NSE’s Member Service Department has issued a consolidated master circular (Ref. No. 34/2026, Download Ref: NSE/MSD/74019) dated April 30, 2026, replacing the earlier consolidated circular NSE/MSD/67677 dated April 25, 2025. This circular compiles all subsequent circulars related to Market Data Broadcast issued up to March 31, 2026, and encapsulates all prior regulations and instructions along with any new applicable instructions.

Key Points

• Replaces consolidated circular NSE/MSD/67677 (April 25, 2025) as the definitive reference for market data broadcast guidelines.
• Covers three main annexures: price-volume broadcast, tick-by-tick multicast data, and subscription advisories.
• Parameters in all annexures apply to live sessions, mock (regular), and BCP trading sessions.
• Members must strictly comply with all Exchange circulars, communications, and directions; non-compliance will result in disciplinary action under applicable Byelaws, Rules, and Regulations.
• Rescission of earlier circulars does not affect prior actions, rights, obligations, liabilities, or penalties accrued under those rescinded guidelines.

Regulatory Changes

• This circular supersedes NSE/MSD/67677 dated April 25, 2025 as the master reference for market data broadcast.
• No information has been rescinded in this consolidation; future rescissions will be governed by the continuity clauses stated in the circular.
• Continuity clause ensures all actions taken under rescinded guidelines remain valid and unaffected.

Compliance Requirements

• All Exchange Members must note and act upon the operational instructions in Annexure 1 (price-volume, master updates, market open/close status), Annexure 2 (tick-by-tick multicast data), and Annexure 3 (subscription advisory).
• Members must adhere to multicast IP addresses, ports, and bandwidth parameters as specified in the annexures for all trading session types (live, mock regular, and BCP).
• Members must comply with recovery procedures for tick-by-tick data and order snapshot recovery as outlined in Annexure 2.
• Non-compliance will invite disciplinary action by the Exchange.

Important Dates

• April 30, 2026: Circular issued; effective immediately as a consolidated reference.
• Supersedes: NSE/MSD/67677 dated April 25, 2025.
• Coverage period: Incorporates all market data broadcast circulars issued up to March 31, 2026.

Impact Assessment

This is a technical operational circular primarily affecting exchange members who consume NSE market data feeds. The impact is moderate and operational in nature — members using price-volume (5-depth, 1-second refresh) combined or stream-wise broadcasts, multicast tick-by-tick (MTBT) feeds, or Limit Price Protection (LPP) broadcasts must verify their configurations align with the updated consolidated parameters. No new fees, listing requirements, or broad market compliance changes are introduced. The circular is relevant mainly to technology and market data teams at member firms.