Description
NSE Clearing Limited issues its annual consolidated circular for the Debt Market Segment, replacing all earlier circulars and incorporating updates from April 2025 to March 2026 covering clearing, settlement, margins, collaterals, and liquidity window operations.
Summary
NSE Clearing Limited (NCL) has issued its annual Consolidated Circular for the Debt Market Segment (Circular Ref. No. 154/2026, Download Ref. NCL/DS/74002), replacing all previously issued circulars to members. This circular consolidates updates issued between April 1, 2025 and March 31, 2026 and serves as the comprehensive operational reference for all participants, custodians, and members of the debt clearing segment.
Key Points
- Replaces all earlier circulars issued to members in the Debt Market Segment
- Covers the full operational framework: cleared/non-cleared deals, settlement basis, clearing days, depository accounts, pay-in/pay-out of funds and securities, auctions, margins, charges, and the Core Settlement Guarantee Fund
- Incorporates five significant circular updates issued during FY2025-26 (see Part A summary below)
- Includes operational details for Tri-Party Repo, Liquidity Window Facility, CDMDF transaction settlement, and RFQ/Reporting platform deals
- Structured into four parts: Part A (summary of key circulars), Part B (detailed consolidated circular), Part C (formats and annexures), Part D (list of reports)
Regulatory Changes
The following key circulars issued between April 1, 2025 and March 31, 2026 are consolidated:
- Revision in member-wise bank-wise limits for Bank Guarantee collaterals (Download No. 69642, August 13, 2025)
- Change in UPI Handle (Download No. 70470, September 26, 2025)
- Clearing and settlement under Liquidity Window Facility for Debt Securities (Download No. 70966, October 27, 2025)
- Migration of services from CIM to NMASS (Download No. 71542, November 28, 2025)
- Change in Collateral Timings (Download No. 72363, January 16, 2026)
Compliance Requirements
- All participants, custodians, and members must treat this consolidated circular as the operative reference, superseding all prior circulars in the Debt Market Segment
- Members must adhere to updated bank guarantee limits, revised UPI handles, new collateral timings, and NMASS-based service workflows as incorporated herein
- Settlement of Normal Market deals, Reporting/RFQ platform deals, CCIL platform deals, CDMDF transactions, Tri-Party Repo, and Liquidity Window trades must follow the procedures detailed in Part B
- Delivery units, custodial participant procedures, and privity of contract obligations apply as specified in Part B (Items 12–14)
Important Dates
- Circular Date: April 30, 2026
- Coverage Period: April 1, 2025 to March 31, 2026
- Effective: Immediately upon issuance; replaces all earlier circulars
- Key incorporated dates: Bank Guarantee limit revision (Aug 13, 2025), UPI handle change (Sep 26, 2025), Liquidity Window clearing (Oct 27, 2025), CIM to NMASS migration (Nov 28, 2025), Collateral timing change (Jan 16, 2026)
Impact Assessment
This is a housekeeping/reference circular with medium operational impact. All debt market clearing members, custodians, and participants are directly affected as this document becomes the single authoritative source for debt segment operations. No new requirements are introduced beyond those already in force through the individual circulars consolidated herein. Members should review Parts B through D to ensure their operational procedures align with the updated consolidated framework, particularly around NMASS migration, revised collateral timings, and Liquidity Window settlement workflows. Contact details for Collaterals, Clearing, Risk, Settlement, and CBRICS departments are provided for further clarification.
Impact Justification
Periodic consolidated reference circular for debt market participants; no new regulatory changes introduced, but serves as the definitive operational handbook for clearing members and custodians in NCL's debt segment for FY2025-26.