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KYC Onboarding Spec by Rakesh Waghela

NSE 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”
  • 156 circulars indexed in this issuer’s section.
  • 31 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 NSE 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 Each entry contains the verbatim circular ID, issue date, in-force date, status (in-force / superseded / withdrawn), applicable entity types, impact-area tags, a 2–4 sentence summary traceable to clauses, and the primary URL.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)”

NSE/SURV/74008

Section titled “NSE/SURV/74008”

Latest Master consolidated Surveillance and Investigation circular compiling departmental circulars up to April 30, 2026. Supersedes NSE/SURV/61848 (Apr 30, 2024) and NSE/SURV/67801 (Apr 30, 2025). Single reference for all current surveillance and investigation policies including Cautionary Messages, RTCM, ESM, GSM, ASM, OTR, OBSM-PNC, Position Limits.

NSE/INSP/73849

Section titled “NSE/INSP/73849”

Operationalises Cyber Audit framework for FY2026-27 under SEBI CSCRF (SEBI Circular dated August 20, 2024). Continues clause-4.4 framework (100% critical systems audit, 25% non-critical on sample basis), web-portal mediated monitoring, geo-tagged auditor visits. Builds on NSE/INSP/71214 dated November 10, 2025.

NSE/INSP/73436

Section titled “NSE/INSP/73436”
  • date_issued: 2026-03-23
  • issuer: NSE
  • title: “Ease of doing business measures – Relaxations in certain reporting requirements for certain Stock Brokers and doing away with the requirement of reporting of demat account”
  • applies_to: broker
  • in_force_date: 2026-03-23
  • status: in-force
  • impact_areas: reporting, file-format, onboarding
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP73436.pdf

Forwards SEBI Circular HO/38/11/(1)2026-MIRSD-POD/I/7656/2026 dated March 23, 2026 introducing ease-of-doing-business relaxations for certain trading members. Removes the requirement of demat-account-tagging reporting and other periodic submissions; aligns with SEBI Master Circular for Stock Brokers (June 17, 2025).

NSE/INSP/72118

Section titled “NSE/INSP/72118”
  • date_issued: 2026-01-01
  • issuer: NSE
  • title: “Quarterly Cyber Incident reporting under Cyber Security & Cyber Resilience Framework for Regulated Entities (REs)”
  • applies_to: broker
  • in_force_date: 2026-01-15
  • status: in-force
  • impact_areas: cyber-security, reporting, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP72118.pdf

Quarterly Cyber Incident report due January 15, 2026 for quarter ending December 31, 2025, per SEBI CSCRF (SEBI Circular dated August 20, 2024) and NSE/INSP/63502 (Aug 21, 2024). Path for online submission on member portal; member must report all cyber-incidents falling under CSCRF clause-3.4 categories during the quarter.

NSE/CMTR/71767

Section titled “NSE/CMTR/71767”

Schedules a Special CM-Segment mock trading on Saturday, December 13, 2025 from Primary Site. Pre-Open, Block-Deal window, Normal Market and Auction Market sessions exercised end-to-end. Members must participate per regulatory mock-cycle requirements.

NSE/INSP/71214

Section titled “NSE/INSP/71214”

Operationalises the cyber audit framework under SEBI’s CSCRF (SEBI Circular dated August 20, 2024) for trading members. Per clause 4.4: cyber audit must cover 100% of critical systems and 25% of non-critical systems on a sample basis with documented rationale; no audit cycle shall be left unaudited due to mid-year category change.

NSE/INSP/70900

Section titled “NSE/INSP/70900”

Operationalises half-yearly Type-III (algorithmic software) system audit for trading members for period April 01 to September 30, 2025, per SEBI CIR/MRD/DMS/34/2013, SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025 and NSE/INSP/66456 dated February 03, 2025. Empanelment per NSE/INSP/69631 dated August 12, 2025; first half-year using technology-monitored audit framework.

NSE/FAOP/70616

Section titled “NSE/FAOP/70616”

Per SEBI Circular SEBI/HO/MRD-PoD2/CIR/P/2024/00181 dated December 30, 2024 on periodic revision of derivatives lot sizes. Revises market lot: NIFTY 75→65, BANKNIFTY 35→30, FINNIFTY 65→60, MIDCPNIFTY 140→120. Operates alongside the new SEBI Tuesday/Thursday expiry-day split (NSE Tuesday, BSE Thursday) effective September 01, 2025.

NSE/INSP/70471

Section titled “NSE/INSP/70471”

Operational circular on Vulnerability Assessment and Penetration Testing (VAPT) report submission for FY2025-26 per SEBI CSCRF (SEBI Circular dated August 20, 2024). VAPT must be conducted at least once annually, with results submitted to the Exchange.

NSE/COMP/70434

Section titled “NSE/COMP/70434”
  • date_issued: 2025-09-25
  • issuer: NSE
  • title: “Consultation Paper on detailed guidelines on review of technical glitch framework for stock brokers”
  • applies_to: broker
  • in_force_date: 2025-09-25
  • status: in-force
  • impact_areas: system-audit, cyber-security, bcp-dr, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/COMP70434.pdf

Forwards SEBI Consultation Paper dated September 22, 2025 on revised Technical Glitch Framework for stock brokers. Annexure 2 contains joint-exchange detailed guidelines on Technical Glitch definition, Capacity Planning, Software Testing & Change Management, BCP/DRS, Monitoring Mechanism. Builds on NSE/COMP/54876 (Dec 16, 2022) and NSE/COMP/67379 dated March 28, 2025.

NSE/INSP/69939

Section titled “NSE/INSP/69939”
  • date_issued: 2025-09-01
  • issuer: NSE
  • title: “Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)”
  • applies_to: broker
  • in_force_date: 2025-09-01
  • status: in-force
  • impact_areas: cyber-security
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP69939.pdf

Issues NSE-specific clarifications to CSCRF implementation including how to compute the total number of registered clients for Clause 2.1.1 categorisation, with reference to SEBI clarification circulars of December 31, 2024, March 28, 2025, April 30, 2025, August 28, 2025 and FAQ dated June 11, 2025.

NSE/INSP/69906

Section titled “NSE/INSP/69906”
  • date_issued: 2025-08-29
  • issuer: NSE
  • title: “Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)”
  • applies_to: broker
  • in_force_date: 2025-08-29
  • status: in-force
  • impact_areas: cyber-security
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP69906.pdf

Forwards SEBI clarification circular SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2025/119 dated August 28, 2025 with further clarifications on the CSCRF framework introduced via SEBI Circular dated August 20, 2024 (NSE/INSP/63502).

