Description

NSE Clearing Limited issues its annual consolidated circular for the Currency Derivatives Segment, replacing all earlier circulars and summarizing key regulatory updates from April 2025 to March 2026.

Summary

NSE Clearing Limited (NCL) has issued its Consolidated Circular (Circular Ref. No. 018/2026) for the Currency Derivatives Segment, effective April 30, 2026. This circular supersedes all previously issued circulars to members and consolidates regulatory updates from April 1, 2025 to March 31, 2026 into a single reference document. It is structured across five parts covering summaries, detailed procedures, formats, and report listings.

Key Points

  • Circular replaces all earlier circulars issued to members for the Currency Derivatives Segment
  • Covers the period April 1, 2025 to March 31, 2026 for consolidated updates
  • Structured in five parts: Part A (Summary), Part B (Detailed Circular), Part C (Formats & Annexures), Part D (Reports), Part E (Standardized Reports)
  • Part B covers 17 operational items including deals, settlement obligations, margins, position limits, penalties, and electronic reporting
  • Members may contact NCL via toll-free number 1800 266 0050 (IVR Option 2) or support@nsccl.co.in for clarifications
  • Issued by Ashwini Goraksha, Associate Vice President, NSE Clearing Limited

Regulatory Changes

Four key circulars were issued during April 2025 – March 2026 and are now consolidated:

  1. Download No. 69639 (August 13, 2025): Revision in member-wise bank-wise limits and member-wise limits for acceptance of Bank Guarantee towards collaterals
  2. Download No. 71538 (November 28, 2025): Migration of services from CIM to NMASS
  3. Download No. 72358 (January 16, 2026): Change in Collateral Timings
  4. Download No. 73007 (February 26, 2026): Position Limit Violations

Compliance Requirements

  • All clearing members must refer to this consolidated circular as the definitive reference, superseding all prior circulars
  • Clearing members are responsible for all obligations arising from admitted deals, including payment of margins, penalties, and other levies
  • Members must adhere to updated collateral acceptance limits (bank guarantee limits revised per Download No. 69639)
  • Members must comply with revised collateral timing schedules per Download No. 72358
  • Members must use NMASS for services previously handled by CIM per Download No. 71538
  • Position limit violation procedures per Download No. 73007 must be followed

Important Dates

  • April 30, 2026: Date of issuance of this consolidated circular
  • April 1, 2025 – March 31, 2026: Period covered by the consolidated updates
  • August 13, 2025: Revision of Bank Guarantee collateral limits (Download No. 69639)
  • November 28, 2025: CIM to NMASS migration (Download No. 71538)
  • January 16, 2026: Change in Collateral Timings (Download No. 72358)
  • February 26, 2026: Position Limit Violations update (Download No. 73007)

Impact Assessment

This consolidated circular has broad and significant impact on all members of the Currency Derivatives Segment of NSE Clearing Limited. As a master circular, it is the authoritative operational document governing clearing and settlement activities in this segment. Key operational areas affected include:

  • Collateral Management: Revised bank guarantee limits and collateral timings require members to review and potentially adjust their collateral submissions
  • System Migration: Transition from CIM to NMASS affects back-office workflows and system integrations for all members
  • Position Limit Compliance: Updated position limit violation procedures increase compliance obligations and potential penalty exposure
  • Settlement Operations: The detailed 17-item framework in Part B governs all aspects of deal admission, settlement, margin computation, closing out, and reporting

All clearing members operating in the Currency Derivatives Segment should review the full circular, particularly Part B for operational procedures and Part C for updated formats and annexures.

Impact Justification

This is a comprehensive master circular replacing all prior circulars for the Currency Derivatives Segment, covering settlements, margins, position limits, penalties, and collateral procedures — directly affecting all clearing members operating in this segment.