NSE’s Member Service Department has issued a consolidated circular (Ref No: NSE/MSD/74013, Circular Ref. No: 33/2026) replacing the earlier consolidated circular NSE/MSD/67795 dated April 30, 2025. This circular compiles all subsequent circulars related to the Test Market Environment issued up to March 31, 2026, and encapsulates regulations and instructions from all earlier circulars along with new applicable instructions.

Key Points

• The facility is formally referred to as “Test Market Environment”
• Annexure 1: Procedure for Application for Test Market Access for Existing Members
• Annexure 2: Procedure for Application to Access Test Market EVs, ASPs, FISVs
• Annexure 3: Procedure for Application for Test Market Prospective Members
• Annexure 4: Important operational instructions
• Annexure 5: Interactive & Broadcast Connectivity Parameters for Test Market Environment
• Entire annual charges must be collected upfront at the time of application
• For mid-year applicants, proportionate charges apply with balance credited toward the next financial year
• Annual charge bills are raised in advance at the beginning of each financial year

Regulatory Changes

This circular replaces NSE/MSD/67795 dated April 30, 2025. No information has been rescinded in this consolidation. Any future rescissions will be governed by savings clauses ensuring that actions taken under earlier guidelines remain valid under corresponding provisions of this Master Circular.

Compliance Requirements

• Members, EVs, ASPs, and FISVs must clear payments by respective due dates mentioned in bills for annual charges
• Non-payment of dues will result in withdrawal of Test Market facility access without further notice
• Members participating in the Test Market Environment must remain compliant with all circulars, communications, and instructions issued by the Exchange from time to time
• Non-compliance may invite disciplinary action under applicable Exchange Byelaws, Rules, and Regulations
• Operational instructions in Annexure 4 must be noted and acted upon

Important Dates

• Circular Date: April 30, 2026
• Replaces: NSE/MSD/67795 dated April 30, 2025
• Compilation covers circulars issued up to: March 31, 2026
• Annual charges billed: In advance at the beginning of each financial year

Impact Assessment

This is a routine administrative consolidation with low market impact. It affects only those members, empanelled vendors, ASPs, and FISVs who use or intend to use the NSE Test Market Environment for technology testing purposes. No changes to live trading rules or market structure are introduced. The primary operational impact is on technology teams and compliance officers at member firms who need to ensure timely payment of test market access fees and adherence to updated procedural annexures.