NSE/INSP/69631

Section titled “NSE/INSP/69631”
  • date_issued: 2025-08-12
  • issuer: NSE
  • title: “Framework for Empanelment of Auditors for conducting System Audit of Trading Members”
  • applies_to: broker
  • in_force_date: 2025-08-12
  • status: in-force
  • impact_areas: system-audit, cyber-security, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP69631.pdf

Builds on SEBI Circular dated January 31, 2025 (forwarded via NSE/INSP/66456) to set joint-exchange framework for empanelment of System Auditors. Specifies eligibility (audit firm size, ISO 27001/CISA team strength), conflict-of-interest screening, mandatory rotation, geo-tag compliance and reporting requirements via web portal.

NSE/FAOP/69296

Section titled “NSE/FAOP/69296”
  • date_issued: 2025-07-24
  • issuer: NSE
  • title: “Pre-Trade risk controls - Algo Market Order pre-emptive cancellation and NNF ID-Algo ID validations”
  • applies_to: broker
  • in_force_date: 2025-07-24
  • status: in-force
  • impact_areas: surveillance, derivatives, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/FAOP69296.pdf

Strengthens pre-trade risk controls for algorithmic orders. (1) Algo Market Order pre-emptive cancellation introduced to prevent runaway market orders; (2) NNF Terminal ID to Algo ID validation enforced. Builds on NSE/FAOP/21794 (Sep 28, 2012) consolidated circular for Decision Support Tools/Algorithms. Operates alongside NSE/INVG/67858 retail-algo standards.

NSE/INVG/69255

Section titled “NSE/INVG/69255”
  • date_issued: 2025-07-22
  • issuer: NSE
  • title: “Safer participation of Retail investors in Algorithmic trading – Detailed Operational Modalities”
  • applies_to: broker
  • in_force_date: 2025-08-01
  • status: in-force
  • impact_areas: surveillance, onboarding, reporting, derivatives
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INVG69255.pdf

Issues detailed operational modalities for safer retail algorithmic trading following NSE/INVG/66524 (Feb 05, 2025) and NSE/INVG/67858 (May 05, 2025). Specifies algo categorisation (white-box/black-box, OPS thresholds), client-onboarding-with-algo questionnaire, audit-trail format, broker accountability framework and API-traceability rules. [unknown — verify] direct NSE archive URL (404 at nsearchives; reference confirmed in ricago mirror).

NSE/INSP/68856

Section titled “NSE/INSP/68856”
  • date_issued: 2025-07-01
  • issuer: NSE
  • title: “Extension towards Adoption and Implementation of Cyber Security and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)”
  • applies_to: broker
  • in_force_date: 2025-07-01
  • status: in-force
  • impact_areas: cyber-security, system-audit, bcp-dr
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP68856.pdf

Forwards SEBI extension of CSCRF adoption and implementation timeline beyond the January 1, 2025 baseline established in SEBI Circular dated August 20, 2024 (NSE/INSP/63502). Provides additional time for Mid-size and Small-size REs to meet specified CSCRF clauses based on member representations.

NSE/INSP/68566

Section titled “NSE/INSP/68566”

Issues joint-exchange Regulatory framework for Distribution of third-party products by Trading Members on their own/partner/group platforms (third-party app or parent app). Addresses observed proliferation of broker-app and group-entity platforms offering non-broking products alongside trading services. Sets disclosure, segregation, risk and AP-registration norms.

NSE/INVG/67858

Section titled “NSE/INVG/67858”

Issues implementation standards under para 7(a) of SEBI Circular dated February 04, 2025 (forwarded via NSE/INVG/66524) on safer retail participation in algorithmic trading. Annexure covers API Access Standards (static IP, OPS threshold, registration), Algo ID tagging, broker due-diligence, audit trail (5-year retention), exchange-approved server hosting requirements. Operational sibling to NSE/INVG/69255 (July 22, 2025).

NSE/SURV/67801

Section titled “NSE/SURV/67801”
  • date_issued: 2025-04-30
  • issuer: NSE
  • title: “Surveillance and Investigation Consolidated Circular”
  • applies_to: broker
  • in_force_date: 2025-04-30
  • status: superseded
  • superseded_by: NSE/SURV/74008
  • impact_areas: surveillance, reporting, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/SURV67801.pdf

Master consolidated circular compiling Surveillance and Investigation Department circulars up to April 30, 2025; 136-page reference document. Adds Reversal Trade Cancellation Mechanism (RTCM) for Equity and Equity Derivative segments, GSM for SME segment, ASM for SME, Position-limit monitoring for Equity Derivatives, Inventory Management advisory for SME Market Makers.

NSE/MSD/67753

Section titled “NSE/MSD/67753”

53-page master consolidated circular replacing NSE/MSD/61825 (April 30, 2024). Covers Scheme governing NNF, Registration, Testing (System Audit / VAPT), CTCL, IBT/STWT, DMA, Smart Order Routing, Algorithmic Trading, NNF surrender, Vendor & ASP empanelment, Foreign ISV registration, NNF Terminal Id identification, and 16 operational sections. Primary reference for member front-end / algo / API trading setup. [unknown — verify] direct NSE archive URL (404 at nsearchives; ricago mirror used).

NSE/INSP/67637

Section titled “NSE/INSP/67637”

Operationalises Cyber Audit for FY2025-26 under SEBI CSCRF (SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113 dated Aug 20, 2024) and ancillary SEBI cybersecurity circulars. Continues clause-4.4 coverage (100% critical, 25% non-critical), references foundational NSE cybersecurity circulars NSE/ITRC/40081, NSE/INSP/42422, NSE/INSP/52605, NSE/INSP/53387. Foreshadows FY2026 audit operationalisation via NSE/INSP/73849.

NSE/COMP/67379

Section titled “NSE/COMP/67379”
  • date_issued: 2025-03-28
  • issuer: NSE
  • title: “FAQs on Framework to address the ‘technical glitches’ in Trading Member’s Electronic Trading Systems, Revised Financial Disincentives, Penalty Structure and Reporting Formats”
  • applies_to: broker
  • in_force_date: 2025-04-01
  • status: in-force
  • impact_areas: system-audit, bcp-dr, reporting
  • primary_url: https://www.ricago.com/assets/front/base/file/file_management/3416.pdf

FAQ supplement to NSE/COMP/54876 (Dec 16, 2022) and SEBI Circular SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160 dated November 25, 2022 on technical-glitch reporting. Revised financial disincentive and penalty structure (Part ‘B’) effective April 01, 2025. Members must use ENIT portal for incident reporting. [unknown — verify] direct NSE archive URL (404; ricago mirror used).

