NSE’s Inspection Department has issued a circular (Ref No: NSE/INSP/73795, Circular Ref. No: 17/2026) requiring all active trading members to submit Risk Based Supervision (RBS) data for the financial year April 01, 2025 to March 31, 2026. Submission must be made electronically via the Inspection module on the Member portal by May 31, 2026. Non-submission or delayed submission will attract disciplinary action as per Annexure-D.

Key Points

• All active trading members (those who executed at least one trade between April 01, 2025 and March 31, 2026) must submit RBS data
• Submission is mandatory and must be completed via the Inspection module on the NSE Member portal
• Data collected from members and the Exchange is shared with SEBI
• In consultation with SEBI and the Brokers’ Industry Standards Forum, certain data points will be sourced internally by Exchanges or from other regulatory submissions (detailed in Annexure B)
• Members must ensure timely submission and periodic updating of all regulatory information
• Regional office contacts provided for clarifications: Ahmedabad, Chennai, Delhi, Kolkata, Mumbai, and a Central Help Desk

Regulatory Changes

As a new provision for ease of compliance, certain information/details will now be sourced by Exchanges internally and through other regulatory submissions made by members, pursuant to representations from the Brokers’ Industry Standards Forum and in consultation with SEBI. This reduces the data burden on members for specific data points listed in Annexure B.

Compliance Requirements

• Submit RBS information/data as specified in Annexure-A (Risk Template for Members) covering branch details, AP offices, and other risk parameters for the period April 01, 2025 – March 31, 2026
• Use the Inspection module in the Member portal for electronic submission (procedure in Annexure-C)
• Ensure accuracy and completeness of all data submitted
• Periodically update all regulatory information maintained with the Exchange
• Submission is mandatory for every active member regardless of trading volume

Important Dates

• Assessment Period: April 01, 2025 – March 31, 2026
• Submission Deadline: May 31, 2026
• Circular Date: April 17, 2026

Impact Assessment

This circular has a medium operational impact on trading members. All active NSE trading members must dedicate resources to compile and submit RBS data including branch details, terminals, client servicing facilities, and other inspection-related information. Failure to comply will result in disciplinary action as per Annexure-D. The partial relief through Exchange-sourced data points (Annexure B) slightly reduces the compliance burden compared to prior years. No direct market or price impact is anticipated.