Description
NSE Clearing Limited (NSCCL) lays down the comprehensive procedure for clearing, settlement, risk, and collateral management for the Electronic Gold Receipt (EGR) segment, effective May 13, 2026.
Summary
NSE Clearing Limited (NSCCL) has issued a comprehensive circular (NCL/EG/74200, Circular Ref. No: 0168/2026) dated May 13, 2026, laying down the full procedure for clearing, settlement, risk management, and collateral management for the Electronic Gold Receipt (EGR) segment. This circular is issued in conjunction with NSE trading circular NSE/EGR/74203 dated May 13, 2026 on Trading Parameters in EGR, and follows the earlier file formats circular NCL/EGR/74018 dated April 30, 2026.
Key Points
- The circular consolidates the EGR segment operational framework into six structured parts (A through F)
- Part A incorporates the SEBI Master Circular SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/87 dated June 24, 2024
- Part B provides the detailed clearing and settlement circular
- Part C lists all formats and annexures applicable to the EGR segment
- Part D and Part E cover standard and UDiFF standardized format reports respectively
- Part F provides the list of settlement holidays for the year 2026
- Issued by Rana Usman, Chief Operations Officer, NSE Clearing Limited
Regulatory Changes
The SEBI Master Circular (Part A) referenced in this circular supersedes the earlier SEBI Master Circular dated June 1, 2023 on EGRs. The 2024 Master Circular incorporates all subsequent circulars issued on EGRs till May 31, 2024, and consolidates provisions related to the EGR framework, risk management, and Standard Operating Guidelines for Vault Managers and Depositories. Actions taken under the rescinded circulars remain valid notwithstanding the supersession.
Compliance Requirements
- All exchange members must follow the updated clearing, settlement, risk, and collateral management procedures as specified across Parts A–F of this circular
- Members must adhere to the file formats prescribed in NCL/EGR/74018 dated April 30, 2026
- Members must observe the settlement holidays for 2026 as listed in Part F
- For clarifications, members must contact the relevant NSCCL departments: Collaterals (collaterals_ops@nsccl.co.in), Clearing (cm_clearing_ops@nsccl.co.in), Risk (risk_ops@nsccl.co.in), Settlement (securities_ops@nsccl.co.in / nsccl_funds@nsccl.co.in), Member Service Desk (msd_clearing@nsccl.co.in)
Important Dates
- May 13, 2026: Circular issue date and effective date of EGR clearing and settlement procedures
- April 30, 2026: Referenced earlier circular NCL/EGR/74018 on file formats for EGR segment
- June 24, 2024: SEBI Master Circular SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/87 (incorporated as Part A)
Impact Assessment
This circular has high operational impact on all NSE members participating in the EGR segment. It establishes the authoritative reference document for EGR clearing and settlement operations, consolidating SEBI regulatory requirements with NSCCL operational procedures. Members trading in Electronic Gold Receipts must update their internal processes to align with the detailed procedures in Parts B–F. The simultaneous release of trading parameter guidelines (NSE/EGR/74203) suggests a broader operational rollout or update to the EGR segment, making compliance with this circular time-sensitive for all relevant market participants including clearing members, vault managers, and depositories.
Impact Justification
This circular establishes the complete operational framework for EGR segment clearing and settlement, impacting all exchange members participating in the Electronic Gold Receipt segment. It references the SEBI Master Circular and incorporates multi-part detailed procedures covering formats, reports, and settlement holidays.