NSE/CMTR/67133

Section titled “NSE/CMTR/67133”

Updates tick-size matrix in CM segment per NSE/CMTR/62174 (May 24, 2024). Applies revised tick-size grid: Rs ≤ 250 → 0.01, ≤1000 → 0.05, >1000 → 0.10, >5000 → 0.50, >10,000 → 1.00, >20,000 → 5.00, effective trade date April 15, 2025. First revision based on March 28, 2025 closing prices; monthly review thereafter. Sister circular NSE/FAOP/67134 for F&O.

NSE/FAOP/67134

Section titled “NSE/FAOP/67134”

Partial modification to NSE/FAOP/62175 (May 24, 2024) for revised tick-size grid in stock futures, mirroring the CM-segment revision in NSE/CMTR/67133 (Mar 13, 2025). Stock futures continue to mirror their underlying CM tick size.

NSE/ISC/66717

Section titled “NSE/ISC/66717”
  • date_issued: 2025-02-18
  • issuer: NSE
  • title: “Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account”
  • applies_to: broker
  • in_force_date: 2025-02-18
  • status: in-force
  • impact_areas: settlement, client-funds, file-format, onboarding
  • primary_url: https://nsearchives.nseindia.com/content/circulars/ISC66717.pdf

Continues direct-payout demat-mapping operational stream — covers NSE/ISC/64984 (Nov 08, 2024), NSE/ISC/66165 (Jan 16, 2025). Communicates further implementation steps for Trading Members on UCC demat-account validation, error handling and direct-pay-out reconciliation.

NSE/INVG/66524

Section titled “NSE/INVG/66524”

Forwards SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013 dated February 04, 2025 establishing framework for safer retail participation in algorithmic trading. Implementation effective August 01, 2025: static IP for API access, ≤ 10 orders-per-second threshold, mandatory algo-ID registration, broker-API-vendor traceability for 5 years, exchange-approved server hosting. Operational standards subsequently issued via NSE/INVG/67858 (May 05, 2025) and NSE/INVG/69255 (Jul 22, 2025). [unknown — verify] direct NSE archive URL (404 at nsearchives; full text mirrored at ricago).

NSE/INSP/66456

Section titled “NSE/INSP/66456”
  • date_issued: 2025-02-03
  • issuer: NSE
  • title: “Framework for Monitoring and Supervision of System Audit of Stockbrokers (SBs) through Technology based Measures”
  • applies_to: broker
  • in_force_date: 2025-04-27
  • status: in-force
  • impact_areas: system-audit, cyber-security, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP66456.pdf

Forwards SEBI Circular SEBI/HO/MIRSD/TPD/CIR/2025/10 dated January 31, 2025 establishing technology-based monitoring of system audits — web-portal-driven workflow, geolocation capture of auditor’s on-site visit, OTP-based auditor access, standardised audit plan and ATR. Web-portal link goes live April 27, 2026; foundation for NSE/INSP/69631 (auditor empanelment) and NSE/INSP/70900 (Type-III audit FY26).

NSE/CMPT/66281

Section titled “NSE/CMPT/66281”
  • date_issued: 2025-01-24
  • issuer: NSE
  • 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, mandate, settlement, onboarding, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMPT66281.pdf

NSE Clearing operational update on UPI-Block (ASBA-like) Trading Supported by Blocked Amount in Secondary Market mechanism per SEBI Circular dated June 23, 2023 and NCL/CMPT/58895 (Oct 12, 2023), NCL/CMPT/63735 (Sep 04, 2024). UCC deregistration request received on T-day made effective on T-day itself; UCC marked “Not Opted for UPI Block facility” upon successful CC API notification. Effective January 27, 2025.

NSE/INSP/66284

Section titled “NSE/INSP/66284”

Keeps NSE/INSP/63425 (Aug 14, 2024 — referral scheme restrictions to require AP registration) in abeyance pending Brokers’ ISF representation. Members may continue with current referral-scheme arrangements pending final clarification. Indicates regulatory pause on AP-only-referrer requirement.

NSE/CMTR/66081

Section titled “NSE/CMTR/66081”

Schedules a CM-Segment mock trading session on Saturday, January 11, 2025 from DR Site (no new NEAT release). DR-site cycle exercises member connectivity to the secondary exchange location; counts toward BCP-DR mock obligations.

NSE/CMTR/65950

Section titled “NSE/CMTR/65950”

Schedules a CM-Segment mock trading session on Saturday, January 04, 2025 with NEAT+ 7.7.6. Continuation of NSE/CMTR/65795 (Dec 26, 2024). Mock cycles validate member NEAT and CTCL system compatibility and BCP readiness.

NSE/INVG/65921

Section titled “NSE/INVG/65921”
  • date_issued: 2024-12-31
  • issuer: NSE
  • title: “Measures to instil confidence in securities market – Brokers’ Institutional mechanism for prevention and detection of fraud or market abuse - update”
  • applies_to: broker
  • in_force_date: 2024-12-31
  • status: in-force
  • impact_areas: surveillance, system-audit, reporting, cyber-security
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INVG65921.pdf

Updates broker institutional mechanism for prevention and detection of fraud and market abuse, in line with SEBI’s enhanced surveillance framework. Specifies surveillance system controls, escalation pathways, employee training, whistleblower mechanism and the Surveillance Obligation Report (SOR) format/timeline.

NSE/CMTR/65587

Section titled “NSE/CMTR/65587”

Notifies CY2025 trading holidays for the Capital Market Segment. Includes Mahashivratri, Holi, Id-Ul-Fitr, Shri Mahavir Jayanti, Dr Baba Saheb Ambedkar Jayanti, Good Friday, Maharashtra Day, Independence Day, Ganesh Chaturthi, Gandhi Jayanti/Dussehra, Diwali Laxmi Pujan (Muhurat trading), Balipratipada, Guru Nanak Jayanti, Christmas. Sets BOD/EOD file-publication schedule for the year.

NSE/FAOP/65336

Section titled “NSE/FAOP/65336”
  • date_issued: 2024-11-29
  • issuer: NSE
  • title: “Revision in Expiry Day of Index derivatives contracts”
  • applies_to: broker
  • in_force_date: 2024-11-29
  • status: superseded
  • superseded_by: NSE/FAOP/70616
  • impact_areas: derivatives, file-format, other
  • primary_url: https://nsearchives.nseindia.com/content/circulars/FAOP65336.pdf

Partial modification to Chapter 1.14 (Contract Specification of Index derivatives) of NSE/FAOP/61814 (consolidated Apr 29, 2024). Unifies index-derivative expiry days: BANKNIFTY monthly+quarterly (from Last Wednesday), FINNIFTY monthly (from Last Tuesday), MIDCPNIFTY monthly (from Last Monday) — all standardise to Last Thursday of expiry month. Subsequently superseded by NSE/FAOP/70616 implementing SEBI 1-Sep-2025 NSE-Tuesday / BSE-Thursday split.

