NSE has issued the updated Capital Market Consolidated Circular (Download Ref No: NSE/CMTR/73927, Circular Ref. No: 56/2026) dated April 28, 2026. This replaces the earlier consolidated circular NSE/CMTR/67774 dated April 30, 2025. The circular is a compilation of all subsequent circulars related to capital market operations issued up to March 31, 2026, and encapsulates regulations and instructions from all earlier circulars along with new applicable instructions.

Key Points

• Replaces and supersedes consolidated circular NSE/CMTR/67774 dated April 30, 2025
• Covers all capital market instructions and circulars issued through March 31, 2026
• Organized into six parts (A through F) for member convenience
• Part B rescissions list is NIL — no sections or items are being rescinded in this update cycle
• All prior actions taken under rescinded guidelines remain valid and unaffected
• Issued by the Capital Market Segment department; contact via Toll Free No 1800-266-0050 (Option 1) or msm@nse.co.in

Regulatory Changes

The following key circulars issued between April 1, 2025 and March 31, 2026 are incorporated into this consolidated circular:

1. NSE/CMTR/67562 (April 17, 2025): Block Deal window introduced in T+0 settlement cycle
2. NSE/CMTR/68176 (May 26, 2025): Modifications to Part D Annexure 1 & 10 of the Consolidated Circular
3. NSE/CMTR/69295 (July 24, 2025): Pre-Trade risk controls — pre-emptive order cancellation based on NNF ID-Algo ID validations
4. NSE/CMTR/69388 (July 30, 2025): Introduction of a lower band (floor) of 20% below issue price for SME IPOs
5. NSE/CMTR/70565 (October 01, 2025): Trading in Specialized Investment Funds (SIF)
6. NSE/CMTR/71394 (November 20, 2025): Block Trading Session — Update
7. NSE/CMTR/71775 (December 12, 2025): Trading holidays for calendar year 2026
8. NSE/MSD/71999 (December 24, 2025): Contingency Drill / Mock Trading schedule for 2026
9. NSE/CMTR/72201 (January 09, 2026): Introduction of New Order & Trade Drop Copy Facility in the CM Segment

Compliance Requirements

• All capital market members must refer to this updated consolidated circular as the authoritative reference for capital market operations, replacing the prior year’s version
• Members must comply with all incorporated instructions, including T+0 block deal windows, SME IPO pricing floors, SIF trading rules, and pre-trade risk controls
• Members should familiarise themselves with the new Order & Trade Drop Copy Facility introduced in January 2026
• Contingency pool trading and proprietary undertaking formats are updated in Parts E and F respectively

Important Dates

• April 28, 2026: Date of issuance of this consolidated circular
• April 30, 2025: Date of the earlier consolidated circular (NSE/CMTR/67774) now replaced
• March 31, 2026: Cutoff date for circulars incorporated in this consolidation
• Calendar Year 2026: Trading holidays and mock trading/contingency drill schedule covered within this circular

Impact Assessment

This consolidated circular has broad and high impact across all NSE capital market segment members. Key operational impacts include:

• T+0 Settlement: Block deal window availability in T+0 cycle expands settlement flexibility but requires operational readiness from brokers
• Pre-Trade Risk Controls: Algo ID/NNF ID-based pre-emptive order cancellations increase risk management rigour for algorithmic trading members
• SME IPO Pricing: The 20% floor band below issue price for SME IPOs affects price discovery and listing behaviour for SME segment securities
• SIF Trading: New asset class trading rules for Specialized Investment Funds require system and compliance updates by relevant members
• Drop Copy Facility: New order and trade drop copy capability in CM Segment improves real-time monitoring for members and their clients
• No rescissions in Part B means there is no disruption from withdrawn guidelines in this update cycle, reducing transition risk for members

NSE has issued a Consolidated Circular (Ref No: NSE/COM/73930, Circular Ref. No: 24/2026) for the Commodity Derivatives segment, superseding the earlier consolidated circular NSE/COM/67724 dated April 28, 2025. This circular compiles all relevant circulars issued between April 1, 2025 and March 31, 2026 relating to trading, trading services, and member services in the Commodity Derivatives segment.

