Description

NSE Clearing Limited consolidates all circulars issued for the Securities Lending & Borrowing (SLB) Scheme from April 2025 to March 2026, replacing all earlier circulars issued to participants.

Summary

NSE Clearing Limited (NCL) has issued Circular Ref. No. 046/2026 (Download Ref No: NCL/CMPT/73999) dated April 30, 2026, consolidating all circulars issued to participants for the Securities Lending & Borrowing (SLB) Scheme from April 01, 2025 to March 31, 2026. This circular supersedes and replaces all earlier circulars issued to SLB participants.

Key Points

  • This consolidated circular replaces all previously issued SLB scheme circulars
  • Covers changes made during the period April 01, 2025 to March 31, 2026
  • Structured in five parts: Part A (Summary), Part B (Detailed Consolidated Circular), Part C (Formats & Annexures), Part D (Reports List), Part E (Standardized Format Reports)
  • Issued by the Department of Securities Lending & Borrowing Scheme, NCL
  • Contact helpline: 18002660050 (Option 2); Email: support@nsccl.co.in

Regulatory Changes

The following key changes were consolidated from circulars issued between April 2025 and March 2026:

  1. Client-level Pay-in Shortage Reporting (July 18, 2025, Ref: 69197): New reporting requirement for client-level pay-in shortages for SLB First Leg securities pay-in.
  2. SLB Reverse Leg Settlement Day Change (August 06, 2025, Ref: 69533): Change in the reverse leg settlement day (Expiry Day) for SLB transactions.
  3. Bank Guarantee Limits Revision (August 13, 2025, Ref: 69644): Revision in member-wise bank-wise limits and member-wise limits for acceptance of Bank Guarantees as collateral.
  4. Change in Expiry Day in SLB (August 25, 2025, Ref: 69850): Further changes regarding the Expiry Day in the SLB scheme.
  5. Extension of Custodian Confirmation Window (November 21, 2025, Ref: 71425): Extension of the custodian confirmation window within the SLB scheme.
  6. Migration from CIM to NMASS (November 28, 2025, Ref: 71541): Migration of services from the Collateral and Margin Management (CIM) system to NMASS.
  7. Change in Collateral Timings (January 16, 2026, Ref: 72360): Updated timings for collateral operations.
  8. Discontinuation of Separate CM Pool and EPI Account in CDSL (January 20, 2026, Ref: 72410): Separate clearing member pool and EPI accounts in CDSL for SLB have been discontinued.

Compliance Requirements

  • All SLB scheme participants (clearing members, custodians) must refer to this consolidated circular as the definitive reference document for SLB operations
  • Members must ensure compliance with revised collateral timings and updated Bank Guarantee limits
  • Members using CDSL must ensure transition away from separate CM pool and EPI accounts for SLB
  • Participants must use the updated formats provided in Part C for agreements, pledges, bank guarantee renewals, and other documentation
  • Custodial participants must adhere to the revised custodian confirmation window timelines
  • For clarifications, members must contact the relevant department: Collaterals (collaterals_ops@nsccl.co.in), Clearing (support@nsccl.co.in), Risk (risk_ops@nsccl.co.in), Settlement (nsccl_funds@nsccl.co.in / securities_ops@nsccl.co.in)

Important Dates

  • Circular Date: April 30, 2026
  • Coverage Period: April 01, 2025 to March 31, 2026
  • Effective dates for individual changes vary per constituent circular (July 2025 through January 2026)

Impact Assessment

This circular has a moderate operational impact on all NCL clearing members and custodians participating in the SLB scheme. The most significant operational changes are:

  • CDSL Account Restructuring: Discontinuation of separate CM pool and EPI accounts in CDSL requires members to realign their depository account structures for SLB
  • System Migration (CIM to NMASS): Members must have transitioned to the NMASS platform for collateral and margin management
  • Bank Guarantee Limits: Revised member-wise and bank-wise limits affect collateral planning for members with large SLB exposure
  • Settlement Day Changes: Changes to the Expiry Day for reverse leg settlement affect SLB transaction planning and risk management

The circular does not affect equity markets broadly or specific listed securities; its scope is limited to SLB scheme operational participants.

Impact Justification

This is a periodic consolidation circular for SLB scheme participants, replacing all prior circulars. It does not introduce new regulations but consolidates operational changes made during FY2025-26, including settlement day changes, collateral limit revisions, and CDSL account restructuring. Relevant to clearing members and custodians active in the SLB scheme.