NSE/INSP/64996

Section titled “NSE/INSP/64996”
  • date_issued: 2024-11-08
  • issuer: NSE
  • title: “Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account”
  • applies_to: broker
  • in_force_date: 2024-11-08
  • status: in-force
  • impact_areas: settlement, client-funds, file-format, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP64996.pdf

Operational follow-up to NSE/INSP/64381 (Oct 04, 2024) on direct-payout-to-demat. Notes NCL/CMPT/64925 (Nov 06, 2024) confirming NCL will identify pay-in shortages and conduct auction on behalf of member; specifies that until revised procedure goes live, existing internal-auction process per NCL/CMPT/64464 continues. Members must maintain UCC-ISIN demat-mapping accurately.

NSE/ISC/64967

Section titled “NSE/ISC/64967”
  • date_issued: 2024-11-08
  • issuer: NSE
  • title: “Enhancement of Operational Efficiency and Risk Reduction - Pay-out of Securities directly to client demat account”
  • applies_to: broker
  • in_force_date: 2024-11-08
  • status: in-force
  • impact_areas: settlement, client-funds, file-format, onboarding
  • primary_url: https://nsearchives.nseindia.com/content/circulars/ISC64967.pdf

NSE ISC initiates demat-account validation exercise (Primary/Secondary) for all active UCCs in support of direct-payout regime. Validates UCC-demat mapping with depositories to enable CC direct-credit pay-out per SEBI Circular dated June 05, 2024 and prior NSE/INSP/62420 (Jun 11, 2024), NSE/ISC/62810 (Jul 05, 2024), NSE/ISC/63535 (Aug 23, 2024), NSE/ISC/64423 (Oct 08, 2024), NSE/ISC/64509 (Oct 11, 2024).

NSE/CMTR/64612

Section titled “NSE/CMTR/64612”

Schedules a CM-Segment mock trading session on Saturday, October 19, 2024 from Primary Site (no new NEAT release). One of several monthly mock cycles supporting member BCP/DR exercises and regulatory mock-participation requirements.

NSE/INSP/64438

Section titled “NSE/INSP/64438”

Operationalises system audit for Type-III (algorithm software) trading members for the half-year April 01 to September 30, 2024 across all NNF trading software in all segments, with timelines for preliminary audit and ATR. Continues the half-yearly cadence for Type-III brokers introduced for algo trading.

NSE/INSP/64439

Section titled “NSE/INSP/64439”

Operationalises half-yearly cyber security/resilience audit for Type-III (algo software) trading members for April 01 to September 30, 2024, per SEBI cybersecurity framework circulars and NSE/ITRC/40081, NSE/INSP/42422, NSE/INSP/52605, NSE/INSP/53387.

NSE/INSP/64381

Section titled “NSE/INSP/64381”
  • date_issued: 2024-10-04
  • issuer: NSE
  • title: “Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account”
  • applies_to: broker
  • in_force_date: 2024-10-14
  • status: in-force
  • impact_areas: settlement, client-funds, file-format, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP64381.pdf

Inspection-side guideline aligned to SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75 (June 05, 2024) and NCL/CMPT/63669 (Aug 30, 2024) requiring securities pay-out to be credited directly to client demat account (instead of pool account). Effective from Oct 14, 2024. Continues compliance Standard Operating Guidelines from NCL CMPT circulars and ICCL Notice No 20240902-8. Members must square trades, shortage handling and direct-credit ISIN/account-mapping per CC operating procedure.

NSE/SURV/64402

Section titled “NSE/SURV/64402”

Updates cautionary-message file format and dissemination process introduced via NSE/SURV/60281 (Jan 16, 2024). REG_INDDDMMYY.csv file at https://www.nseindia.com/all-reports identifies securities under Surveillance & Other actions for member trading terminals to display scrip-specific cautionary messages at order entry. Continuation of NSE/SURV/39327, /45768, /53054, /54513, /55831, /57110, /57778, /60281, /60574, /63563.

NSE/COMP/64293

Section titled “NSE/COMP/64293”

Operational reminder for half-yearly Networth Certificate submission as on September 30, 2024, due October 31, 2024 (MTF members) / November 30, 2024 (others) via ENIT-NEW-COMPLIANCE. Cross-references NSE/COMP/64159 dated September 26, 2024. Disciplinary action per NSE/INSP/53530 dated September 2, 2022 for late/short submission.

NSE/INSP/64315

Section titled “NSE/INSP/64315”

Revises NSE/INSP/53525 — permits members to pass on peak-margin penalty to client if short/non-collection is attributable to: (i) cheque dishonour, (ii) margin increase due to client-driven hedge change/leg expiry, and other specified client-attributable causes. Released after Broker’s ISF representations and SEBI consideration.

NSE/INSP/64053

Section titled “NSE/INSP/64053”
  • date_issued: 2024-09-20
  • issuer: NSE
  • title: “Clarifications on Reporting of Segregation and Monitoring of collateral at Client level Submission”
  • applies_to: broker
  • in_force_date: 2024-12-19
  • status: in-force
  • impact_areas: client-funds, reporting, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP64053.pdf

Resolves Broker’s ISF representation on lack of UCC for unidentified credits/suspense funds. Members must create a designated UCC “SUSPE1234N” on member PAN in back office for allocating/reporting unidentified credits to clearing corporations, while not creating it in Exchange UCC database (no orders to be permitted). Members must keep unidentified/suspense funds upstreamed; compliance deadline December 19, 2024.

NSE/CMTR/63915

Section titled “NSE/CMTR/63915”

Schedules a CM-Segment mock trading session on Saturday, September 14, 2024 with NEAT+ 7.7.3. Allows members to test call-auction modification (NSE/CMTR/63747) and end-to-end CM workflow. Mock trade obligations are netted to zero; counts toward member regulatory mock-participation requirements per SEBI Circular SEBI/HO/MRD1/DSAP/CIR/P/2020/234 dated November 24, 2020.

NSE/INSP/63859

Section titled “NSE/INSP/63859”

Releases FAQs on the revised Contract Note format prescribed in NSE/INSP/61999. Addresses representations from members on optional vs mandatory fields, segment-wise additions and treatment of digital-pledge/MTF in Annexure A and B.

