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KYC Onboarding Spec by Rakesh Waghela

Clearing Corporations (NSCCL / ICCL / MCXCCL) Circulars

Why this page is structured this way: All in-window entries are listed descending by date so the most recent regulatory state is the first thing a reader sees. Use Cmd-F / Ctrl-F for ID-based lookup. Cross-references from the rest of the site point at anchors on this page.

TL;DR

Section titled “TL;DR”
  • 140 circulars indexed in this issuer’s section.
  • 54 issued in 2025 or later.
  • 0 entries flagged [unknown — verify] in at least one field.
  • All entries trace to a primary issuer URL (or Wayback fallback) where research could verify the source.
  • AI-generated; read the linked PDF before acting on any provision.

Conceptual overview

Section titled “Conceptual overview”

This page is the complete listing of Clearing Corporations (NSCCL / ICCL / MCXCCL) circulars in the project’s 2020–2026 sweep window. Each entry contains the verbatim circular ID, issue date, in-force date, status (in-force / superseded / withdrawn), applicable entity types, impact-area tags, a 2–4 sentence summary traceable to clauses, and the primary URL. Where the primary URL could not be re-fetched, an archive URL is provided in its place.

Entries (descending date)

Section titled “Entries (descending date)”

NCL/CMPL/76318

Section titled “NCL/CMPL/76318”
  • date_issued: 2026-09-11
  • issuer: NSCCL
  • title: “FAQ on Segregation and Monitoring of collateral at client level”
  • applies_to: broker, clearing-corp
  • in_force_date: [unknown — verify]
  • status: in-force
  • impact_areas: client-funds, margin, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPL76318.pdf

Lists common errors in daily client collateral segregation reporting, which has been required since SEBI’s July 20, 2021 circular (opening paragraphs). Error/own codes must be reported with account type “C”, and segregated balances must be reported whenever client collateral is held, regardless of margin obligation. Non-reporting is penalised under NCL/CMPL/50662 (Annexure A, FAQs 1–2). When a broker changes clearing member, the existing CM reports on T day and the new CM from the next trading day (Annexure A, FAQ 3).

20260909-1

Section titled “20260909-1”

Recategorises commodities under SEBI’s 2020 and 2021 commodity risk circulars, modifying BSECL circular 20260310-8 (opening paragraph). Minimum IM/SOMM/MPOR/VSR are 10%/10%/3 days/6% for Crude Oil, Brent Crude and Silver, and 8%/8%/2 days/5% for Gold. Following the lead exchange, Crude Oil and Brent carry 30% IM, SOMM and VSR, and Silver 11.50% IM and SOMM (table and footnotes). IM is not scaled up by MPOR, option MPOR is at least two days, and option sellers pay the higher of SOMM or MPOR-scaled VaR, from beginning of day October 1, 2026 (notes 1–4 and closing paragraph).

MCXCCL/RISK/196/2026

Section titled “MCXCCL/RISK/196/2026”

Prescribes minimum MPOR for October 2026 following a liquidity review (covering page). Initial-margin VaR is scaled by the commodity-specific MPOR, including three days for electricity and four for cardamom (Annexure 1).

MCXCCL/RISK/197/2026

Section titled “MCXCCL/RISK/197/2026”

Reviews VSR using back-testing under the cited SEBI framework (covering page). Provides the commodity-specific VSR applicable for October 2026 in Annexure 1 (covering page, final substantive paragraph).

MCXCCL/RISK/194/2026

Section titled “MCXCCL/RISK/194/2026”

Revises concentration-margin thresholds and client/member slabs from September 15 (pages 1–4 and Annexures 1–3). Requires end-of-day calculation, next-day collateral blocking and reporting of client collection; index-option concentration margin applies at client level only (additional points i, viii–x).

MCXCCL/RISK/193/2026

Section titled “MCXCCL/RISK/193/2026”

Sets commodity volatility categories and minimum initial margin, SOMM, MPOR and VSR from October 1 (covering page and Annexure 1). Adds 2% lean-period margin for agricultural contracts and retains specified higher minima for crude oil, natural gas and silver (covering page and Annexure 1 footnote).

NCL/CMPT/76210

Section titled “NCL/CMPT/76210”
  • date_issued: 2026-09-07
  • issuer: NSCCL
  • title: “NCMS - OTP based Two Factor Authentication and upgradation of NCMS version”
  • applies_to: broker, clearing-corp
  • in_force_date: 2026-09-15
  • status: [unknown — verify]
  • impact_areas: cyber-security, derivatives
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT76210.zip

Implements OTP-based two-factor authentication for NCMS-FO admin and sub-user logins from September 15, 2026; the user manual is Annexure 1 (first and third paragraphs). NCMS version 4.2.5 is available from September 12, 2026 at extranet path faoftp/faocommon/NCMSSetup_425 (second and fourth paragraphs).

NCL/CMPT/76188

Section titled “NCL/CMPT/76188”

Partially modifies Part B Item 9 (Closing Out) of consolidated circular NCL/CMPT/73996 for overnight and liquid ETFs (opening paragraph). Shortages not bought in auction, or not delivered by the auction seller, close out at the higher of the highest cross-exchange price from trade date to auction day or 5% above the auction-day settlement price. The same price applies when auction pay-out cannot be completed by one business day before record date (bullets). The procedure applies from trade date September 7, 2026, settlement 2026169 (closing paragraph).

MCXCCL/C&S/190/2026

Section titled “MCXCCL/C&S/190/2026”

Adds Canara Bank to banks eligible to provide electronic fixed-deposit receipts (covering page). Provides the revised nine-bank empanelment list in Annexure 1.

MCXCCL/RISK/191/2026

Section titled “MCXCCL/RISK/191/2026”

Sets October thresholds for crude oil and natural gas contracts and variants under the conditional negative-price framework (Sections A–B). Specifies absolute margin floors, withdrawal of spread benefits, Bachelier option pricing and additional price-movement margins when activated; a formal activation decision is communicated separately (Sections B–C).

NCL/CMPT/75670

Section titled “NCL/CMPT/75670”

A settlement holiday on August 26, 2026 moves T+1 settlements 2026159–2026161 (trade dates August 25–26) to August 27, with staggered pay-in/pay-out times from 08:00/10:00 hrs to 16:30/21:00 hrs (first paragraph and schedule table). Members must note the revised depository pay-in cut-offs and the revised auction trading and settlement schedule (following paragraphs and auction table).

NCL/CMPT/75636

Section titled “NCL/CMPT/75636”
  • date_issued: 2026-08-07
  • issuer: NSCCL
  • title: “Member Interface Testing of Two-way portability across Clearing Corporations- Software as a Service (SaaS) Model”
  • applies_to: broker, clearing-corp
  • in_force_date: 2026-08-08
  • status: in-force
  • impact_areas: bcp-dr
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT75636.pdf

Schedules a member SaaS mock session on August 8, 2026 under SEBI’s December 20, 2023 clearing-corporation business-continuity circular (first paragraph). NCL invokes its SaaS setup between 13:45 and 14:15 hrs and operates through NCL@ICCL from 14:15 to 15:40 hrs (second paragraph). Members use credentials obtained under earlier SOP circulars or request them, and RTRMS, collateral and extranet links are provided (third and fourth paragraphs).

NCL/CMPT/75459

Section titled “NCL/CMPT/75459”

Partially modifies NCL/CMPT/75318. The intraday cash/FDR release-request cut-off returns from 9:00 PM to 8:00 PM, and the securities EOD release cut-off moves from 9:00 PM to 8:00 PM (opening paragraph and table). The revised timings apply from July 30, 2026 (closing paragraph).

20260728-3

Section titled “20260728-3”

Under BSE’s March 18, 2019 notice, levies 15% additional exposure margin in equity derivatives on securities where the top 10 clients account for more than 20% of MWPL; if additional surveillance margin also applies, the higher is charged (first paragraph). Securities are identified on three-month rolling data and reviewed monthly. The margin on the annexed securities runs from July 31, 2026, after July expiry, until the August 2026 expiry (first and second paragraphs).

NCL/CMPT/75369

Section titled “NCL/CMPT/75369”

Implements OTP-based two-factor authentication for NCMS-CM admin and sub-user logins from July 25, 2026; the user manual is Annexure 1 (first and second paragraphs). NCMS executable version 4.2.3 is released the same day, downloadable from connect2nse or the member portal path /cmftp/common/NCMSSetup_423_25Jul2026 (third and fourth paragraphs).

NCL/CMPT/75318

Section titled “NCL/CMPT/75318”

Following member feedback, moves the cash and FDR addition cut-off from 7:30 PM to 9:00 PM and the intraday cash/FDR release cut-off from 8:00 PM to 9:00 PM. The allocation cut-off moves to 11:30 PM (opening paragraphs and table). Pledged securities are released in scheduled batches starting 8:30 AM, and the timings apply from July 22, 2026 (batch table and closing paragraph).

NCL/CMPT/75289

Section titled “NCL/CMPT/75289”
  • date_issued: 2026-07-20
  • issuer: NSCCL
  • title: “Revision in member wise bank wise limits and member wise limits prescribed for acceptance of Bank Guarantee towards collaterals”
  • applies_to: broker, clearing-corp
  • in_force_date: [unknown — verify]
  • status: in-force
  • impact_areas: margin
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT75289.pdf

Modifies Item 10.3.3.1 of consolidated circular 0153/2026 (opening paragraph). Member-wise bank-wise BG limits (other bank / clearing bank) are INR 3,500/4,400 crore for PCMs, custodians and TM-CMs with net worth of at least INR 500 crore, INR 1,750/2,200 crore below that threshold, and INR 350/440 crore for self-clearing members (point 1). Overall member-wise BG limits across segments are INR 17,500 crore, INR 8,750 crore and INR 2,150 crore respectively (point 2).

NCL/CMPT/75211

Section titled “NCL/CMPT/75211”

Prescribes letter formats that clearing members exchange with clearing banks for new settlement accounts, account changes, closures and name changes, under Part B Item 5 of consolidated circular NCL/CMPT/73996 (opening paragraph, table and Annexures 1–6). Primary accounts must be named ” NCL Settlement Account” and secondary accounts ” NCL Secondary Settlement Account” (closing paragraph).

NCL/CMPT/75183

Section titled “NCL/CMPT/75183”

Revises capital-market collateral and client documentation formats issued under consolidated circular NCL/CMPT/73996 (opening paragraph). The revised formats cover fungible and non-fungible margin bank guarantees, BG renewal, the deed of pledge, the G-Sec/T-Bill collateral agreement, the member-custodian-constituent agreement and the member-client agreement (table; Annexures 1(A)–6).

NCL/CMPT/74885

Section titled “NCL/CMPT/74885”

Moves final early pay-in cut-offs on July 3, 2026, citing SEBI’s running-account settlement circular. Funds and securities both close at 7:00 PM, UPI-block direct clients’ securities at 6:00 PM, and the margin report downloads at 9:00 PM (opening paragraph and table). Cash/FDR up-streaming and down-streaming stays open until 8:00 PM and collateral allocation until 10:00 PM. NCL will endeavour to release collateral within one hour of a request (paragraphs after the table).

NCL/CMPT/74898

Section titled “NCL/CMPT/74898”

Exempts unchanged orders carried from continuous trading into CAS from order-level margin-sufficiency checks (first bullet). Modified carry-over orders and all new CAS orders require sufficient available capital before acceptance, effective August 3 (second and third bullets and effective-date paragraph).

20260623-37

Section titled “20260623-37”

Introduces BSECL Trade API Plus, an event-driven real-time trade dissemination service for clearing and trading members in Equity Cash and Equity Derivatives. It adds to the existing OTD and Trade API facility under circular 20251029-23 (opening, second and final substantive paragraphs). The service is reachable over leased line or internet, will gain features in phases announced by later circulars, and onboarding runs through the BSECL Help Desk (third and fourth paragraphs).

