NSE has issued this circular in connection with the introduction of the Electronic Gold Receipts (EGR) segment, providing trading members with the necessary application forms (Form IP-1) and procedural details for activating IP connectivity and obtaining user IDs required to participate in the new segment.

Key Points

• Trading members must submit Form IP-1 (on company letterhead) to apply for activation of an IP connectivity scenario for Main/Branch/Registered/Corporate offices, Authorized Person offices, or Third-Party Data Centers.
• Connectivity is available in two service modes: Managed Service Mode (MS) and Self Service Mode (SS).
• Ten message-capacity categories are available (Category A through O and S), ranging from no interactive messages (Category O) to 10,000 interactive messages per second with market data broadcast (Category H).
• Twenty connectivity scenarios are offered (A2 through S2), combining single or dual leased lines with varying message throughput levels (40 to 10,000 messages).
• Bandwidth options include 4, 10, 20, 30, 50, 100, 150, 200, and 300 Mbps.
• Commodity and EGR segment interactive messages must not exceed 120 messages per second per IP.
• Members must apply for Subnet IP through ENIT > Membership > TCP IP Activation > Child IP.
• Message segmentation options cover Capital Market (CM), Futures & Options (F&O), Currency Derivatives (CD), and Commodity (CO) including EGR.

Regulatory Changes

• The EGR segment is formally being introduced by NSE, requiring all participating trading members to establish dedicated connectivity.
• At the time of enablement, if the segments being activated differ from the message segments originally opted for, NSE reserves the right to rebifurcate message allocations based on enabled segments.

Compliance Requirements

• Trading members intending to operate in the EGR segment must complete and submit Form IP-1 on their official letterhead.
• Members must select the appropriate connectivity scenario, bandwidth, service mode, and leased line service provider.
• Members must specify Point of Presence (POP) location for each leased line.
• For Managed Service Mode, the number of routers must be declared.
• Members should refer to the latest NSE connectivity circulars available at www.nseindia.com for up-to-date scenario and service provider details.

Important Dates

• No specific deadline is mentioned in the extracted content; members should refer to the full circular for activation timelines and cut-off dates related to the EGR segment launch.

Impact Assessment

This circular primarily affects trading members seeking to participate in the newly launched EGR segment. The operational impact is moderate — members must invest in infrastructure (leased lines, routers) and complete administrative onboarding. There is no direct impact on listed equities or existing segment operations. The introduction of the EGR segment broadens NSE’s market offerings into gold-backed instruments, which may attract new participants over time.

NSE’s Member Service Department has issued a consolidated circular (Ref No: NSE/MSD/73956, Circular Ref. No: 27/2026) replacing the earlier consolidated circular NSE/MSD/67755 dated April 29, 2025. This compilation incorporates all circulars related to User ID issued up to March 31, 2026, covering user management, trading terminals, certification, and related operational matters.

Key Points

• Replaces consolidated circular NSE/MSD/67755 dated April 29, 2025
• Compilation covers all User ID-related circulars issued up to March 31, 2026
• No information has been rescinded in this consolidation
• Covers User Management including User Types, Certification, and limits on User IDs allotted
• Covers Trading Terminals including types, location, control, and responsibility
• Contact for queries: 1800 266 0050 (Option 1) or msm@nse.co.in

Regulatory Changes

No new regulatory changes have been introduced. This is a consolidation circular that compiles existing guidelines related to User ID management. Any future rescissions will be subject to transitional provisions ensuring past actions and liabilities remain unaffected.

Compliance Requirements

• All NSE members must refer to this consolidated circular as the authoritative reference for User ID matters
• Members must comply with User Management rules covering user types, certification requirements, and limits on User IDs
• Members must adhere to Trading Terminal regulations covering permitted terminal types, approved locations, control procedures, and assigned responsibilities
• Any actions taken under previously rescinded guidelines remain valid and enforceable

Important Dates

• April 29, 2026: Date of issue of this consolidated circular
• March 31, 2026: Cut-off date for circulars included in this compilation
• April 29, 2025: Date of the prior consolidated circular (NSE/MSD/67755) that this circular replaces

Impact Assessment

This circular has moderate operational impact on NSE trading members. It serves as the single reference document for all User ID-related compliance requirements, simplifying member adherence by consolidating dispersed circulars. No immediate action is required from members beyond updating their internal compliance documentation to reference the new circular number. Transitional provisions protect any rights, obligations, or penalties established under prior circulars.