NSE/CMTR/63747

Section titled “NSE/CMTR/63747”
  • date_issued: 2024-09-04
  • issuer: NSE
  • title: “Modification in duration for Call Auction in Pre-Open session for Initial Public Offer (IPO) and Relisted Scrips”
  • applies_to: broker
  • in_force_date: 2024-09-17
  • status: in-force
  • impact_areas: file-format, other
  • primary_url: https://nsearchives.nseindia.com/content/circulars/CMTR63747.pdf

Modifies Section 1.2 of NSE/CMTR/61813 (Apr 29, 2024) and implements SEBI Circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/85 (Jun 20, 2024) on pre-open call-auction duration for IPO/SME-IPO/relisted scrips. Effective LIVE September 17, 2024. Adds transparency disclosure of number and quantity in pre-open call.

NSE/COMP/63628

Section titled “NSE/COMP/63628”
  • date_issued: 2024-08-28
  • issuer: NSE
  • title: “Framework for Supervision of Authorised Persons (APs) & Branches by Members”
  • applies_to: broker
  • in_force_date: 2024-08-28
  • status: in-force
  • impact_areas: onboarding, surveillance, reporting, system-audit
  • primary_url: https://nsearchives.nseindia.com/content/circulars/COMP63628.pdf

Revised joint-exchange framework for supervision of APs and Branches by members. Annexure A prescribes minimum/indicative scope, criteria and methodology for AP/Branch inspections, harmonising periodic inspection cadence, sample criteria, on-site visit obligations and report documentation. Supersedes/updates earlier AP-supervisory framework circulars (NSE/COMP/48536, 49509, 50030, 56947, 58438).

NSE/INSP/63502

Section titled “NSE/INSP/63502”
  • date_issued: 2024-08-20
  • issuer: NSE
  • title: “Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)”
  • applies_to: broker
  • in_force_date: 2025-01-01
  • status: in-force
  • impact_areas: cyber-security, system-audit, bcp-dr
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP63502.pdf

Forwards SEBI Cybersecurity and Cyber Resilience Framework (CSCRF) circular SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113 dated August 20, 2024 to NSE members. Establishes five-goal framework (Anticipate, Withstand, Contain, Recover, Evolve), compliance deadline January 1, 2025 for existing REs, April 1, 2025 for newly regulated. Subsequently clarified via NSE/INSP/69906 and NSE/INSP/71214.

NSE/INSP/63425

Section titled “NSE/INSP/63425”

Reinforces that any person referring a client to a trading member must be registered as that member’s Authorised Person. Updates the incentive/referral framework set by NSE/INSP/43029, /43824 and /51772 and AP-related NSE/COMP/48536, /56947, /58438. Closes gap where non-AP referrers were paid incentives.

NSE/INSP/62420

Section titled “NSE/INSP/62420”
  • date_issued: 2024-06-11
  • issuer: NSE
  • title: “Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account”
  • applies_to: broker
  • in_force_date: 2024-10-14
  • status: in-force
  • impact_areas: settlement, client-funds, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP62420.pdf

First NSE-side forwarding of SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75 dated June 05, 2024 on direct-pay-out of securities to client demat. Predecessor to NSE/INSP/63885 (Sep 11, 2024), NSE/INSP/64381 (Oct 04, 2024), NSE/INSP/64996 (Nov 08, 2024). Pay-out direct-to-demat go-live October 14, 2024.

NSE/CMTR/62174

Section titled “NSE/CMTR/62174”

Introduces price-linked tick size in Capital Market Segment for securities priced below Rs 250 (revised from Rs 0.05 to Rs 0.01). Securities reviewed monthly using last-trading-day closing price; same tick applies in T+0 settlement series. Sister circular NSE/FAOP/62175 issued same day for F&O segment.

NSE/FAOP/62175

Section titled “NSE/FAOP/62175”

Introduces underlying-price-linked tick size in stock futures aligned with CM Segment per NSE/CMTR/62174. Stock futures use the same tick size as their underlying security; monthly review at month-end close.

NSE/INSP/61999

Section titled “NSE/INSP/61999”

Further revises Contract Note format following SEBI master regulatory changes; supersedes the format in NSE/INSP/51772 dated March 25, 2022, NSE/INSP/45879 dated September 30, 2020, NSE/INSP/39158 dated October 15, 2018 and NSE/INSP/35036 dated June 05, 2017. Members opting for Contract Note Cum Tax Invoice / separate Contract Note + tax invoice use revised Annexure A / B respectively.

NSE/MSD/61893

Section titled “NSE/MSD/61893”
  • date_issued: 2024-05-07
  • issuer: NSE
  • title: “Special Live trading session on Saturday, May 18, 2024 with intra day switch over to DR site”
  • applies_to: broker
  • in_force_date: 2024-05-18
  • status: in-force
  • impact_areas: bcp-dr, system-audit
  • primary_url: https://nsearchives.nseindia.com/content/circulars/MSD61893.pdf

Schedules special live trading session on Saturday, May 18, 2024 with intra-day switchover from Primary to DR site in CM and F&O segments. Per SEBI Circular SEBI/HO/MRD/DMS1/CIR/P/2019/43 (Mar 26, 2019) and prior NSE BCP-DR circulars (NSE/MSD/44692, /48662). Exercises member operational readiness for unannounced DR cutover.

NSE/ISC/61817

Section titled “NSE/ISC/61817”

Updated UCC Master Circular consolidating all UCC-related circulars up to March 31, 2024. Annexure file formats: API TDD-UCI External Interface UAT v2.0, bulk category-disclosure (COM segment), Active/Inactive/Closed status update file structure, weekly UCC-upload data report (Annexure H Sheet E). Applicable across CM, F&O, CD, COM, SLBM and Debt segments. Replaces NSE/ISC/57393 (June 30, 2023).

NSE/SURV/61848

Section titled “NSE/SURV/61848”
  • date_issued: 2024-04-30
  • issuer: NSE
  • title: “Surveillance and Investigation Consolidated Circular”
  • applies_to: broker
  • in_force_date: 2024-04-30
  • status: superseded
  • superseded_by: NSE/SURV/67801
  • impact_areas: surveillance, reporting, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/SURV61848.pdf

Master consolidated circular compiling all Surveillance and Investigation Department circulars up to April 30, 2024 — covering Periodic Call Auction, GSM/ESM/ASM/STASM, Persistent Noise Creators, OTR, Position Limits, ASM Spoofing, Penalty Structure, Cautionary Messages, IBC measures, ICA, CCM, Client Due Diligence, Abnormal Trades Penalty. Single reference document for members.

NSE/CMTR/61805

Section titled “NSE/CMTR/61805”

Partial modification to Part C 1.8 of NSE/CMTR/57270 (Jun 26, 2023) revising Auction Market timings in the CM Segment. Adjusts T+2 / T+1 auction window in line with shortened settlement cycle, sets pay-in/pay-out cut-offs and BOD/EOD file publication times.