NCL/CMPL/74821

Section titled “NCL/CMPL/74821”

Clearing members can now submit penalty review requests for “Margin Violation” through the member portal, alongside the existing penalty categories (second paragraph). Requests are due within 7 working days of the penalty being made available. Appeals against Member Committee decisions are due within 45 calendar days, and any delay must be justified (third and fourth paragraphs). The circular applies with immediate effect (closing paragraph).

20260617-11

Section titled “20260617-11”

Clearing members must submit an Action Taken Report and close every non-compliance found in the half-yearly internal audit within two months of the report due date. For periods ending March 31 and September 30, the Action Taken Reports are due July 31 and January 31 (points 1–2). The internal auditor must certify the report, covering at least one month of sample verification, and open or late items trigger enforcement under ICCL circular 20231229-11 (points 3 and 5). The framework applies from the half year ended March 31, 2026, and critical findings such as client-collateral misuse or net-worth issues draw immediate action (paragraphs after point 5).

20260617-36

Section titled “20260617-36”

Adds an optional RTRMS facility, activated on email request, for clearing members to set and monitor intraday uncrystallised MTM loss limits per trading member on open futures positions, separate from collateral-based margin monitoring (opening paragraphs; points 1–2 and 5). Email alerts fire at 70%, 80%, 90% and 100% utilisation, and by default “Set Unlimited M2M Limit” stays enabled with no limit configured (points 3 and 6). MTM is computed in real time on open futures across client and proprietary positions, with net losses aggregated per trading member. A breach triggers no automatic disablement or close-out unless BSECL notifies otherwise (points 7–8).

NCL/CMPT/74569

Section titled “NCL/CMPT/74569”

Partially modifies NCL circular 125/2024 and point 40 of Part D of consolidated circular 050/2026 (opening paragraph). F_AEL_OPT_CONTRACTS_DDMMYYYY.CSV currently lists only option strikes. It will instead list every index and stock futures contract and option strike, with the applicable ELM percentage, keeping the same file name and format (second and third paragraphs). The change applies from June 9, 2026 (fourth paragraph).

NCL/CD/74520

Section titled “NCL/CD/74520”

Publishes July currency-derivative mark-to-market settlement dates (settlement table). Specifies July final settlement on July 30 for 91-day Treasury-bill futures, July 31 for cash-settled interest-rate and currency futures/options, and August 3 for MIBOR contracts (table footnotes).

NCL/CMPT/74286

Section titled “NCL/CMPT/74286”

Levies a 15% additional exposure margin in equity derivatives on securities where the top 10 clients account for more than 20% of MWPL. Where additional surveillance margin also applies, the higher of the two is charged (first paragraph). Securities are identified on three-month rolling data and reviewed monthly; the framework applies from May 29, 2026, with the initial list in Annexure 1 (first and second paragraphs).

NCL/CMPL/74279

Section titled “NCL/CMPL/74279”

PCMs must submit the System Audit Report for the year ended March 31, 2026 through the NCL member portal by June 30, 2026, in the prescribed format (first and second paragraphs). Submission manuals for members and auditors are in Annexures A and B; non-compliance attracts action under NCL/CMPL/63416 (second and third paragraphs).

NCL/CMPT/73864

Section titled “NCL/CMPT/73864”
  • date_issued: 2026-04-23
  • issuer: NSCCL
  • title: “Adjustment of Futures & Options Contracts and Physical Settlement in Vedanta Limited (VEDL)”
  • applies_to: broker, clearing-corp
  • in_force_date: 2026-04-29
  • status: in-force
  • impact_areas: derivatives, settlement
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT73864.pdf

Backfill: All VEDL monthly futures and options contracts that expire after April 29, 2026 instead expire on that date. Final settlement uses the VEDL capital-market settlement price, and final futures MTM settles April 30 (T+1) (points 1–3). Physical obligations are netted with capital-market obligations in settlement 2026079 on April 30, and delivery shortages are closed out directly (points 4–6). Final-settlement details are in the April 29 position reports, with additional physical-settlement reports and F_CA_PS03/PS04 files (points 7–9).

MCX/MCXCCL/094/2026

Section titled “MCX/MCXCCL/094/2026”

Quarterly revision of approved collaterals list (Annexure 1.1 — equity shares as non-cash collaterals subject to 25% per-security cap of total collateral with VAR-rate haircut; Annexure 1.2 — ETF cash/non-cash; Annexure 1.3 — Cash MF units; Annexure 1.4 — Non-cash MF units; Annexure 2 — G-Sec/T-Bills/SGBs cash collaterals; Annexure 3 — Approved commodities; Annexure 4 — Approved banks). Same operational rules as prior issues: no own-group/associate-entity issued collateral; physical FDR min 7-day tenure; G-Sec/T-Bill/SGB margin-benefit withdrawn two days prior to maturity; LIFO bank-exposure adjustments; RBI-issued SGB/T-Bill all accepted. Effective March 2, 2026.

NCL/CMPT/72224

Section titled “NCL/CMPT/72224”
  • date_issued: 2026-01-09
  • issuer: NSCCL
  • title: “CM - Changes in settlement schedule due to settlement holiday on January 15, 2026 on account of Municipal Corporation Elections in Maharashtra”
  • applies_to: broker, clearing-corp
  • in_force_date: 2026-01-15
  • status: in-force
  • impact_areas: settlement, t0-t1, mtf
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT72224.pdf

Partial modification to NCL/CMPT/71904 (Dec 22, 2025 on FY 2026 holidays) and NCL/CMPT/71926 (Dec 22, 2025 on T+1 & T+0 Jan 2026 calendar). January 15, 2026 declared settlement holiday on account of Maharashtra municipal-corporation elections; no T+0 settlement 2026511 on Jan 15. Revised T+1 schedule Jan 16, 2026: A 2026009 (auction) pay-in 08:00 / pay-out 10:00; M,Z,B 2026010 pay-in 10:30 / pay-out 15:30; M,Z,B 2026011 pay-in 16:30 / pay-out 21:00. UNPAIDMTF upload windows 15:30-22:00 (Jan 14-15) and 06:30-13:00 (Jan 16 for 2026011). EPI of securities cut-off 9 p.m. on Jan 16.

NCL/CMPT/72025

Section titled “NCL/CMPT/72025”
  • date_issued: 2025-12-26
  • issuer: NSCCL
  • title: “Change in timings for Early pay-in and Collateral allocation”
  • applies_to: broker, clearing-corp
  • in_force_date: 2026-01-02
  • status: in-force
  • impact_areas: settlement, upi-block, upstreaming, bod-eod, client-funds
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT72025.pdf

Revises EPI/release/upstream cut-offs for January 2, 2026 quarterly running-account-settlement date. Funds EPI 07:00 PM; Securities EPI 07:00 PM (UPI-block clients 06:00 PM); Download of margin report 09:00 PM; Upstreaming of cash/FDR 08:00 PM (revised from 07:00 PM); Downstreaming of cash/FDR 08:00 PM; Collateral allocation window 10:00 PM (revised from 08:00 PM). Cash/FDR/BG release within one hour subject to free-collateral availability.

MCXCCL/MEM/282/2025

Section titled “MCXCCL/MEM/282/2025”

MCX Circular MCX/MCXCCL/640/2025. Reminder of MCXCCL/MEM/219/2025 (Oct 7, 2025) on Annual Return submission for FY 2024-25 (original deadline Oct 31, 2025) and MCXCCL/MEM/245/2025 (Oct 31, 2025) extension to Dec 31, 2025. Annual returns submitted via Member Reporting Portal (memberreporting.mcxccl.com). Non-/delayed submission attracts penalty per Annexure-10 of MCXCCL/MEM/219/2025. Per MCXCCL/MEM/232/2025 (Oct 20, 2025), failure to resubmit beyond 15 calendar days from deficiency-intimation date attracts Rs.200/day penalty until rectified.

NCL/CMPT/71441

Section titled “NCL/CMPT/71441”

FAQ accompanying NCL/CMPT/71045 (Oct 30, 2025). Clarifies that auction is conducted for both CC and internal shortages (per CMPT66688 dated Feb 14, 2025). Auction rate based on auction-offer price (for auctioned quantity) and close-out price (for unsuccessful auctions); close-out rate per SEBI Master Circular SEBI/HO/MRDPoD2/CIR/P/2024/00181 (Dec 30, 2024) = higher of highest scrip price in settlement-to-auction-date OR 20% above latest closing on auction-call day. Auction difference collected from short-delivering member when auction rate exceeds settlement price. Close-out files: Auction Delivery P_0000 (unsuccessful internal), F_0000 (CC shortage close-out, CA close-out, non-actionable BL/G-Sec close-out, auction pay-in shortage close-out); EquityT1 Delivery F_0000 for trade-for-trade. Per clause 7.13(iv) of NCL/CMPT/67751 (Apr 29, 2025), close-out for internal shortage where valuation debit unpaid by member and for G-Secs/corporate-action scenarios handled by member.

MCX/MCXCCL/588/2025

Section titled “MCX/MCXCCL/588/2025”
  • date_issued: 2025-11-17
  • issuer: MCXCCL
  • title: “Notification by the Government of India about withdrawal of Quality Control Orders (QCOs) for Aluminium, Copper, Primary Lead, Refined Zinc and Refined Nickel”
  • applies_to: broker, clearing-corp
  • in_force_date: 2025-11-13
  • status: in-force
  • impact_areas: commodities, settlement
  • primary_url: https://www.kotakneo.com/uploads/circular_256_b9d20f0395.pdf

Sub-circular MCXCCL/WO/256/2025. Communicates Ministry of Mines (Nov 13, 2025) withdrawal of QCOs originally notified Aug 31, 2023 (Aluminium, Copper) and Apr 17, 2025 (Primary Lead, Refined Zinc, Refined Nickel). Withdraws nine prior MCXCCL warehousing circulars (MCXCCL/WHL/005/2025, /006/2025, /086/2025, /103/2025, /152/2025, /174/2024, /209/2025, /252/2023, /252/2024) with immediate effect. Delivery of these commodities at MCXCCL Accredited Warehouses (MAW) reverts to standard MCXCCL delivery procedure per commodity-specific circulars.

NCL/CMPT/71222

Section titled “NCL/CMPT/71222”

Monthly SLBS settlement-calendar circular per NCL/CMPT/67763. Annexure A: First-Leg Type L 22 settlements Dec 2025; Annexure B: Reverse-Leg Type P series Dec 2025 through Dec 2026 (note series codes 12/XD, 01/X1 etc. reflecting expiry-coding scheme refresh); Annexure C: Reverse-Leg Auction Type Q.

NCL/CMPT/71045

Section titled “NCL/CMPT/71045”

Update on auction mechanism for internal shortage. Subsequently elaborated in FAQ form via NCL/CMPT/71441 (Nov 24, 2025). [unknown — verify] direct URL (referenced in NCL/CMPT/71441).

MCXCCL/RISK/184/2025

Section titled “MCXCCL/RISK/184/2025”

MCX Circular MCX/MCXCCL/441/2025. Pursuant to SEBI Master Circular SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/136 (Aug 4, 2023) and in modification to MCXCCL/RISK/045/2025 (Mar 5, 2025). MCXCCL categorises commodities by realised volatility into three categories; applicable minimum IM, SOMM, minimum MPOR, and minimum VSR per Annexure 1. Agri-commodities: additional lean-period margin of 2% on contracts expiring during lean period (lead Exchange website lists). Effective BOD Oct 1, 2025.

