929) as the primary reference, superseding NSE/CD/67722
  • Members must ensure compliance with pre-trade risk control requirements including NNF ID-Algo ID validations for pre-emptive order cancellation
  • Members must upgrade to the new NEAT Adapter version for Currency Derivatives as notified in NSE/MSD/71601
  • Members must observe the 2026 trading holiday calendar as specified in NSE/CD/71962
  • Actions taken under previously rescinded guidelines remain valid and unaffected

Important Dates

  • April 28, 2026: Issue date of this consolidated circular (NSE/CD/73929)
  • April 28, 2025: Date of earlier consolidated circular (NSE/CD/67722) which this circular replaces
  • March 31, 2026: Cut-off date for circulars included in this consolidation
  • July 24, 2025: NSE/CD/69298 — Pre-trade risk controls circular
  • December 2, 2025: NSE/MSD/71601 — NEAT Adapter new version circular
  • December 23, 2025: NSE/CD/71962 — 2026 trading holidays circular

Impact Assessment

This circular has moderate operational impact as it is a reference consolidation rather than a policy change. Currency Derivatives segment members benefit from a single updated document replacing multiple prior references. The incorporation of pre-trade risk control updates (NNF ID-Algo ID validations) and the new NEAT Adapter version may require system-level compliance checks by trading members. No immediate market disruption is expected. Contact: msm@nse.co.in | Toll Free: 1800-266-0050 (Option 1).

Impact Justification

Consolidated reference circular for Currency Derivatives segment; does not introduce new regulatory changes but replaces and supersedes prior consolidated circular, serving as the definitive operational reference for all CD members.