NSE/INSP/61529

Section titled “NSE/INSP/61529”
  • date_issued: 2024-04-08
  • issuer: NSE
  • title: “Framework for Trading Members to provide the facility of voluntary freezing/blocking the online access of the trading account to their clients”
  • applies_to: broker
  • in_force_date: 2024-07-01
  • status: in-force
  • impact_areas: onboarding, closure, rms, surveillance
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP61529.pdf

Operationalises voluntary freeze/block framework finalised under SEBI Circular dated January 12, 2024. Annexure 1: framework specifying acceptable freeze-channels (registered email, app, web, IVR), TAT (15 minutes for online; T+1 EOD acknowledgement; permanent block after 7 days), unfreeze procedure, position-square-off rules, MITC-and-website disclosure obligations. Members must update their Risk Management Policy accordingly.

NSE/INSP/61164

Section titled “NSE/INSP/61164”
  • date_issued: 2024-03-15
  • issuer: NSE
  • title: “Annual Calendar and Operational Guidelines for Settlement of Running account of clients’ funds lying with the Trading members”
  • applies_to: broker
  • in_force_date: 2024-04-01
  • status: in-force
  • impact_areas: client-funds, settlement, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP61164.pdf

Issues annual running-account settlement calendar (quarterly and monthly) for FY2024-25 jointly across exchanges, with operational guidelines per SEBI circular dated December 28, 2023 (NSE/INSP/60014). Sets settlement-date matrix for member compliance.

NSE/INSP/61121

Section titled “NSE/INSP/61121”
  • date_issued: 2024-03-13
  • issuer: NSE
  • title: “Discontinuation of Reporting of Client Level Cash and Cash Equivalent Balances”
  • applies_to: broker
  • in_force_date: 2024-03-18
  • status: in-force
  • impact_areas: reporting, file-format, client-funds, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP61121.pdf

Discontinues day-wise Client Level Cash and Cash Equivalent Balances reporting via API under NSE/INSP/43486 and NSE/INSP/52509. Last submission period: week ending March 16, 2024 (due March 18, 2024). Subsequent monitoring shifts to Segregation and Monitoring of Collateral at Client Level reporting at CC level.

NSE/INSP/60986

Section titled “NSE/INSP/60986”

Following SEBI advice, allows auditors empanelled with any recognised stock exchange to conduct Internal Audit of trading members across exchanges (cross-exchange auditor recognition). Eligibility and documentation per NSE/INSP/59789. Reduces duplicate empanelment burden for audit firms.

NSE/COMP/60859

Section titled “NSE/COMP/60859”

Operationalises Annual Maintenance Charge (AMC) of Rs 5,000 per registered AP per year across segments from April 01, 2024 (FY2024-25), payable in April of each FY based on March-31 AP register. AMC once charged is non-refundable, including in cases of mid-year AP cancellation or disciplinary action.

NSE/CMTR/60813

Section titled “NSE/CMTR/60813”

Operationalises ETF availability in the existing CM Block Deal Window (minimum Rs 10 Cr trade, ±1% reference price) per SEBI Circular SEBI/HO/IMD/DOF2/P/CIR/2022/69 dated May 23, 2022. Direct redemption/subscription with AMC continues for amounts >= Rs 25 Cr.

NSE/ISC/60418

Section titled “NSE/ISC/60418”

Revises the user manual for the UCC upload API introduced via NSE/ISC/47939. Updated UAT and Live user manual placed on Member Portal > UCI Online > Help > Manuals. Members must re-test the revised API in UAT before live use.

NSE/INSP/60369

Section titled “NSE/INSP/60369”
  • date_issued: 2024-01-20
  • issuer: NSE
  • title: “Operational guidelines and SOP on Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)”
  • applies_to: broker
  • in_force_date: 2024-01-20
  • status: in-force
  • impact_areas: upstreaming, client-funds, reporting, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP60369.pdf

Issues Operational guidelines and SOP for upstreaming per ISF and SEBI consultation. Establishes cut-off times (5 PM clear-credit) and monitoring mechanism for upstreaming implementation. Operational sibling to SEBI Circular dated December 12, 2023 forwarded via NSE/INSP/59725.

NSE/INSP/60277

Section titled “NSE/INSP/60277”
  • date_issued: 2024-01-16
  • issuer: NSE
  • title: “Ease of Doing Investments by Investors - Facility of voluntary freezing/ blocking of Trading Accounts by Clients”
  • applies_to: broker
  • in_force_date: 2024-07-01
  • status: superseded
  • superseded_by: NSE/INSP/61529
  • impact_areas: onboarding, closure, rms, surveillance
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP60277.pdf

Forwards SEBI Circular SEBI/HO/MIRSD/POD-1/P/CIR/2024/4 dated January 12, 2024 mandating trading members to provide a facility for voluntary freezing/blocking of online trading account access by clients on suspicious-activity detection. Framework finalisation by Apr 01, 2024; implementation by July 01, 2024. Operationalised via NSE/INSP/61529 dated April 08, 2024.

NSE/INSP/60147

Section titled “NSE/INSP/60147”

Forwards SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/180 dated November 13, 2023 on Most Important Terms and Conditions (MITC). New clients onboarded from April 01, 2024 must acknowledge (sign) the MITC; existing clients must be informed by June 01, 2024 via email or preserved channel per NSE/INSP/52604.

NSE/FAOP/60011

Section titled “NSE/FAOP/60011”
  • date_issued: 2023-12-28
  • issuer: NSE
  • title: “Revision in Expiry Day of NIFTY BANK (BANKNIFTY) Monthly and Quarterly Contract Cycle”
  • applies_to: broker
  • in_force_date: 2023-12-28
  • status: in-force
  • impact_areas: derivatives, file-format, other
  • primary_url: https://nsearchives.nseindia.com/content/circulars/FAOP60011.pdf

Partial modification to F&O consolidated circular NSE/FAOP/57264 (Jun 23, 2023) and NSE/FAOP/57540 (Jul 12, 2023). Aligns BANKNIFTY monthly and quarterly contract expiry to Wednesday, following weekly-expiry alignment. Operationalisation steps for revised monthly and quarterly expiry contracts post existing-cycle settlement.

NSE/INSP/60014

Section titled “NSE/INSP/60014”

Forwards SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2023/197 dated December 28, 2023 prescribing revised settlement of running account framework (quarterly/monthly, with first Friday-Saturday of relevant quarter). Triggers issuance of annual calendar/SOP via NSE/INSP/61164.

