Description
NSE consolidates all simulated trading environment circulars issued from April 1, 2025 to March 31, 2026, covering Capital Market, Futures & Options, Currency Derivatives, and Commodity Derivatives segments.
Summary
NSE’s Member Service Department has issued a consolidated circular (NSE/MSD/73969, Ref. 31/2026) compiling all simulated trading environment circulars issued between April 1, 2025 and March 31, 2026. This supersedes the previous consolidation circular NSE/MSD/67731 dated April 28, 2025, which covered April 2024 to March 2025. The circular covers Capital Market (CM), Futures & Options (FO), Currency Derivatives (CD), and Commodity Derivatives (CO) segments.
Key Points
- Consolidates all simulated environment circulars from April 1, 2025 to March 31, 2026 into a single reference document
- No information has been rescinded in this consolidation
- Members participating in simulated environment must remain compliant with all Exchange circulars and instructions
- Non-compliance may invite disciplinary action under applicable Exchange Byelaws, Rules and Regulations
- Exchange helpdesk support (call/email) for the simulated environment is available only up to 7:30 PM on regular trading days
Regulatory Changes
No new regulatory changes are introduced. This is a consolidation of existing circulars for ease of reference. Any future rescinded information will be treated such that prior actions taken under rescinded guidelines remain valid under corresponding provisions of the Master Circular.
Compliance Requirements
- Members participating in the simulated environment must adhere to all circulars, communications, instructions, and directions issued by the Exchange from time to time
- Members must note operational instructions in three annexures:
- Annexure 1: Important Instructions
- Annexure 2: Simulated Environment Configuration
- Annexure 3: Member Reports
Important Dates
- Circular Date: April 30, 2026
- Coverage Period: April 1, 2025 to March 31, 2026
- Previous Consolidation: NSE/MSD/67731 dated April 28, 2025 (covered April 2024 to March 2025)
Simulated Trading Session Timings
| Segment | Session | Start Time | End Time |
|---|---|---|---|
| CM and F&O | Order Entry Period | 16:00 | 16:08* |
| CM and F&O | Order Matching & Trade Confirmation | 16:08* | 16:12 |
| CM and F&O | Buffer Period | 16:12 | 16:15 |
| CM and F&O | Normal Market | 16:15 | 22:00# |
| CD and CO | Normal Market | 16:00 | 22:00# |
| CD and CO | Collateral Value Set Up Cut-off | 22:15 | 22:15# |
| F&O, CD and CO | Trade Modification / Give Up Approval End Time | 22:15 | 22:15# |
*System-driven random closure between 7th and 8th minute. #Exchange helpdesk support available only up to 7:30 PM on regular trading days.
Impact Assessment
This circular has minimal market impact as it is purely an administrative consolidation for member reference. It does not introduce new obligations, change trading rules, or affect listed securities. The primary beneficiaries are exchange members who use the simulated trading environment for testing purposes, who now have a single updated reference document for the April 2025–March 2026 period.
Impact Justification
Routine administrative consolidation of existing simulated environment circulars for member reference; no new policy changes or market-wide impact introduced.