NCL/CMPT/70039

Section titled “NCL/CMPT/70039”

Partial modification to NCL/CMPT/65916 (Dec 31, 2024 on FY 2025 holidays) and NCL/CMPT/69875 (Aug 26, 2025) for September 2025 settlement schedule. September 5 and 8, 2025 declared settlement holidays pursuant to RBI press release 2025-2026/1042 on changes under Negotiable Instruments Act. Revised settlement schedule to be published separately.

NCL/CMPT/69455

Section titled “NCL/CMPT/69455”
  • date_issued: 2025-08-01
  • issuer: NSCCL
  • title: “Direct pay-out of securities to client demat account- update”
  • applies_to: broker, clearing-corp, depository
  • in_force_date: 2025-08-01
  • status: in-force
  • impact_areas: settlement, file-format, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT69455.pdf

Continuation of NCL/CMPT/66779 (Feb 21, 2025) and NCL/CMPT/67947 (May 9, 2025) on direct payout to client demat. Notes that direct payout at NSDL is keyed on CM BP ID and not DP ID-Client ID linked to NSDL CM pool account; members must open separate demat account as primary for proprietary UCC, distinct from DP-ID-Client-ID account associated to NSDL CM pool account, to avoid mis-mapping during NSDL demat-verification with Exchanges.

NCL/CMPT/67833

Section titled “NCL/CMPT/67833”

Representative monthly SLBS settlement-calendar circular per NCL/CMPT/61810/67763. Annexure A: First-Leg Type L for 21 settlements June 2025; Annexure B: Reverse-Leg Type P for series June 2025 through June 2026; Annexure C: Reverse-Leg Auction Type Q.

NCL/CMPT/67763

Section titled “NCL/CMPT/67763”
  • date_issued: 2025-04-30
  • issuer: NSCCL
  • title: “Consolidated Circular for Securities Lending and Borrowing Scheme (SLBS) of NCL (FY 2024-25)”
  • applies_to: clearing-corp, broker
  • in_force_date: 2025-04-30
  • status: in-force
  • impact_areas: slbm, settlement, margin, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT67763.pdf

Annual consolidated circular for SLBS compiling circulars April 1, 2024 to March 31, 2025; replaces NCL/CMPT/61810. Baseline for subsequent monthly settlement-calendar circulars including NCL/CMPT/67833 (May 2025 for Jun 2025), NCL/CMPT/71222 (Nov 2025 for Dec 2025). [unknown — verify] direct URL.

NCL/CMPT/67751

Section titled “NCL/CMPT/67751”
  • date_issued: 2025-04-29
  • issuer: NSCCL
  • title: “Consolidated Circular for Cash Segment of NCL (FY 2024-25)”
  • applies_to: clearing-corp, broker
  • in_force_date: 2025-04-29
  • status: in-force
  • impact_areas: settlement, margin, file-format, client-funds, t0-t1, rms, mtf
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT67751.pdf

Annual consolidated circular for Capital Market segment compiling circulars April 1, 2024 to March 31, 2025; replaces NCL/CMPT/61800. Item 7.13 (iv) referenced by NCL/CMPT/71441 (Nov 24, 2025) for internal-shortage close-out handling in G-Secs and corporate-action scenarios. [unknown — verify] direct URL.

MCX/MCXCCL/148/2025

Section titled “MCX/MCXCCL/148/2025”

Sub-circular MCXCCL/C&S/058/2025. Per MCX/TRD/134/2025 (Mar 18, 2025) on Gold Ten (10 grams) launch. Compulsory delivery; staggered tender period = last 5 trading days incl. expiry. Staggered tender-period margin 5% additional on outstanding positions over IM/special/additional. Mode of intention: MCXCCL eClear. Buyer/seller intentions submitted by 3:00 PM on tender day; dissemination by 3:30 PM TWS broadcast. Delivery-period margin = higher of (a) 3% + 5-day 99% VaR of spot price volatility or (b) 25%. EPI of goods exempts seller from all margins except MTM. Delivery allocation rate = settlement/closing on tender days, Due Date Rate on expiry. Pay-in via ComRIS earmarking.

ICCL 20250324-4

Section titled “ICCL 20250324-4”

Advisory ahead of high-volume April 2025 transactions on BSE StAR MF due to multiple holidays. Members/Payment Aggregators/Banks must (i) timely submit Fund Confirmation MIS with accurate UTR matching bank statements; (ii) ensure fund-confirmation amounts match actual credits to ICCL accounts; (iii) upload valid credit MIS and transfer funds before cut-off times. References prior notices 20230620-66 and 20240702-34 on procedures and guidelines.

NCL/CMPT/66779

Section titled “NCL/CMPT/66779”
  • date_issued: 2025-02-21
  • issuer: NSCCL
  • title: “Direct pay-out of securities to client demat account”
  • applies_to: broker, clearing-corp, depository
  • in_force_date: 2025-02-24
  • status: in-force
  • impact_areas: settlement, client-funds, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT66779.pdf

Continuation of NCL/CMPT/63669 implementing full direct-payout-to-client-demat regime: Phase 2 go-live from settlement 2425828 (Feb 25, 2025), excluding custodian-cleared clients; gross pay-in to CC required, internal-shortage valuation at settlement price + 20% with payment due noon on settlement day. Member identifies auction profits at client level. Implementation referenced by NCL/CMPT/67947 (May 9, 2025) and NCL/CMPT/69455 (Aug 1, 2025) on proprietary-UCC demat account separation. [unknown — verify] direct URL (referenced in NCL/CMPT/69455; canonical PDF not directly retrieved).

ICCL 20250214-69

Section titled “ICCL 20250214-69”
  • date_issued: 2025-02-14
  • issuer: ICCL
  • title: “Enhancement of operational efficiency and Risk Reduction – Pay-out of securities directly to client demat account – Pilot launch on 25-Feb-2025”
  • applies_to: broker, clearing-corp, depository
  • in_force_date: 2025-02-25
  • status: in-force
  • impact_areas: settlement, client-funds, file-format
  • primary_url: https://www.icclindia.com/DynamicPages/DispNoticesNCirculars.aspx?page=20250214-69

ICCL pilot of direct securities payout to client demat accounts per SEBI guidelines. Pilot from February 25, 2025 with normal-market settlements from settlement number 2425828 onwards. Direct payout excludes custodian-cleared clients. Members conduct gross pay-ins to ICCL. For internal shortages, members pay valuation at settlement price + 20% mark; valuation payments due by noon on settlement day. Members responsible for client-level auction-profit identification. References multiple prior ICCL circulars; modified operating guidelines for internal-shortage auction effective from go-live.

NCL/CMPT/66597

Section titled “NCL/CMPT/66597”

SLBS MWPL/limit revision per NCL/CMPT/61810. Increases JYOTISTRUC MWPL from 82,437,042 to 92,025,699; Institutional Client and Participant limits from 8,243,704 to 9,202,569 each; Non-Institutional Client limit from 824,370 to 920,256.

NCL/CMPT/66371

Section titled “NCL/CMPT/66371”

Backfill: Revises the cross-margin-eligible ETF list issued under circular 0242/2024 (NCL/CMPT/65780), effective January 31, 2025 (opening paragraphs). The table gives each ETF’s symbol, scheme name and minimum quantity multiple, for example NIFTYBEES 7,500 and BANKBEES 3,000 units (table).

NCL/CMPT/66281

Section titled “NCL/CMPT/66281”
  • date_issued: 2025-01-24
  • issuer: NSCCL
  • title: “Trading Supported by Blocked Amount in Secondary Market - Update on UCC Deregistration Request for ASBA Clients”
  • applies_to: broker, clearing-corp
  • in_force_date: 2025-01-27
  • status: in-force
  • impact_areas: upi-block, settlement, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT66281.pdf

Further to NCL/CMPT/58895 (Oct 12, 2023) and NCL/CMPT/63735 (Sep 4, 2024). UCC deregistration request received by CC from Exchanges on T-day made effective same day; if member receives successful deregistration via API on T-day, UCC treated as “Not Opted for UPI Block facility” from T-day. No change in UCC registration request processing. Effective Jan 27, 2025.

ICCL 20250115-48

Section titled “ICCL 20250115-48”

Monthly mutual-fund settlement schedule February 2025. (i) Non-Liquid Subscriptions: funds to AMCs before 3:00 PM on settlement day; units delivered T+1; (ii) Liquid Fund Subscriptions: same-day settlement of funds and units across all 18 settlement cycles; (iii) Redemptions: per scheme TAT T1-T10 days, investors check BSE StAR MF Platform for specifics.

NCL/CMPT/66135

Section titled “NCL/CMPT/66135”
  • date_issued: 2025-01-15
  • issuer: NSCCL
  • title: “Additional clarification on custodian transactions in T+0 settlement cycle”
  • applies_to: broker, clearing-corp
  • in_force_date: 2025-02-10
  • status: in-force
  • impact_areas: settlement, t0-t1, file-format, derivatives
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT66135.pdf

Operational clarifications for T+0 custodial-participant transactions pursuant to SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/172 (Dec 10, 2024) scope expansion, NCL/CMPT/65509 (T+0 enhancement) and earlier NCL/CMPT/63165 (Jul 31, 2024). Activates Family Account CP code (name suffix FAMILYAC, PAN/SEBI reg FAMIL999999Y, only non-marginable CP codes, custodian-maintained audit trail). Trade confirmations at Family-Account CP level; obligations at individual CP level; custodians settle to end-investor within day. EPI/pay-in via block mechanism by deadline for non-custodian UPI/non-UPI clients. NCL uploads auto-DO for net deliverable obligations of custodians per opt-in; incremental obligations on rejection get separate auto-DO. Timeline Annexure 1: regular market close 1:30 PM, EPI cut-off 1:45 PM, custodian trade-confirmation cut-off 2:45 PM, securities pay-in 3:30 PM, funds pay-in 4:00 PM. Effective Feb 10, 2025.

ICCL 20250102-15

Section titled “ICCL 20250102-15”

Representative takeover OTB settlement-calendar circular: bidding window 08/01/2025 - 21/01/2025, obligation download Feb 3, 2025, settlement Feb 4, 2025. Demat shares via EPI mechanism in both depositories using market type “(Takeover)” and settlement number 2025001. CDSL = direct client payment; NSDL = security earmarking/blocking. No EPN files; reference MBRSTD_OTB_CM for stamp duty.

NCL/CMPT/65890

Section titled “NCL/CMPT/65890”
  • date_issued: 2024-12-31
  • issuer: NSCCL
  • title: “Adjustment in Cross margin weightages on account of demerger in ITC Limited (ITC)”
  • applies_to: broker, clearing-corp
  • in_force_date: 2025-01-03
  • status: in-force
  • impact_areas: margin, derivatives
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT65890.pdf

Backfill: Excludes ITC from cross-margin computation from end of day January 3, 2025; weightages for other index constituents are unchanged (point 1). Revised index weightages, based on ITC’s January 6 close, apply from beginning of day January 8, 2025, and members must sync portfolios by end of day January 7 (points 2–3). The spread margin for NIFTY portfolios rises from 25% to 30% from January 3 to January 7, 2025 end of day (point 4).

NCL/CMPT/65498

Section titled “NCL/CMPT/65498”
  • date_issued: 2024-12-10
  • issuer: NSCCL
  • title: “Early Pay-in of Securities for Shradha Infraprojects Limited (SHRADHA)”
  • applies_to: broker, clearing-corp, depository
  • in_force_date: 2024-12-10
  • status: in-force
  • impact_areas: settlement, file-format, derivatives
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT65498.pdf

Representative corporate-action EPI circular: face-value split 5→2 with record/ex date Dec 10, 2024. EPI on settlement 2024233 in Old ISIN INE715Y01023; EPI on Dec 11 for settlements 2024233 and 2024234 in New ISIN. Example: sale of 5 shares EPI in Old ISIN for 2 shares. Custodians providing EPI via pool account upload client-wise EPI allocation per actual traded quantity. Per NCL/CMPT/53386 (Aug 22, 2022) on block mechanism, no client-wise EPI allocation file should be uploaded.