Key Points

• Replaces earlier consolidated circular NSE/COM/67724 dated April 28, 2025
• Covers circulars issued during April 1, 2025 to March 31, 2026
• Organized into six parts: important circulars list (Part A), rescinded items (Part B), consolidated contents (Part C), report formats (Part D), contingency pool trading format (Part E), and proprietary undertaking format (Part F)
• No sections are rescinded under Part B (listed as NIL)
• Contact: msm@nse.co.in | 1800-266-00-50 (Option 1)

Regulatory Changes

• Aluminium & Copper Futures: Change in contract specifications (NSE/COM/68091, May 20, 2025)
• Electricity Futures: Liquidity Enhancement Scheme introduced (NSE/COM/68807, June 27, 2025)
• Bullion Contracts: Modification of contract cycle from Bi-Monthly/Tri-Monthly to Monthly (NSE/COM/68935, July 4, 2025)
• Pre-Trade Risk Controls: Pre-emptive order cancellation on NNF ID-Algo ID validations (NSE/COM/69297, July 24, 2025)
• WTI Crude Oil Options: Modification in expiry date and number of strikes (NSE/COM/70978, Oct 27, 2025; NSE/COM/73091, Mar 2, 2026)
• Base Price Calculation: Updated calculation methodology for Futures contracts (NSE/COM/71089, Oct 31, 2025)
• Lead, Nickel, Zinc Futures: Change in contract specifications (NSE/COM/71308, Nov 14, 2025)
• NEAT Adapter: New version for Commodity Derivatives & Currency Derivatives segments (NSE/MSD/71601, Dec 2, 2025)
• Bullion Derivatives: Revision in additional delivery centers (NSE/COM/72451, Jan 23, 2026)
• Gold 10g Futures: Introduction of new Gold 10 grams Futures contracts (NSE/COM/72915, Feb 20, 2026)
• Dated Brent Crude Oil (Platts) Futures: Introduction of new futures contracts (NSE/COM/73512, Mar 27, 2026)

Compliance Requirements

• All members of the Commodity Derivatives segment must familiarize themselves with the updated consolidated circular
• Members must adhere to revised contract specifications for Aluminium, Copper, Lead, Nickel, Zinc, and Bullion contracts
• Members must implement updated pre-trade risk controls for NNF ID-Algo ID validations
• Members should update systems for NEAT Adapter new version as per NSE/MSD/71601
• Members must follow revised formats for reports, contingency pool trading, and proprietary undertakings as detailed in Parts D, E, and F

Important Dates

• April 28, 2025: Earlier consolidated circular NSE/COM/67724 (now superseded)
• April 1, 2025 – March 31, 2026: Period covered by compiled circulars
• April 28, 2026: Effective date of this consolidated circular
• Trading holidays for 2026: Refer NSE/COM/71784 (Dec 15, 2025)
• Contingency Drill/Mock Trading schedule for 2026: Refer NSE/MSD/71999 (Dec 24, 2025)

Impact Assessment

This consolidated circular has broad and significant impact across the Commodity Derivatives segment. Key impacts include: (1) introduction of new products — Gold 10g Futures and Dated Brent Crude Oil (Platts) Futures — expanding the product suite; (2) revised contract specifications across multiple metal contracts (Aluminium, Copper, Lead, Nickel, Zinc) requiring member system updates; (3) strengthened pre-trade risk controls via NNF ID-Algo ID validation; (4) bullion contract cycle simplification to monthly cadence improving liquidity management. All commodity derivatives members must review and update their operational and trading systems accordingly.

NSE’s Currency Derivatives department has issued a consolidated circular (NSE/CD/73929) dated April 28, 2026, replacing the earlier consolidated circular NSE/CD/67722 dated April 28, 2025. This circular compiles all subsequent circulars related to Currency Derivatives issued up to March 31, 2026, and serves as the single authoritative reference for regulations and operational instructions for Currency Derivatives segment members.

Key Points

• Replaces consolidated circular NSE/CD/67722 (April 28, 2025) with updated compilation through March 31, 2026
• Organised into six parts: important circulars list, rescissions, consolidated content, report/file formats, contingency pool trading formats, and proprietary undertaking formats
• Three key circulars incorporated from April 1, 2025 – March 31, 2026: pre-trade risk controls, NEAT Adapter new version, and 2026 trading holidays
• No circulars were rescinded in the current period (Part B lists “Nil”)
• Covers market parameters including order types, permitted lot sizes, price steps, strike prices, quantity freeze, close/base prices, and operating price ranges

Regulatory Changes

No new standalone regulatory changes are introduced. The circular is a consolidation of existing rules and prior circulars:

