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• Part B rescissions list is NIL — no sections or items are being rescinded in this update cycle
• All prior actions taken under rescinded guidelines remain valid and unaffected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