NCL/CMPT/65100

Section titled “NCL/CMPT/65100”
  • date_issued: 2024-11-14
  • issuer: NSCCL
  • title: “Maintenance of clearing member pool account in both depositories”
  • applies_to: broker, clearing-corp, depository
  • in_force_date: 2024-11-14
  • status: in-force
  • impact_areas: settlement, file-format, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT65100.pdf

Reiterates per NCL/CMPT/61800 and NCL/CMPT/63669 (direct-payout context) that CMs must keep pool accounts active in both NSDL and CDSL at all times and notify CC of any account changes. Mandatory even if CM has opted to receive payout in preferred depository; non-compliance impacts payout release.

NCL/CMPT/64982

Section titled “NCL/CMPT/64982”
  • date_issued: 2024-11-08
  • issuer: NSCCL
  • title: “Changes in settlement schedule on account of Trading Holiday on November 20, 2024”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-11-19
  • status: in-force
  • impact_areas: settlement, derivatives
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT64982.pdf

Partial modification to NCL/CMPT/64370 (Oct 4, 2024) on F&O settlement schedule. Trade date Nov 19, 2024 revised settlement date Nov 21, 2024 (instead of Nov 20). Pursuant to NSE/FAOP/64959 (Nov 8, 2024) and Maharashtra government holiday declaration.

NCL/CMPT/64937

Section titled “NCL/CMPT/64937”
  • date_issued: 2024-11-07
  • issuer: NSCCL
  • title: “Member Interface Testing of Two-way portability across Clearing Corporation- Software as a Service (SaaS) Model”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-11-09
  • status: in-force
  • impact_areas: rms, bcp-dr, system-audit
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT64937.pdf

SaaS mock-session circular pursuant to SEBI/HO/MRD/TPD/P/CIR/2023/192 (Dec 20, 2023) on Business Continuity for CCs through SaaS Model mandating quarterly mock sessions. Mock session on November 9, 2024 (11:15-14:30 hrs) — NCL invokes SaaS setup between 12:30-13:00 hrs and operates via NCL@ICCL setup 13:00-14:30 hrs. Standard SOPs in NCL/CMPT/56351 (Apr 13, 2023) and NCL/CMPT/61959 (May 10, 2024); access via RTRMS, Collateral, Extranet links on connect2nsccl.com.

NCL/CMPL/64088

Section titled “NCL/CMPL/64088”
  • date_issued: 2024-09-23
  • issuer: NSCCL
  • title: “Clarifications on Reporting of Segregation and Monitoring of collateral at Client level Submission”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-12-19
  • status: in-force
  • impact_areas: client-funds, file-format, reporting, upstreaming
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPL64088.pdf

Follow-up to SEBI/HO/MRD2_DCAP/CIR/2021/0598 (Jul 20, 2021), NCL/CMPL/49348, 49640, 49764, and 54214. Allows designated UCC “SUSPE1234N” on member PAN for unidentified/suspense account funds; member must not create this UCC in Exchange UCC database; orders not permitted under it. Such funds to be upstreamed to CCs. Reporting clarifications: EPI of funds for settlement obligation (incl. OFS) reported in column 46 “Cash placed with CC” on days prior to settlement, not column 22; not reported on settlement day as funds no longer in clear ledger. Member compliance by December 19, 2024.

ICCL 20240914-5

Section titled “ICCL 20240914-5”

Following RBI press release, Maharashtra government declared September 18, 2024 public holiday under Negotiable Instruments Act, 1881. Earlier cancellation of September 16 holiday reversed (continues as settlement holiday); September 18 also designated settlement holiday for Equity and SLB. Government securities, foreign exchange, money market, rupee IRD settlements due Sep 17 continue same day. Revised settlement schedules to be communicated separately.

ICCL 20240914-7

Section titled “ICCL 20240914-7”

Revised Corporate Debt Segment settlement schedule per Maharashtra GAD (Sep 13, 2024) and RBI press release (Sep 14, 2024) for Eid-E-Milad Sep 16-18, 2024. Three revised schedules (T+0, T+1, T+2) detailing settlement numbers, transaction dates, pay-in/pay-out dates. Template for similar holiday-adjustment circulars across segments.

NCL/CMPT/63762

Section titled “NCL/CMPT/63762”

Representative SLBS MWPL/limit-revision circular. Increases MWPL for SAPPHIRE from 4,410,741 to 22,053,709 shares; Institutional Client and Participant limits from 441,074 to 2,205,370 each; Non-Institutional Client limit from 44,107 to 220,537. Template for subsequent monthly MWPL revision circulars (e.g. NCL/CMPT/66597 dated Feb 10, 2025 for JYOTISTRUC).

NCL/CMPT/63669

Section titled “NCL/CMPT/63669”

Full operational guidelines for direct payout of securities to client demat accounts pursuant to SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75 (Jun 5, 2024). Mandates: (i) TMs to update primary demat in UCC database for all clearing-clients; (ii) TMs of CM/F&O clearing through other CM open TM pool accounts in both depositories; (iii) TMs maintain TM CUSPA only (or both with CM CUSPA if TM-cum-CM), self-clearing TMs maintain only TM CUSPA, professional CMs maintain only CM CUSPA; (iv) TMs offering MTF maintain CSMFA where client’s demat resides; (v) facility for release-payout-with-pledge-in-favour-of-CUSPA(Unpaid) / CSMFA(MTF). Discontinues legacy direct-payout-to-investor-accounts facility (NCL/CMPT/61800 Part C point 6).

NCL/CMPT/63561

Section titled “NCL/CMPT/63561”
  • date_issued: 2024-08-23
  • issuer: NSCCL
  • title: “Settlement Calendar for Buyback offer under Tender Offer scheme of AIA Engineering Limited”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-08-26
  • status: in-force
  • impact_areas: settlement, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT63561.pdf

Representative buyback tender-offer settlement-calendar circular: trade window 26-30 Aug 2024 (settlement X 2024094), obligation download Sep 5, 2024, settlement Sep 6, 2024. Demat shares tendered only via EPI Market Type Buyback; cut-off 03:30 p.m. on trade-end date. STT collected on settlement day; 26 NSCCL rejection codes annexed. Template circular for subsequent buyback/takeover offers across FY2024-25.

NCL/CMPT/63165

Section titled “NCL/CMPT/63165”

Extends T+0 rolling settlement cycle (per NCL/CMPT/61301) to include custodial-participant transactions. Subsequently scaled by NCL/CMPT/65509 (T+0 enhancement per SEBI Dec 10, 2024) and NCL/CMPT/66135 (Jan 15, 2025 with Family Account CP code mechanism — name suffix “FAMILYAC”, PAN/SEBI “FAMIL999999Y” — effective Feb 10, 2025). [unknown — verify] direct URL (cited via NCL/CMPT/66135).

NCL/CMPT/62978

Section titled “NCL/CMPT/62978”
  • date_issued: 2024-07-18
  • issuer: NSCCL
  • title: “Cross Margin benefits for offsetting positions having different expiry dates”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-07-29
  • status: in-force
  • impact_areas: margin, derivatives, slbm
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT62978.pdf

Full operational circular pursuant to SEBI/HO/MRD/TPD-1/P/CIR/2024/24 (April 23, 2024) on cross-margin benefits for offsetting positions in correlated indices/index-constituents with different expiry dates, in partial modification to Item 10.13 of NCL/CMPT/61801. Nine-priority list of eligible positions covers index/constituent futures, ETFs, eligible index pairs (correlation > 0.90 over 6 months, 80% constituent overlap weighted by free-float). Computation at client level on real-time basis; institutional positions in CM segment considered post-custodian T+1 confirmation. Spread margins: 25% for same-expiry, 35% for different-expiry on index-constituent pairs; 30% for same-expiry, 40% for different-expiry on correlated-index pairs. Provisions effective July 29, 2024.

ICCL 20240710-11

Section titled “ICCL 20240710-11”

ICCL operationalisation of SEBI norms on collateral acceptance effective August 1, 2024. Eligible securities: equity shares with impact cost up to 0.1% for INR 1 Lakh orders and traded ≥ 99% of days over six months across BSE/NSE/MSEI. Phased haircut on un-approved securities: 40% (or VaR, whichever higher) Aug; 60% Sep; 80% Oct; 100% Nov 2024. Mutual fund haircut: Overnight MFOS 5%; other schemes VaR based on 6σ with min 9% effective Aug 1, 2024. Members directed to replace unapproved collaterals promptly.

ICCL 20240613-52

Section titled “ICCL 20240613-52”
  • date_issued: 2024-06-13
  • issuer: ICCL
  • title: “Discontinuation of usage of pool accounts for transactions in units of mutual funds on BSE StAR MF Platform – Update w.r.t. Non-Demat Redemption/SWP Transactions”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-06-14
  • status: in-force
  • impact_areas: mutual-funds, settlement, client-funds
  • primary_url: https://www.icclindia.com/Dynamicpages/DispNoticesNCirculars.aspx?page=20240613-52

Implementation update for BSE StAR MF redemption/SWP transactions effective June 14, 2024: demat transactions — AMC/RTA credits ICCL bank account per settlement-day schedule; non-demat redemptions — RTAs/AMCs credit clients’ bank accounts directly. Bank account provided at order entry reported to RTA in transaction files; redemption proceeds to registered account if available, else default account on file.

NCL/CMPT/62339

Section titled “NCL/CMPT/62339”
  • date_issued: 2024-06-06
  • issuer: NSCCL
  • title: “Enhancement of operational efficiency and Risk Reduction – Pay-out of securities directly to client demat account”
  • applies_to: broker, clearing-corp, depository
  • in_force_date: 2024-10-14
  • status: superseded
  • superseded_by: NCL/CMPT/63669
  • impact_areas: settlement, file-format, client-funds, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT62339.pdf

Initial implementation circular pursuant to SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75 (June 5, 2024) for direct payout of securities to clients’ demat accounts. Originally targeted for October 14, 2024 go-live; subsequently extended and updated by NCL/CMPT/63669 (Aug 30, 2024) providing full operational guidelines. [unknown — verify] direct URL (cited via NCL/CMPT/63669).

NCL/CMPT/62369

Section titled “NCL/CMPT/62369”

Representative monthly SLBS settlement-calendar circular per NCL/CMPT/61810. Annexure A: First-Leg Settlement Type L (22 settlements for July 2024); Annexure B: Reverse-Leg Type P (monthly series for July 2024 through July 2025); Annexure C: Reverse-Leg Auction Type Q (Custodial Confirmation Date and Settlement Date matching transaction date for each series).

ICCL 20240531-3

Section titled “ICCL 20240531-3”

Communicates SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/65 (May 29, 2024) establishing norms for collateral acceptability and exposure limits for CCs. Members directed to review and adhere to provisions. Signed by ICCL CRO Sushant Majhi and DGM Hitesh Shah.