NSE/INSP/59789

Section titled “NSE/INSP/59789”

Issues detailed procedure for empanelment of auditors eligible for Internal Audit of trading members, building on NSE/INSP/56678. Forms the basis for joint-exchange auditor recognition operationalised via NSE/INSP/60986 (March 04, 2024).

NSE/CMTR/59722

Section titled “NSE/CMTR/59722”

Notifies CY2024 trading holidays for the Capital Market Segment. Includes Republic Day, Mahashivratri, Holi, Good Friday, Id-Ul-Fitr, Ram Navmi, Maharashtra Day, Bakri Id, Moharram, Independence Day/Parsi New Year, Ganesh Chaturthi, Gandhi Jayanti, Diwali (Muhurat), Christmas. Sets BOD/EOD file-publication schedule for the year.

NSE/INSP/59725

Section titled “NSE/INSP/59725”
  • date_issued: 2023-12-12
  • issuer: NSE
  • title: “Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)”
  • applies_to: broker
  • in_force_date: 2023-12-12
  • status: in-force
  • impact_areas: upstreaming, client-funds
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP59725.pdf

Forwards SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187 dated December 12, 2023 extending and modifying the upstreaming framework. Sets the basis for operational SOP issued via NSE/INSP/60369 dated January 20, 2024.

NSE/INSP/59367

Section titled “NSE/INSP/59367”

First NSE forwarding of SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/180 dated November 13, 2023 on Most Important Terms and Conditions (MITC). Annexure A contains the standard MITC text. Predecessor to operating circular NSE/INSP/60147 (Jan 05, 2024) setting April 01, 2024 new-client and June 01, 2024 existing-client implementation deadlines.

NSE/INSP/58955

Section titled “NSE/INSP/58955”
  • date_issued: 2023-10-16
  • issuer: NSE
  • title: “SEBI Master Circular on Know Your Client (KYC) norms for the securities market”
  • applies_to: broker
  • in_force_date: 2023-10-16
  • status: in-force
  • impact_areas: onboarding, re-KYC, aml, fatca-crs, digi-locker, esign
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP58955.pdf

Forwards SEBI Master Circular SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169 dated October 12, 2023 consolidating SEBI KYC norms for the securities market — Digital KYC, In-Person Verification, Aadhaar-based eKYC (UIDAI), eSign, OVDs, FATCA-CRS, KYC Registration Agency (KRA) and KYC modification process. Single reference for member KYC compliance.

NSE/COMP/58570

Section titled “NSE/COMP/58570”

Operational reminder for half-yearly Networth Certificate submission via ENIT as on September 30, 2023, due November 30, 2023 (MTF-availing members: October 31, 2023). Networth threshold per SEBI Gazette No. SEBI/LAD-NRO/GN/2022/73 dated February 23, 2022 (higher of Base or Variable Networth). Refers NSE/COMP/55447 for Networth ascertainment guidance.

NSE/COMP/58438

Section titled “NSE/COMP/58438”

Operationalises identification and removal of inactive AP terminals (no trades within last six months) introduced via NSE/COMP/56947. Members must identify, classify and act on inactive APs and report status. Introduces foundation for AP Annual Maintenance Charge (AMC) effective FY2024-25 (later set at Rs 5000/AP/year via NSE/COMP/60859).

NSE/INSP/57959

Section titled “NSE/INSP/57959”
  • date_issued: 2023-08-11
  • issuer: NSE
  • title: “FAQ on Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)”
  • applies_to: broker
  • in_force_date: 2023-08-11
  • status: in-force
  • impact_areas: upstreaming, client-funds
  • primary_url: https://archives.nseindia.com/content/circulars/INSP57959.pdf

Updates FAQ on upstreaming framework based on member representations following initial June 2023 circulars (NSE/INSP/57250, /57382). Clarifies operational aspects of cash/FDR-lien/MFOS-pledge upstreaming, cut-off times, and reporting of reasons for collateral withdrawal (effective September 01, 2023).

NSE/INSP/57639

Section titled “NSE/INSP/57639”

Informs members that data reported towards segregation and monitoring of collateral at client level submission is used by the Exchange for supervisory activities including penalty levy. References NSE/INSP/49691 and NSE/INSP/50069. Reiterates importance of accurate disaggregated collateral reporting.

NSE/FAOP/57540

Section titled “NSE/FAOP/57540”
  • date_issued: 2023-07-12
  • issuer: NSE
  • title: “Revision in Expiry Day of NIFTY BANK (BANKNIFTY) Index Options Weekly Contract Cycle”
  • applies_to: broker
  • in_force_date: 2023-09-04
  • status: in-force
  • superseded_by: NSE/FAOP/60011
  • impact_areas: derivatives, file-format, other
  • primary_url: https://archives.nseindia.com/content/circulars/FAOP57540.pdf

Partial modification to item 1.14 of F&O consolidated circular NSE/FAOP/57264 (Jun 23, 2023). Changes BANKNIFTY weekly index options expiry day from Thursday to Wednesday effective trade date September 04, 2023; all existing weekly Thursday contracts revised to Wednesday at September 01, 2023 EOD. First Wednesday weekly expiry: September 06, 2023.

NSE/INSP/57382

Section titled “NSE/INSP/57382”
  • date_issued: 2023-06-30
  • issuer: NSE
  • title: “Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)”
  • applies_to: broker
  • in_force_date: 2023-06-30
  • status: in-force
  • impact_areas: upstreaming, client-funds
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP57382.pdf

Forwards SEBI Implementation Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/110 dated June 30, 2023 implementing the upstreaming framework. Sets the operational go-live trajectory referenced by NSE/INSP/57250 (FAQ) and follow-on operational circulars NSE/INSP/60369 (SOP) and NSE/INSP/59725 (extension).

NSE/INSP/57394

Section titled “NSE/INSP/57394”
  • date_issued: 2023-06-30
  • issuer: NSE
  • title: “Consolidated Circular for All Members - Inspection Department”
  • applies_to: broker
  • in_force_date: 2023-06-30
  • status: superseded
  • superseded_by: NSE/INSP/67804
  • impact_areas: onboarding, re-KYC, dormant, aml, reporting, client-funds, system-audit, cyber-security, grievance, other
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP57394.pdf

Master consolidated circular compiling inspection-department regulatory requirements up to June 30, 2023, covering KYC, PMLA, client-funds settlement, margin reporting, system/cyber audit, dormant accounts, books and records, branch/AP audit, etc. Single reference document for member compliance; periodically refreshed (next: NSE/INSP/67804 dated April 30, 2025). [unknown — verify] direct URL (PDF returned 404 in our archive lookup; full text 148 pages mirrored at ricago).

