Description

NSE Clearing Limited issues a consolidated circular replacing all earlier circulars for the Capital Market Segment, summarizing 15 key circulars issued between April 1, 2025 and March 31, 2026 covering clearing, settlement, collaterals, and operational updates.

Summary

NSE Clearing Limited (NCL) has issued Circular Ref. No. 0153/2026 (Download Ref No: NCL/CMPT/73996) dated April 30, 2026, consolidating all earlier circulars for the Capital Market Segment. This circular supersedes all prior circulars issued to participants and covers operational updates from April 1, 2025 to March 31, 2026 across clearing, settlement, collaterals, auctions, and custody operations.

Key Points

  • Replaces all earlier circulars issued to participants for the Capital Market Segment of NCL
  • Covers 15 significant circulars issued between April 1, 2025 and March 31, 2026
  • Organized into six parts: (A) Summary of important circulars, (B) Detailed consolidated circular, (C) List of formats and annexures, (D) List of reports, (E) List of reports in standardized format, (F) Clearing and settlement mechanism for OFS and Tender-Offers
  • Direct payout of securities to client demat accounts — multiple updates issued (Circulars 67947, 68965, 69455)
  • Allocation of early pay-in (EPI) of funds at client and security level introduced (Circular 69520)
  • Revision in member-wise and bank-wise limits for Bank Guarantee acceptance as collateral (Circular 69640)
  • Enhancement of valuation price for shortages in the normal segment (Circular 70285)
  • Auction for Internal Shortage operational updates and FAQ issued (Circulars 71045, 71441)
  • Facility on N-MASS for Custodians for Auction Trade Confirmation introduced (Circular 71182)
  • Migration of services from CIM to NMASS (Circular 71536)
  • Change in Collateral Timings (Circular 72356)
  • Discontinuation of separate EPI account for Cash segment (Circular 72919)
  • Discontinuation of separate Clearing Member Pool and EPI account in CDSL for SLB (Circular 72920)
  • Operational guidelines and SOP for Introduction of Closing Auction Session (CAS) in Equity Segment (Circular 73373, March 19, 2026)
  • Information of Inactive Custodial Participant Codes to Trading Members (Circular 73380, March 20, 2026)

Regulatory Changes

  • Introduction of Closing Auction Session (CAS) in the Equity Segment with detailed SOP
  • Discontinuation of separate EPI accounts for the Cash segment
  • Discontinuation of separate Clearing Member Pool and EPI accounts in CDSL for SLB
  • Migration from CIM platform to NMASS for custodian-related services
  • Revised limits for Bank Guarantee acceptance as collateral
  • Enhanced valuation price mechanism for settlement shortages

Compliance Requirements

  • Members, Custodians, and Professional Clearing Members (PCMs) must treat this consolidated circular as the definitive reference, superseding all prior individual circulars for Capital Market Segment operations
  • Members must comply with updated direct payout of securities procedures to client demat accounts
  • Clearing members must adhere to revised collateral timings and bank guarantee limits
  • Custodians must use NMASS for auction trade confirmations following migration from CIM
  • Trading members must update handling of inactive Custodial Participant Codes as per Circular 73380
  • All participants must follow the SOP for the Closing Auction Session (CAS) in equity markets

Important Dates

  • Circular date: April 30, 2026
  • Coverage period: April 1, 2025 to March 31, 2026
  • Closing Auction Session SOP issued: March 19, 2026 (Circular 73373)
  • Inactive Custodial Participant Codes circular: March 20, 2026 (Circular 73380)
  • Discontinuation of separate EPI account: February 20, 2026 (Circulars 72919, 72920)

Impact Assessment

This consolidated circular primarily affects operational procedures for clearing members, custodians, and PCMs in the Capital Market Segment. The introduction of the Closing Auction Session (CAS) is the most significant market-structure change covered, impacting equity trading for all participants. Discontinuation of separate EPI accounts and migration to NMASS require operational adjustments by custodians and clearing members. The revised bank guarantee and collateral timings affect risk and collateral management workflows. Overall market impact is moderate — no new securities are listed or delisted, but clearing and settlement processes are updated and standardized.

Impact Justification

Routine periodic consolidation of operational circulars for clearing and settlement in the Capital Market Segment; no new regulatory mandates introduced but serves as the authoritative reference replacing all earlier circulars for members, custodians, and PCMs.