MCX/MCXCCL/350/2024

Section titled “MCX/MCXCCL/350/2024”
  • date_issued: 2024-05-28
  • issuer: MCXCCL
  • title: “Revised List of Approved Securities, Approved Commodities and Approved Banks”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-06-03
  • status: superseded
  • superseded_by: MCX/MCXCCL/094/2026
  • impact_areas: rms, file-format, settlement, commodities
  • primary_url: https://flattrade.in/forms/circular-350-2024.pdf

Sub-circular MCXCCL/C&S/130/2024. Quarterly revision of approved securities, commodities, and banks for collateral acceptance, effective Monday June 3, 2024. Members ensure they do not submit own/group/associate-entity-issued collaterals; physical FDRs min tenure 7 days; margin benefit on G-Sec/T-Bill/SGB withdrawn two days prior to maturity; single-bank exposure limit reduced LIFO if MCXCCL three-month average exposure drops; all RBI-issued SGB/T-Bill of the month accepted. [unknown — verify] direct URL (intermediary mirror returned content briefly; canonical mcxccl.com returns 403/4xx).

NCL/CMPT/61800

Section titled “NCL/CMPT/61800”

Annual consolidated circular for Capital Market segment compiling circulars April 1, 2023 to March 31, 2024. Replaces NCL/CMPT/55097. Covers settlement framework (T+1 default, T+0 optional), margin framework, EPI mechanism, voluntary auction, collateral allocation/release, client-funds upstreaming, segregation/monitoring, two-way SaaS portability, file-format standardisation. Includes Item 10.13 on Cross Margining (partially modified by NCL/CMPT/62978), Item 10.18 on Early Pay-in for Margin Exemption (referenced by NCL/CMPT/65498), and Part C point 6 on direct payout (discontinued by NCL/CMPT/63669).

NCL/CMPT/61801

Section titled “NCL/CMPT/61801”

Annual consolidated circular for F&O segment. Includes Item 10.13 “Cross Margining” Part B (subsequently partially modified by NCL/CMPT/62978 effective July 29, 2024 for offsetting positions with different expiry). Covers SPAN/scanrange parameters, ELM, delivery margin, margin on consolidated crystallised obligations, peak-margin snapshots at four random intraday windows.

NCL/CMPT/61810

Section titled “NCL/CMPT/61810”

Annual consolidated circular for SLBS. Forms operational baseline for all subsequent monthly settlement-calendar circulars (first-leg type L, reverse-leg type P, reverse-leg auction type Q) and MWPL/participant/institutional/non-institutional client-limit revision circulars. Subsequently superseded by NCL/CMPT/67763 dated April 30, 2025 for FY 2024-25 onwards.

ICCL 20240426-38

Section titled “ICCL 20240426-38”

ICCL counterpart to NCL/CMPT/62978. Notifies SEBI/HO/MRD/TPD-1/P/CIR/2024/24 (Apr 23, 2024) on cross-margin treatment for offsetting derivative positions with different expiry dates. Guidance in attached annexure; spread margins per same schedule (30/40% for correlated index pairs same/different expiry; 25/35% for index-constituent pairs). Contact: risk.monitoring@icclindia.com, risk.iccl@icclindia.com.

NCL/CMPL/61744

Section titled “NCL/CMPL/61744”
  • date_issued: 2024-04-25
  • issuer: NSCCL
  • title: “Segregation and Monitoring of Collateral at Client Level- Reporting Format”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-05-06
  • status: in-force
  • impact_areas: client-funds, file-format, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPL61744.pdf

Operationalises NCL/CMPL/61186 (Mar 18, 2024) on capturing justification reason for retention of collateral in the daily client-collateral-segregation file. Format changes effective May 6, 2024 (reporting for trade date May 3, 2024).

NCL/CMPT/61714

Section titled “NCL/CMPT/61714”
  • date_issued: 2024-04-24
  • issuer: NSCCL
  • title: “Cross Margin benefits for offsetting positions having different expiry dates”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-07-29
  • status: superseded
  • superseded_by: NCL/CMPT/62978
  • impact_areas: margin, derivatives, slbm
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT61714.pdf

Initial implementation circular pursuant to SEBI/HO/MRD/TPD-1/P/CIR/2024/24 (April 23, 2024) extending cross-margining benefit to offsetting positions in correlated indices/index-constituents with different expiry dates. Subsequently elaborated in NCL/CMPT/62978 with the full nine-priority list and 25/30/35/40% spread-margin tiers. [unknown — verify] direct URL (canonical PDF returned 404 on direct fetch; content cited via NCL/CMPT/62978).

NCL/CMPT/61408

Section titled “NCL/CMPT/61408”
  • date_issued: 2024-04-01
  • issuer: NSCCL
  • title: “Change in timings for Early pay-in and Collateral release”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-04-05
  • status: superseded
  • superseded_by: NCL/CMPT/72025
  • impact_areas: settlement, client-funds, upi-block, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT61408.pdf

Revises EPI/release cut-offs for the April 5, 2024 quarterly running-account-settlement date. Funds EPI 07:00 PM, Securities EPI 07:00 PM (clients clearing directly with UPI-block: 06:00 PM), Download of margin report 09:00 PM. Cash/FDR/BG immediate release accepted till 07:00 PM; collateral allocation window 10:00 PM.

NCL/CMPT/61301

Section titled “NCL/CMPT/61301”

Original operational guidelines for T+0 rolling settlement cycle in equity cash segment for an initial basket of 25 scrips with go-live March 28, 2024. Trade window until 1:30 PM, obligations by 2:30 PM, settlement by 3:30 PM. References SEBI’s T+0 framework. Subsequently scaled by NCL/CMPT/63165 (Jul 31, 2024 — CP transactions), NCL/CMPT/65509 (per SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/172 dated Dec 10, 2024 scope enhancement), NCL/CMPT/66135 (Jan 15, 2025 — CP custodian operational clarification effective Feb 10, 2025). [unknown — verify] direct URL (canonical PDF returned 404 on direct fetch; content cited via NCL/CMPT/66135).

NCL/CMPT/61055

Section titled “NCL/CMPT/61055”
  • date_issued: 2024-03-11
  • issuer: NSCCL
  • title: “Regarding NCMS API & Discontinuation of NCMS EXE in F&O Segment”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-04-30
  • status: in-force
  • impact_areas: file-format, derivatives, system-audit
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT61055.pdf

Continuation of NCL/CMPT/54826 (Dec 15, 2022) and NCL/CMPT/55778 (Feb 25, 2023) on NCMS-API rollout for F&O clearing members. Adds CP trade approval/rejection and CP modification API capabilities in live environment (after UAT availability from Oct 10, 2023 per NCL/CMPT/58851). NCMS exe planned for decommissioning by April 30, 2024; members required to extensively test API and migrate.

ICCL 20240228-21

Section titled “ICCL 20240228-21”

Representative buyback OTB settlement-calendar circular: Zydus Lifesciences trade window Feb 29 - Mar 6, 2024 (settlement 2024025), obligation download Mar 13, 2024, settlement Mar 14, 2024. Demat shares via EPI mechanism; CDSL = direct client pay-in, NSDL = securities earmarking/blocking. No EPN file uploads required; stamp duty per BSE documentation. Template for subsequent buyback OTB calendars.

MCX/MCXCCL/111/2024

Section titled “MCX/MCXCCL/111/2024”
  • date_issued: 2024-02-23
  • issuer: MCXCCL
  • title: “Revised List of Approved Securities, Approved Commodities and Approved Banks”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-03-01
  • status: superseded
  • superseded_by: MCX/MCXCCL/350/2024
  • impact_areas: rms, file-format, settlement, commodities
  • primary_url: https://flattrade.in/forms/MCX%20Approved%20securities.pdf

Sub-circular MCXCCL/C&S/45/2024. Quarterly revision of approved securities (equity shares with eligibility per market criteria), approved commodities (non-cash collaterals), and approved banks. Standard template for quarterly collateral-list refreshes; effective from Friday March 1, 2024. [unknown — verify] direct URL (intermediary mirror returned content briefly; canonical mcxccl.com returns 403/4xx).

NCL/CMPL/60457

Section titled “NCL/CMPL/60457”

Cyber-security alert covering Republic-Day-period events of national importance Jan 22-30, 2024. Cyber-threat actors likely to target Critical Information Infrastructure; entities sensitised to monitor health of digital assets (websites, public-serving applications, databases). Heightened cyber-security alertness and robust posture recommended; physical security and access-control mechanisms for vital installations strengthened.

NCL/CMPT/60216

Section titled “NCL/CMPT/60216”
  • date_issued: 2024-01-11
  • issuer: NSCCL
  • title: “Settlement Calendar for Takeover offer under Tender Offer scheme of ASL Industries Limited”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-01-16
  • status: in-force
  • impact_areas: settlement, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT60216.pdf

Representative tender-offer settlement-calendar circular: trade window 16-30 Jan 2024 (settlement number X 2024002), obligation download Feb 6, 2024, settlement Feb 7, 2024. Demat shares tendered only via EPI Market Type Buyback; cut-off 03:30 p.m. on trade-end date. STT collected on settlement day. Annexure I provides 26 NSCCL rejection codes (joint-holder transfer-deed, signature differ, transmission, market purchase without broker note, etc.); template reused for subsequent buyback/takeover circulars including NCL/CMPT/63561.

NCL/CMPT/60106

Section titled “NCL/CMPT/60106”
  • date_issued: 2024-01-03
  • issuer: NSCCL
  • title: “Securities early pay-in cut off for clients using direct clearing with UPI block facility, on January 5, 2024”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-01-05
  • status: in-force
  • impact_areas: upi-block, settlement, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT60106.pdf

Tactical revision for January 5, 2024: revised final cut-off for EPI of securities for clients clearing directly with UPI-block facility lowered to 6:00 PM (from 8:00 PM) on account of the same-day running-account settlement and tighter overall pay-in window per NCL/CMPT/60047.

NCL/CMPT/60022

Section titled “NCL/CMPT/60022”

Go-live communication for UPI-block facility (NCL/CMPT/60010 dated Dec 28, 2023), publishing revised empanelled customer-bank list (Annexure 1: HDFC Bank, ICICI Bank). UPI blocks in favour of NCL may be created only with bank accounts maintained at empanelled customer banks.

NCL/CMPT/60047

Section titled “NCL/CMPT/60047”
  • date_issued: 2023-12-29
  • issuer: NSCCL
  • title: “Change in timings for Early pay-in and Collateral release”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-01-05
  • status: superseded
  • superseded_by: NCL/CMPT/61408
  • impact_areas: settlement, client-funds, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT60047.pdf

Revises EPI cut-offs for January 5, 2024 quarterly running-account settlement date. Funds EPI 07:00 PM, Securities EPI 07:00 PM, Download of margin report 08:45 PM. Cash/FDR/BG immediate-release accepted till 07:00 PM; collateral allocation window till 10:00 PM.

ICCL 20231214-1

Section titled “ICCL 20231214-1”

Communicates SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187 (Dec 12, 2023) on upstreaming framework for client funds. Members directed to take note and comply with SEBI requirements (three permitted upstreaming forms: cash, FDR lien, MFOS pledge).

MCXCCL/C&S/295/2023

Section titled “MCXCCL/C&S/295/2023”
  • date_issued: 2023-12-13
  • issuer: MCXCCL
  • title: “Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-12-13
  • status: in-force
  • impact_areas: upstreaming, client-funds, settlement, commodities
  • primary_url: https://www.mcxccl.com/circulars/clearing-settlement

Operationalises SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187 (Dec 12, 2023) upstreaming framework at MCXCCL. SB/CMs upstream all client clear credit balances to CC on EOD basis via cash, lien on FDR (created out of client funds, residual maturity ≤ 1 year + 1 day, lien marked to MCXCCL, pre-terminable, principal protected), or pledge of MFOS units. Referenced by MCX/MCXCCL/350/2024 (May 28, 2024) for ongoing compliance. [unknown — verify] direct URL (canonical PDF on mcxccl.com returns 403; circular ID/reference confirmed via MCX/MCXCCL/350/2024).

