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• Structured into six parts: (A) Summary of important circulars, (B) Rescinded sections, (C) Consolidated content, (D) Report/file formats, (E) Contingency Pool trading facility format, (F) Proprietary Undertaking format and checklist
• No circulars are rescinded under Part B for this period (listed as NIL)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• All actions previously taken under rescinded guidelines remain valid under corresponding provisions of this Master Circular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