• NSE/CD/69298 (July 24, 2025): Pre-Trade risk controls — pre-emptive order cancellation on account of NNF ID-Algo ID validations
• NSE/MSD/71601 (December 2, 2025): NEAT Adapter new version for Commodity Derivatives & Currency Derivatives segments
• NSE/CD/71962 (December 23, 2025): Trading holidays for calendar year 2026

Compliance Requirements

• All Currency Derivatives segment members must refer to this consolidated circular (NSE/CD/73929) as the primary reference, superseding NSE/CD/67722
• Members must ensure compliance with pre-trade risk control requirements including NNF ID-Algo ID validations for pre-emptive order cancellation
• Members must upgrade to the new NEAT Adapter version for Currency Derivatives as notified in NSE/MSD/71601
• Members must observe the 2026 trading holiday calendar as specified in NSE/CD/71962
• Actions taken under previously rescinded guidelines remain valid and unaffected

Important Dates

• April 28, 2026: Issue date of this consolidated circular (NSE/CD/73929)
• April 28, 2025: Date of earlier consolidated circular (NSE/CD/67722) which this circular replaces
• March 31, 2026: Cut-off date for circulars included in this consolidation
• July 24, 2025: NSE/CD/69298 — Pre-trade risk controls circular
• December 2, 2025: NSE/MSD/71601 — NEAT Adapter new version circular
• December 23, 2025: NSE/CD/71962 — 2026 trading holidays circular

Impact Assessment

This circular has moderate operational impact as it is a reference consolidation rather than a policy change. Currency Derivatives segment members benefit from a single updated document replacing multiple prior references. The incorporation of pre-trade risk control updates (NNF ID-Algo ID validations) and the new NEAT Adapter version may require system-level compliance checks by trading members. No immediate market disruption is expected. Contact: msm@nse.co.in | Toll Free: 1800-266-0050 (Option 1).

NSE has issued Consolidated Circular No. 51/2026 (Download Ref: NSE/FAOP/73928) dated April 28, 2026, for the Futures & Options segment. This replaces the earlier consolidated circular NSE/FO/67775 dated April 30, 2025. It consolidates all F&O-related circulars issued from April 1, 2025 through March 31, 2026 and incorporates new instructions applicable as of the date of issuance.

Key Points

• Replaces consolidated circular NSE/FO/67775 (April 30, 2025) as the master reference for F&O regulations
• Covers all circulars issued in the period April 1, 2025 – March 31, 2026
• Structured into six parts: (A) Summary of important circulars, (B) Rescinded sections, (C) Consolidated content, (D) Report/file formats, (E) Contingency Pool trading facility format, (F) Proprietary Undertaking format and checklist
• No circulars are rescinded under Part B for this period (listed as NIL)
• Circular NSE/FAOP/73629 dated April 6, 2026 on Business Continuity for Interoperable Segments has been added for ease of reference

Regulatory Changes

The following key circulars are compiled within this consolidated circular:

Compliance Requirements

• All F&O segment members must treat this consolidated circular as the primary reference document for F&O regulations, superseding NSE/FO/67775
• Members must adhere to updated base pricing rules, revised expiry schedules, revised tick sizes for stock options, and pre-open session protocols for equity derivatives
• Algo trading members must comply with updated pre-trade risk controls including Algo Market Order pre-emptive cancellation and NNF ID/Algo ID validations
• Members must follow the updated business continuity procedures for interoperable segments
• All actions previously taken under rescinded guidelines remain valid under corresponding provisions of this Master Circular

Important Dates

• April 28, 2026: Date of issuance of this consolidated circular
• April 30, 2025: Date of the prior consolidated circular (NSE/FO/67775) that this replaces
• Period covered: April 1, 2025 – March 31, 2026
• Calendar year 2026 trading holidays: As specified in NSE/FAOP/71777 dated December 12, 2025

Impact Assessment

This consolidated circular has high operational impact for all F&O market participants. Key impacts include:

• Algo traders: Must ensure compliance with updated pre-trade risk controls including Algo Market Order pre-emptive cancellation logic and NNF ID/Algo ID validations
• Index & stock derivatives traders: Must be aware of revised expiry schedules affecting contract rollovers and position management
• Options traders: Tick size revisions for stock options affect order entry, P&L calculations, and spread strategies
• All F&O members: Pre-open session introduction in equity derivatives changes the trading workflow and risk management procedures at market open
• Risk & compliance teams: Must update internal documentation referencing the old consolidated circular (NSE/FO/67775) to refer to this new master circular
• Business continuity: Updated procedures for interoperable segments require review of disaster recovery and failover protocols