ICCL 20231116-51

Section titled “ICCL 20231116-51”

Pursuant to SEBI’s June 2023 UPI-block directive (SEBI/HO/MRD/MRD-PoD-2/P/CIR/2023/99), publishes web-API specification for clearing members and ICCL for UPI-block facility data exchange. Members must implement UPI-protocol specs for compliance.

NCL/CMPT/58895

Section titled “NCL/CMPT/58895”
  • date_issued: 2023-10-12
  • issuer: NSCCL
  • title: “Trading supported by Blocked Amount in Secondary Market - Operating Guidelines”
  • applies_to: broker, clearing-corp
  • in_force_date: 2024-01-01
  • status: in-force
  • impact_areas: upi-block, settlement, client-funds, mandate
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT58895.pdf

Operational guidelines pursuant to SEBI/HO/MRD/MRD-PoD-2/P/CIR/2023/99 (Jun 23, 2023) for ASBA-style UPI-block facility in secondary-market cash segment. Annexure 1 covers segment (cash equity to begin; multi-segment clients use existing procedures for other segments), client/TM registration (investor-discretionary, TM-optional offering), UCC tagging, UPI mandate creation/modification/release, pay-in/payout workflows, and reporting. Go-live January 1, 2024. Subsequently updated by NCL/CMPT/60022 (revised customer-bank list), NCL/CMPT/60106 (Jan 5, 2024 EPI cut-off 6:00 PM), NCL/CMPT/63735 (Sep 4, 2024), and NCL/CMPT/66281 (Jan 24, 2025 UCC deregistration “T-day effective”).

NCL/CMPT/58675

Section titled “NCL/CMPT/58675”
  • date_issued: 2023-09-29
  • issuer: NSCCL
  • title: “Change in timings for Early pay-in and Collateral release”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-10-06
  • status: superseded
  • superseded_by: NCL/CMPT/60047
  • impact_areas: settlement, client-funds, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT58675.pdf

Revises EPI cut-offs for October 6, 2023 running-account-settlement date. Funds EPI 07:00 PM, Securities EPI 07:00 PM, Download of margin report 08:45 PM. Cash/FDR/BG immediate-release request accepted till 07:00 PM; collateral allocation window open till 10:00 PM; CC endeavours to release within one hour subject to free collateral availability.

MCX/MCXCCL/437/2023

Section titled “MCX/MCXCCL/437/2023”

Annual MCXCCL master circular consolidating all circulars in force as of June 30, 2023. Forms operational baseline for FY 2023-24 covering risk management framework, margining (SPAN methodology with VaR over MPOR), client margin/peak-margin reporting, MSBA (Margin Shortfall Block Amount), Core SGF, collateral segregation, delivery and settlement procedures, member admission, annual returns. [unknown — verify] direct URL (canonical hosting on mcxccl.com returned 403/403; third-party mirror used).

NCL/CMPT/57223

Section titled “NCL/CMPT/57223”
  • date_issued: 2023-06-21
  • issuer: NSCCL
  • title: “Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs) Segregation and Monitoring of Collateral at Client Level”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-07-01
  • status: in-force
  • impact_areas: upstreaming, client-funds, settlement, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT57223.pdf

Operational procedure pursuant to SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 (Jun 8, 2023) on client funds upstreaming to CCs. Three permitted forms: cash, FDR (lien with NCL precedence over all stakeholders incl. bank; tenure ≤ 1 year, pre-terminable on demand, principal protected, no funded/non-funded facility against FDR), and MFOS (re-pledged via depository margin pledge-repledge from TMCM Margin pledge accounts). Cash upstream/release cut-offs: 7:00 PM upstream, 4:30 PM release immediate, 7:00 PM EOD/value-date release. Section G mandates TM-wise reason codes for collateral withdrawal (client unpaid securities/MTF, sale of unpaid securities, penalties, statutory levies, brokerage, DP charges, running-account settlement, withdrawal request, CM/TM prop, conversion, transfer to other CC, pay-in). Reporting cut-off 11:59:59 PM on member portal Inspection→Statement Upload→Collateral Segregation→Reason for Collateral Release.

NCL/CMPT/56502

Section titled “NCL/CMPT/56502”
  • date_issued: 2023-04-26
  • issuer: NSCCL
  • title: “Changes to the Framework to Enable Verification of Upfront Collection of Margins from Clients in Cash and Derivatives segments”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-05-02
  • status: in-force
  • impact_areas: margin, peak-margin, file-format, bod-eod, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT56502.pdf

Pursuant to SEBI/HO/MRD/MRD-PoD-2/P/CIR/2023/016 (Feb 1, 2023), changes EOD margin computation: MG12/13/18, MGCM/MGTM, SA01-SA06 reports use EOD positions + BOD margin parameters; CC01/02 and MG09/10/11 use EOD positions + EOD margin parameters. Additional client-wise EOD-parameter margin files introduced: AMGCM (CM-level, NCL_FO_AMGCM__DDMMYYYY.csv.gz) and AMGTM (TM-level), AMG18 — fields per ISO tags: SPANMrgn, LossMrgn, DlvryMrgn, CnsltdCrstllsdOblgtnMrg, EndOfDayRqrmnt.

MCX/MCXCCL/267/2023

Section titled “MCX/MCXCCL/267/2023”

Sub-circular MCXCCL/C&S/102/2023. Revised operational framework for collateral reporting against intraday short allocation; modifies MCXCCL/C&S/011/2023 (Jan 16, 2023). Adds new reporting reasons (highlighted in file formats). File format download: MCX_INTRASAR.csv with 16 fields including Excess Collateral at NCL/ICCL/NCCL/MCCIL, EPI of commodities, against valid allocation pending with MCXCCL, allocation in wrong UCC, trades in wrong client codes, securities re-pledged by EOD, EPI in other segments. Members upload INTRASAR file (R batch) with appropriate values; incremental daily margin shortfall and penalty issued on T+6.

ICCL 20230417-10

Section titled “ICCL 20230417-10”

Representative monthly ITP-SME segment trading and settlement calendar (22 cycles for May 2023). Pay-in to depositories/banks by 09:50 a.m.; funds and securities settlement complete by 11:00 a.m. ITP-021 and ITP-022 modified timings due to May 5 market holiday. Template for subsequent monthly ITP-SME settlement-programme circulars.

ICCL 20230329-18

Section titled “ICCL 20230329-18”

Joint NCL-ICCL announcement (counterpart to NCL/CMPT/56168). Two-way Software-as-a-Service (SaaS) portability for business continuity covering Equity Cash, Equity Derivatives, Currency Derivatives. No change for members during normal operations; activates only on major RMS software failure. Each CC provides RMS to the other; real-time position, margin, collateral data access via alternate system’s interface; EOD processes handled by designated CCs. Mock sessions periodic; contact risk.monitoring@icclindia.com or ops@icclindia.com.

NCL/CMPT/56168

Section titled “NCL/CMPT/56168”

Joint NCL-ICCL announcement of two-way Software-as-a-Service (SaaS) portability for business continuity. Each CC provides its Risk-Management software to the other for Equity Cash/Equity Derivatives/Currency Derivatives segments. NCL creates a separate instance for ICCL members (NCL@ICCL) and vice versa. Only activates upon major software-failure switch decision; daily operations unchanged for members. Trades from exchanges routed to other CC’s RMS for position/margin/collateral computation, RRM, give-up/take-up, EPI. EOD processes handled by designated CCs. Mock sessions to be conducted periodically.

NCL/CMPT/56211

Section titled “NCL/CMPT/56211”
  • date_issued: 2023-03-29
  • issuer: NSCCL
  • title: “Standardization of Clearing and Settlement file formats- Revision in deadline of discontinuation of reports in existing format”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-07-03
  • status: in-force
  • impact_areas: file-format, slbm, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT56211.pdf

Extends deadline for discontinuation of old-format SLBS reports from April 3, 2023 to July 3, 2023 based on market-participant feedback. Revised upload/response formats per NCL/CMPT/55119 mandatory from July 3, 2023.

NCL/CMPT/56167

Section titled “NCL/CMPT/56167”
  • date_issued: 2023-03-28
  • issuer: NSCCL
  • title: “Guidelines for Net Settlement of Capital Market segment and Futures & Options (F&O) segment upon expiry of stock derivatives- Update”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-03-28
  • status: in-force
  • impact_areas: settlement, derivatives, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT56167.pdf

Update to NCL/CMPT/55330 clarifying voluntary-auction request format/process. CMs active in both CM and F&O segments may upload requests from either extranet (CM takes precedence if both); CMs active in single segment use that segment’s extranet. Settlement type/number to be that of Normal CM market with series EQ. Annexure A specifies file format CM_SA__nn.csv with fields (Settlement Type, Number, Symbol, Series, CM/TM codes, Quantity); rejection reason codes 1-14 provided.

ICCL 20230322-2

Section titled “ICCL 20230322-2”

Additional bank-account details for RFQ deal settlements on NDS-RST platform effective April 3, 2023. Participants may use existing RBI RTGS account or new HDFC Bank account for fund transfers via NEFT/bank transfer/RTGS. Buyer participants ensure deal-wise correct funds pay-in; seller participants transfer securities accordingly. Cancelled-deal refunds by next-business-day end.

NCL/CMPT/56030

Section titled “NCL/CMPT/56030”
  • date_issued: 2023-03-17
  • issuer: NSCCL
  • title: “Standardization of Clearing and Settlement file formats - Update”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-04-03
  • status: superseded
  • superseded_by: NCL/CMPT/56211
  • impact_areas: file-format, slbm, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT56030.pdf

SLBS-segment update on file-format standardisation pursuant to NCL/CMPT/55103. Specifies discontinuation of old-format reports from April 3, 2023; revised upload/response formats per NCL/CMPT/55119 mandatory from April 3, 2023. Header optional in collateral-release upload files; provided in response files irrespective; header not applicable to client EPI allocation files.

ICCL 20230206-5

Section titled “ICCL 20230206-5”

Per SEBI/HO/DDHS/DDHSRACPOD1/P/CIR/2023/9 (Jan 9, 2023), updates fund-settlement procedure for RFQ platform trades. Existing RBI RTGS account 8715962 (IFSC ICLL0000001) continues for amounts ≥ Rs.2 lakh. New HDFC Bank account 57500001086245 (IFSC HDFC0000060) added exclusively for RFQ settlements (RTGS/NEFT/transfer accepted). Previous ICICI Bank account discontinued. Existing settlement procedure per Notice 20091206-1 remains; securities settlement and depository arrangements unaffected.

ICCL 20230126-1

Section titled “ICCL 20230126-1”

Postpones short-allocation penalty implementation to February 13, 2023 (from February 1, 2023). Revised procedures: four file submissions — initial short-allocation report, member reporting with reason codes on T+5 basis, ICCL response (accept/reject), penalty-calculation file for EOD shortfalls. Standardised reason codes: excess collateral at other CCs, securities sales pending documentation, NRI client trades, custodian acceptance delays.

NCL/CMPT/55381

Section titled “NCL/CMPT/55381”

Operationalises monitoring of client-level short allocation (intraday at peak-margin snapshots and at EOD). Short allocation = minimum client upfront margin less client collateral value (allocated + re-pledged after prudential haircuts, excl. 50:50 rule); checked across NCL segments and other CCs for offsets. Reports SA01/02/03 (intraday at snapshot, file naming SA01/02_P__DDMMYYYY_i01/02), SA04/05/06 (EOD/max). Five permitted reason codes (excess collateral at another CC, EPI of securities, wrong-client trades, NRI trades, late allocation acceptance). False reporting attracts same penalty as false margin reporting; effective Feb 13, 2023.

NCL/CMPT/55330

Section titled “NCL/CMPT/55330”
  • date_issued: 2023-01-20
  • issuer: NSCCL
  • title: “Guidelines for Net Settlement of Capital Market segment and Futures & Options (F&O) segment upon expiry of stock derivatives”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-01-30
  • status: in-force
  • impact_areas: settlement, derivatives, margin
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT55330.pdf

Pursuant to SEBI/HO/MRD2_DCAP/P/CIR/2022/165 (Nov 30, 2022) and NCL/CMPT/54663, establishes net-settlement framework where F&O physical-delivery obligations of stock derivatives upon expiry are netted with corresponding CM-segment obligations for identical clearing-member/trading-member/UCC. STT and stamp duty continue to be levied segment-wise. NCL ceases publishing separate F&O-physical settlement and auction calendars. Margin benefit on offsetting positions provided on total CM-margin and F&O delivery margins. Voluntary-auction requests now uploaded in CM-segment settlement number; updated by NCL/CMPT/56167 (Mar 28, 2023) and NCL/CMPT/56168 (Mar 29, 2023).

NCL/CMPT/55119

Section titled “NCL/CMPT/55119”
  • date_issued: 2023-01-03
  • issuer: NSCCL
  • title: “Standardization of Clearing and Settlement file formats - Files involving upload and response”
  • applies_to: clearing-corp, broker
  • in_force_date: 2023-04-03
  • status: in-force
  • impact_areas: file-format, settlement
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT55119.pdf

Companion to NCL/CMPT/55103 specifying upload/response file formats for client margin reporting, EPI of securities, and collateral release/transfer transactions. Revised formats mandatory from April 3, 2023 (subsequently extended to July 3, 2023 per NCL/CMPT/56030 and NCL/CMPT/56211). [unknown — verify] direct URL.

NCL/CMPL/55096

Section titled “NCL/CMPL/55096”
  • date_issued: 2023-01-02
  • issuer: NSCCL
  • title: “Settlement of Running Account-Release of collateral and change in timings for Early pay-in”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-01-06
  • status: in-force
  • impact_areas: client-funds, settlement, upstreaming
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPL55096.pdf

Compliance-department circular tying together NCL/CMPT/55056/55057/55058, NCL/CD/55059, NCL/COM/55060 for cross-segment running-account-settlement implementation on January 6, 2023. Asks CMs to extend full support to TMs for smooth implementation; collateral-release queries routed to collaterals_ops@nsccl.co.in.

NCL/CMPT/55097

Section titled “NCL/CMPT/55097”
  • date_issued: 2023-01-02
  • issuer: NSCCL
  • title: “Consolidated Circular for Capital Market Segment of NCL”
  • applies_to: clearing-corp, broker
  • in_force_date: 2023-01-02
  • status: superseded
  • superseded_by: NCL/CMPT/61800
  • impact_areas: settlement, margin, reporting, file-format, rms
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT55097.pdf

Annual consolidated circular for Capital Market segment, replacing all earlier circulars in force; consolidates circulars issued April 2022 to December 2022. Sections cover margin framework, settlement calendar, EPI mechanism, voluntary auction (Section 6.4 cited by NCL/CMPT/56167), allocation/release procedures, and client collateral segregation. [unknown — verify] direct URL (canonical PDF returned non-200 on direct fetch; content cited via NCL/CMPT/55381, NCL/CMPT/56167).

NCL/CMPT/55103

Section titled “NCL/CMPT/55103”
  • date_issued: 2023-01-02
  • issuer: NSCCL
  • title: “Standardization of Clearing and Settlement file formats - Consolidated Circular”
  • applies_to: clearing-corp, broker
  • in_force_date: 2023-01-02
  • status: in-force
  • impact_areas: file-format, settlement, slbm, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT55103.pdf

SLBS-segment consolidated circular harmonising file nomenclature/format to ISO 20022-aligned standards. Part E specifies reports being migrated, available in both standardised and existing format from January 2, 2023. Subsequently amended by NCL/CMPT/56030 (Mar 17, 2023) and NCL/CMPT/56211 (Mar 29, 2023) extending the discontinuation of old-format reports to July 3, 2023. [unknown — verify] direct URL (canonical PDF returned non-200; cited via NCL/CMPT/56030, NCL/CMPT/56211).

NCL/CMPT/55056

Section titled “NCL/CMPT/55056”
  • date_issued: 2022-12-29
  • issuer: NSCCL
  • title: “Change in timings for Early pay-in and Collateral release”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-01-06
  • status: superseded
  • superseded_by: NCL/CMPT/58675
  • impact_areas: settlement, client-funds, bod-eod, upstreaming
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT55056.pdf

Pursuant to SEBI/HO/MIRSD/DOP/P/CIR/2022/10 (July 27, 2022) on settlement of running account of client funds, revises EPI cut-offs (CM segment) for the running-account-settlement date January 6, 2023: EPI of funds 07:45 PM → 07:00 PM; EPI of securities 09:00 PM → 07:00 PM; download of margin report 10:30 PM → 08:30 PM. Cash/FDR/BG immediate-release accepted till 07:00 PM. F&O and SLBS segments received parallel circulars (CMPT/55057, CMPT/55058).

NCL/CMPT/55057

Section titled “NCL/CMPT/55057”
  • date_issued: 2022-12-29
  • issuer: NSCCL
  • title: “Change in timings for Early pay-in and Collateral release”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-01-06
  • status: superseded
  • superseded_by: NCL/CMPT/58675
  • impact_areas: settlement, client-funds, bod-eod, derivatives
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT55057.pdf

F&O-segment equivalent of NCL/CMPT/55056. Aligns EPI cut-offs and collateral release timings on running-account-settlement date with revised SEBI framework. Coupled with NCL/CD/55059 (currency derivatives) and NCL/COM/55060 (commodity derivatives) issued same day for cross-segment alignment.

NCL/CMPT/55058

Section titled “NCL/CMPT/55058”
  • date_issued: 2022-12-29
  • issuer: NSCCL
  • title: “Change in timings for Early pay-in and Collateral release”
  • applies_to: broker, clearing-corp
  • in_force_date: 2023-01-06
  • status: superseded
  • impact_areas: settlement, slbm, client-funds, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT55058.pdf

SLBS-segment equivalent of NCL/CMPT/55056/55057, revising EPI cut-offs (funds 07:00 PM, securities 07:00 PM, margin report 08:30 PM) for January 6, 2023 settlement-running-account date.

NCL/CMPT/54401

Section titled “NCL/CMPT/54401”
  • date_issued: 2022-11-11
  • issuer: NSCCL
  • title: “Block Mechanism in demat account of clients undertaking sale transactions”
  • applies_to: clearing-corp, depository, broker
  • in_force_date: 2022-11-11
  • status: in-force
  • impact_areas: slbm, settlement, upi-block
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT54401.pdf

Follow-on to NCL/CMPT/54227 (Oct 28, 2022) on SLBS block mechanism in client demat accounts: where EPI of securities is done via block mechanism, participants must NOT upload client-allocation details through CIM interface in CLNTEPI file. Referencing NSE/ISC/42678 (Nov 18, 2019), participants must verify that client UCC is correctly mapped to demat account to ensure seamless EPI benefit.

ICCL 20220826-47

Section titled “ICCL 20220826-47”

Tender-period margin tracker for September 2022 expiring commodity-derivatives contracts. Margin requirements applicable to F&O contracts in commodity derivatives. Spread benefits removed at the start of tender period or expiry, whichever earlier. Detailed Excel margin tracker attached; issued by ICCL CRO. Template for monthly tender-margin trackers.

ICCL 20220819-5

Section titled “ICCL 20220819-5”

Monthly EOD short-allocation reporting framework with submission by 4th working day post month-end. Four file types prescribed: initial short-allocation report; member-submitted file with reason codes and excess-collateral-across-CCs detail; ICCL response file (accept/reject); penalty-calculation file. Reason codes: excess collateral at other CCs, EPI sales, NRI trades, custodian-acceptance delays.

NCL/CMPL/53287

Section titled “NCL/CMPL/53287”

Operationalises EOD validation between client-collateral reporting (via NCL/CMPL/49348, NCL/CMPL/49640, NCL/CMPL/49764) and allocation (via NCL/CMPT/50217, NCL/CMPT/51657). Two checks enforced: (i) allocation ≤ collateral received from client; (ii) allocation at CC ≥ collateral (excl. re-pledged securities) reported as passed on by CM to CC. Discrepancies surfaced on member portal (ENIT) under “Allocation Mismatch Details”; user manual annexed for member portal navigation (Inspection→Statement Upload→Client Collateral Submission→Allocation Mismatch).

ICCL 20220530-4

Section titled “ICCL 20220530-4”

Three field-update reporting requirement for securities shortages: Field 8 — quantities delivered via auctions (incl. self-auctions); Field 9 — quantities cleared via close-out; Field 11 — purchases in member or client accounts. Effective trade date 01/06/2022 (settlement 03/06/2022). Reporting cut-off S+5 working days; submissions after deadline not accepted; non-/incorrect reporting constitutes non-compliance.

ICCL 20220429-14

Section titled “ICCL 20220429-14”

Phased penalty implementation for client-level short allocation: no penalties through July 31, 2022; partial (EOD-only) August 1, 2022 - January 31, 2023; full (intraday + EOD) from February 1, 2023. Short allocation = min client upfront margin less client collateral value; intraday shortfalls may be reported with permitted reasons (excess collateral elsewhere/other CC, etc.) to avoid penalties. Penalty combines short-allocation and margin-reporting violations under existing structures using highest-of four calculation methods.

NCL/CMPT/52000

Section titled “NCL/CMPT/52000”

SLBS-segment equivalent of NCL/CMPT/51657. Operational framework for client-level collateral segregation in the Securities Lending & Borrowing Scheme: participants allocate cash/FDR/BG into participant-prop, CP, or client accounts; 50% cash-equivalent requirement; risk-reduction-mode and margin-violation monitoring at participant level (sum of client margin in excess of 90% client collateral plus participant prop margin assessed against participant prop collateral).

ICCL 20220404-41

Section titled “ICCL 20220404-41”

SEBI Annual Membership fees Rs.50,000 per segment debited on April 25, 2022 for Equity Derivatives, Currency Derivatives, New Debt, Commodity Derivatives. Debt segment exempt if member already paid in another segment. Withdrawal from respective segment’s settlement-bank account with Equity Cash backup. Template for subsequent FY membership-fee circulars.

NCL/CMPT/51657

Section titled “NCL/CMPT/51657”

Provides operational framework for client-level collateral segregation pursuant to SEBI/HO/MRD2_DCAP/CIR/2021/0598. Details (i) addition/allocation of cash, FDR, BG, GSec by CMs to TM/CP/client/CM-prop; (ii) 50% cash/cash-equivalent requirement at CM level with excess CM-prop allowed to count for clients but not vice-versa; (iii) order of margin blocking (client collateral → TM prop → CM prop); (iv) risk-reduction-mode monitoring at 90% utilization at TM and CM levels; (v) handling of marginable/non-marginable CP trades with custodian confirmation. Foundational circular for all subsequent short-allocation, penalty, and collateral-allocation circulars.

MCX/MCXCCL/088/2022

Section titled “MCX/MCXCCL/088/2022”

Sub-circular MCXCCL/C&S/034/2022. Pursuant to SEBI/HO/MRD2_DCAP/CIR/2021/0598 (Jul 20, 2021) on segregation-and-monitoring-of-collateral-at-client-level framework (timelines extended to Feb 28, 2022 by SEBI/HO/MRD2/DCAP/P/CIR/2021/667 dated Nov 23, 2021). MCXCCL CMs may allocate from cash, BG, FDR deposited and G-Sec transferred to MCXCCL CSGL account upfront to TM/CP/client/CM-prop accounts. MCX file format for allocation/deallocation per MCX/TECH/711/2021 (Nov 12, 2021) sections 5.82, 5.83. Annexures: (1) Procedure for allocation/deallocation; (2) Changes in RMS framework; (3) Changes in C&S procedures; (4) MAT changes. MLNW Rs.50 Lakh blocked from collateral pool before allocation.

MCX/MCXCCL/024/2022

Section titled “MCX/MCXCCL/024/2022”

Sub-circular MCXCCL/C&S/08/2022. Continuation of MCXCCL/C&S/316/2021 (Dec 17, 2021) on peak-margin reporting. Upfront IM at EOD computed on EOD Risk Parameter File. Between 5:00 PM and market close MCXCCL generates three additional snapshots of client-wise margin requirement (two before 9:00 PM), taken randomly within pre-defined time slots, and exports via SFTP per MCX file-format v17.4.12 (per MCX/TECH/711/2021 dated Nov 12, 2021). Maximum client intraday upfront margin across all snapshots (including the additional ones) = peak margin requirement for client/CP/TM, included in client-margin reporting file to TM/CM. Effective trade date Jan 17, 2022.

ICCL 20211217-21

Section titled “ICCL 20211217-21”

Modifies earlier ICCL circular on collateral-reporting penalty. Revised penalty structure for irregularities in daily collateral reporting; reporting deadline for client-collateral segregation data extended to 5 PM on T+1 (from earlier 1 PM). Effective from trade date December 16, 2021 onward; issued after member feedback and consultation with other CCs and SEBI.

ICCL 20211130-30

Section titled “ICCL 20211130-30”

Per SEBI Circular MRD/DoP/SE/Dep/Cir-14/2007 (Dec 20, 2007), publishes stock-specific MWPL and position-limit restrictions for Clearing Members, Institutional Investors, and Clients under the SLBS for December 2021. Detailed limits in Annexure 1; template for subsequent monthly MWPL revisions.

NCL/CMPT/50078

Section titled “NCL/CMPT/50078”
  • date_issued: 2021-10-22
  • issuer: NSCCL
  • title: “Timings for file upload/download on account of Muhurat Trading Session”
  • applies_to: broker, clearing-corp
  • in_force_date: 2021-11-04
  • status: in-force
  • impact_areas: settlement, bod-eod, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT50078.pdf

Specifies operational timings for trades on Muhurat Trading day November 4, 2021: Obligation Transfer Request (OTR) cut-off 18:30 hrs, Custodial NCIS log-off 18:30-19:00 hrs, trade-modification (CP code) window 18:00-19:45 hrs, T-day confirmation window 20:15-20:45 hrs, EPI cut-off 21:30 hrs. Settlement calendar (Rolling T+2) and client margin reporting cut-off dates published. Sets template for subsequent Muhurat timings circulars.

NCL/CMPL/49348

Section titled “NCL/CMPL/49348”
  • date_issued: 2021-08-20
  • issuer: NSCCL
  • title: “Segregation and Monitoring of Collateral at Client Level”
  • applies_to: broker, clearing-corp
  • in_force_date: 2021-10-01
  • status: superseded
  • superseded_by: NCL/CMPL/53287
  • impact_areas: client-funds, rms, file-format, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPL49348.pdf

Pursuant to SEBI/HO/MRD2_DCAP/CIR/2021/0598 dated July 20, 2021, mandates clearing members to upload disaggregated client collateral information (segment-wise and asset-type-wise) at the client level to NCL on a daily basis starting October 1, 2021. TM shall report up to its client level to CM; CM shall report up to client level of TM plus TM/CM proprietary collateral. Reporting deadline T+1 23:59:59. [unknown — verify] direct URL (cited within NCL/CMPL/53287).

MCX/MCXCCL/966/2020

Section titled “MCX/MCXCCL/966/2020”

Modification to MCXCCL/RISK/094/2020 (Apr 28, 2020) for Crude Oil. Reduction in IM/SOMM to minimum 50% on all existing/future Crude Oil contracts. Withdrawal of additional margins Rs.1,00,000 (near-month) / Rs.50,000 (other expiries) on Crude Oil Futures and Options short side. Price-movement additional margins continue per MCXCCL/RISK/094/2020. Spread-margin benefit on IM resumed for first-three-expiries with full withdrawal at expiry-day start. ELM 1.25% continues on all Crude Oil Futures and Options short positions. Options VSR 20%. Effective BOD Dec 23, 2020. Companion to MCXCCL/RISK/094/2020 (Apr 2020) on COVID-era Crude near-zero price ARMF.

NCL/CMPT/45516

Section titled “NCL/CMPT/45516”
  • date_issued: 2020-08-29
  • issuer: NSCCL
  • title: “Timelines for Collection, and reporting of margins by Trading Member / Clearing Member”
  • applies_to: broker, clearing-corp
  • in_force_date: 2020-09-01
  • status: superseded
  • superseded_by: NCL/CMPT/55056
  • impact_areas: margin, peak-margin, reporting, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT45516.pdf

Original timeline circular specifying final cut-off time for early pay-in of funds (07:45 PM) and securities (09:00 PM), download of margin report (10:30 PM), pursuant to SEBI peak-margin reporting framework. Forms the baseline subsequently revised by NCL/CMPT/55056 (Dec 2022), NCL/CMPT/58675 (Sep 2023), NCL/CMPT/60047 (Dec 2023), NCL/CMPT/61408 (Apr 2024), and NCL/CMPT/72025 (Dec 2025) for periodic alignment with SEBI running-account settlement framework. [unknown — verify] direct URL (referenced via NCL/CMPT/55056; PDF retrieval returned non-canonical response).

MCX/MCXCCL/594/2020

Section titled “MCX/MCXCCL/594/2020”

Settlement procedure for the MCX iCOMDEX Bullion Index Futures (MCXBULLDEX) launched per MCX/TRD/589/2020 (Aug 14, 2020) effective trading Aug 24, 2020. Daily MTM settlement on T+1 day at scheduled timelines. MTM forms part of daily obligation report exported to members. Logic for daily settlement/closing price computation specified.

NCL/CMPL/44977

Section titled “NCL/CMPL/44977”
  • date_issued: 2020-07-10
  • issuer: NSCCL
  • title: “Guidelines/clarifications on margin collection & reporting”
  • applies_to: broker, clearing-corp
  • in_force_date: 2020-07-10
  • status: superseded
  • superseded_by: NCL/CMPL/55133
  • impact_areas: margin, peak-margin, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPL44977.pdf

Following SEBI circulars CIR/HO/MIRSD/DOP/CIR/P/2019/139 (Nov 19, 2019) and SEBI/HO/MRD2/DCAP/CIR/P/2020/27 (Feb 24, 2020), NCL issued joint guidelines (after consultation with other CCs) on margin collection from TMs/CPs and reporting of margin shortfalls. Annexure A defines upfront-margin collection norms (VaR + ELM in CM segment) and T+2 collection window for other margins (delivery, special); Annexure B provides standardised format for reporting shortfall in collection of Crystallised Margin Obligation to NCL.

ICCL 20200706-1

Section titled “ICCL 20200706-1”

Representative SGB settlement-calendar circular. Settlement schedule for SGB Scheme 2020-21 Series 4 with three bidding cycles, each with bid open/close, obligation download, pay-in dates. Funds pay-in from existing Equity Cash settlement account. Sets template for subsequent SGB tranche settlements.

NCL/CMPT/44391

Section titled “NCL/CMPT/44391”
  • date_issued: 2020-05-15
  • issuer: NSCCL
  • title: “Review of Margin framework for Futures & Options Segment”
  • applies_to: broker, clearing-corp
  • in_force_date: 2020-06-01
  • status: superseded
  • superseded_by: NCL/CMPT/61801
  • impact_areas: margin, file-format, derivatives
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT44391.pdf

Implements revised margin framework for F&O segment pursuant to SEBI/HO/MRD2/DCAP/CIR/P/2020/27 dated February 24, 2020. From May 18, 2020 parallel EOD SPAN files (naming nsccl..s.parallel.spn.gz) and parallel ELM files (ael_parallel.csv) provided alongside production files. Parallel client-level margin files F_MG13/MG12/MG18__parallel.LIS.gz issued so members can estimate new margins; revised headings effective June 1, 2020.

ICCL 20200201-13

Section titled “ICCL 20200201-13”

Settlement procedure for RFQ trades on NDS-RST platform. For corporate bonds, commercial papers, and certificates of deposit, existing process applies unchanged. For G-Secs, T-Bills, SDLs, participants transfer funds to ICCL ICICI Bank account (Beneficiary “ICCLRF”, IFSC ICIC0000106) via NEFT/RTGS using bank account registered on RFQ platform. Securities/funds pay-in before 12:00 noon on T+1. References BSE Notice Jan 27, 2020 launching RFQ.

NCL/CMPT/43262

Section titled “NCL/CMPT/43262”
  • date_issued: 2020-01-17
  • issuer: NSCCL
  • title: “Delivery margins for Delivery Settlement in Equity Derivatives”
  • applies_to: broker, clearing-corp
  • in_force_date: 2020-01-24
  • status: [unknown — verify]
  • impact_areas: margin, derivatives, settlement, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT43262.pdf

Backfill: Modifies Item 10.2.11 of Part B of consolidated circular 001/2020 by lowering delivery margins before expiry on physically settled contracts, from 20/40/60/80% to 10/25/45/70% at expiry −4 to −1 EOD (opening paragraph and table). Members must collect delivery margins by T+1 and include them in client margin reporting (paragraph after the table). The revision applies to contracts expiring January 30, 2020 and to delivery margins levied from January 24, 2020 (closing paragraph).

NCL/CMPT/43079

Section titled “NCL/CMPT/43079”
  • date_issued: 2020-01-01
  • issuer: NSCCL
  • title: “Consolidated circular for Capital Market Segment of NCL no. 001/2020”
  • applies_to: clearing-corp, broker
  • in_force_date: 2020-01-01
  • status: superseded
  • superseded_by: NCL/CMPT/55097
  • impact_areas: settlement, margin, file-format, reporting, rms
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT43079.pdf

Annual consolidated circular for Capital Market segment compiling all NCL circulars in force as of January 1, 2020. Serves as baseline reference for SPAN file naming (nsccl..s.parallel.spn.gz), margin framework, settlement-cycle definitions, and clearing-member operational procedures. Referenced by subsequent revisions (e.g. NCL/CMPT/44391 dated May 15, 2020 partially modified Item 10 on Margins). [unknown — verify] direct retrieval (referenced via NCL/CMPT/44391; PDF on nsearchives returned a non-canonical response on direct fetch).

Practical notes

Section titled “Practical notes”
  • [gotcha] Circular IDs are case-sensitive and the issuer’s exact punctuation matters when looking them up on the official site.
  • [industry practice] Most ops teams subscribe to the issuer’s email distribution list rather than scraping the site — leads to more reliable real-time tracking.
  • [risk trade-off] Some entries are marked [unknown — verify] where the agent could not re-fetch the primary URL or the document used informal numbering; treat those as leads, not citations.

Verified through

Section titled “Verified through”

2026-09-11

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Disclaimer: This documentation was generated using Claude Code, an AI-powered LLM by Anthropic, as a research and capability estimation exercise. AI models can hallucinate — information here may be inaccurate, incomplete, or outdated. Any resemblance to the products or documentation of any specific vendor or organization is purely coincidental and unintended. This project is not directly inspired by any particular product, vendor, or proprietary system, and no plagiarism is intended. All content is based on publicly available information. This is not legal, financial, or compliance advice.