NSE/ISC/57393

Section titled “NSE/ISC/57393”

First-issuance Master Circular consolidating all UCC-related circulars and operational requirements issued by NSE Investor Services Cell up to March 31, 2023. Categorised as Part A (Introduction), Part B (Reports available), Part C (Consolidated list of applicable circulars). Replaces piecemeal NSE/ISC circulars; subsequently updated via NSE/ISC/61817 (April 30, 2024).

NSE/SURV/57315

Section titled “NSE/SURV/57315”

Consolidates penalty structure for various surveillance non-compliances by trading members — late/non-submission of surveillance obligation, breach of position limits, abnormal/non-genuine transactions, surveillance-margin shortfall, OTR breaches. Reference document for inspection and disciplinary action.

NSE/INSP/57250

Section titled “NSE/INSP/57250”
  • date_issued: 2023-06-22
  • issuer: NSE
  • title: “FAQ on Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)”
  • applies_to: broker
  • in_force_date: 2023-06-22
  • status: in-force
  • impact_areas: upstreaming, client-funds
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP57250.pdf

Releases FAQ on upstreaming of clients’ funds by SBs/CMs to Clearing Corporations following SEBI Circular dated June 08, 2023 and NSE/INSP/57041 dated June 09, 2023. Clarifies forms of upstreaming (cash, lien on FDR, pledge of Mutual Fund Overnight Schemes), bank-CM exemption, cut-off times.

NSE/MSD/57151

Section titled “NSE/MSD/57151”
  • date_issued: 2023-06-16
  • issuer: NSE
  • title: “Simulated Environment Consolidated Circular”
  • applies_to: broker
  • in_force_date: 2023-06-16
  • status: superseded
  • impact_areas: system-audit, bcp-dr, derivatives, commodities, other
  • primary_url: https://archives.nseindia.com/content/circulars/MSD57151.pdf

Consolidates Simulated-Environment circulars for CM, F&O, CD and CO segments issued during April 01, 2020 to March 31, 2023. Updates earlier July 03, 2020 consolidation. Single reference for member System-Audit and Type-III audit simulated-environment testing requirements.

NSE/INSP/57041

Section titled “NSE/INSP/57041”
  • date_issued: 2023-06-09
  • issuer: NSE
  • title: “Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)”
  • applies_to: broker
  • in_force_date: 2023-06-09
  • status: in-force
  • impact_areas: upstreaming, client-funds
  • primary_url: https://archives.nseindia.com/content/circulars/INSP57041.pdf

First NSE forwarding of SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023 on upstreaming of clients’ funds by SBs/CMs to CCs. Followed by FAQ (NSE/INSP/57250 dated June 22, 2023), implementation (NSE/INSP/57382 dated June 30, 2023), updated FAQ (NSE/INSP/57959 dated August 11, 2023), SOP (NSE/INSP/60369), extensions (NSE/INSP/59725).

NSE/COMP/56947

Section titled “NSE/COMP/56947”

Strengthens framework for supervision of APs by trading members further to SEBI/NSE earlier circulars (NSE/INSP/28434, /42448, NSE/COMP/48536, /49509, /50030). Adds incident reporting timeline (2 working days for assured-return/unauthorised-scheme observations), AP inspection methodology, terminal monitoring requirements and AMC framework subsequently operationalised via NSE/COMP/58438 and NSE/COMP/60859.

NSE/SURV/56948

Section titled “NSE/SURV/56948”

Introduces Enhanced Surveillance Measure (ESM) framework for Micro-Small Companies (main-board market cap < ₹500 crore) effective June 05, 2023, jointly with BSE and SEBI. Stage I/II measures (T+1 settlement-only, 100% margin, no upper-price-band relaxation, restricted intra-day) apply on objective criteria. Subsequently expanded via NSE/SURV/57609, /63361, /64400.

NSE/INSP/56927

Section titled “NSE/INSP/56927”
  • date_issued: 2023-06-01
  • issuer: NSE
  • title: “Enhanced Obligations and Responsibilities on Qualified Stock Brokers (QSBs) - Comprehensive Operating Guidelines”
  • applies_to: broker
  • in_force_date: 2023-06-01
  • status: in-force
  • impact_areas: surveillance, reporting, system-audit, cyber-security, grievance
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP56927.pdf

Establishes comprehensive operating guidelines for QSBs under SEBI’s enhanced obligations framework (SEBI circular dated February 6, 2023). Sets enhanced thresholds for governance, risk management, business continuity, disclosure, investor grievance redressal, system/cyber audit cadence and surveillance for systemically important brokers. [unknown — verify] direct URL (PDF returned 404 in our archive lookup; referenced extensively in NSE/INSP/55875 [LEXCOMPLY mirror]).

NSE/COMP/56766

Section titled “NSE/COMP/56766”

As part of Enhanced Supervision of Stock Brokers/Depository Participants, members must identify Key Management Personnel (KMP) per Section 2(51) of Companies Act 2013 (CEO/MD/Manager, Company Secretary, Whole-time Director, CFO and prescribed officers). PAN, mobile, phone and email of identified KMP(s) must be updated on the ENIT portal against the KMP name; first reporting cycle established.

NSE/INSP/56731

Section titled “NSE/INSP/56731”

Operationalises system audit for the period ended March 31, 2023 per SEBI CIR/MRD/DMS/34/2013 and NSE/INSP/56216 uniform format. Provides applicability matrix (Annexure A) and timelines for preliminary report, corrective action report, follow-on audit.

NSE/INSP/56734

Section titled “NSE/INSP/56734”

Operationalises cyber security and cyber resilience audit for period ended March 31, 2023 per SEBI cybersecurity framework circulars and NSE/INSP/56216 uniform format. Sets categories (Type I/II/III by trading software usage) and submission timelines.

NSE/INSP/56678

Section titled “NSE/INSP/56678”
  • date_issued: 2023-05-11
  • issuer: NSE
  • title: “Framework for Empanelment of Auditors for conducting Internal Audit of Trading Members/Clearing Members”
  • applies_to: broker
  • in_force_date: 2023-05-11
  • status: in-force
  • impact_areas: system-audit, reporting
  • primary_url: https://archives.nseindia.com/content/circulars/INSP56678.pdf

Establishes mandatory empanelment framework for Internal Auditors of trading/clearing members in furtherance of SEBI MIRSD circulars and NSE eligibility criteria circulars (NSE/INSP/11172, /50574, /51939, /54080). Provides documentation, eligibility verification, and conflict-of-interest screening for auditor empanelment. Cross-exchange recognition later via NSE/INSP/60986.

NSE/INSP/57112

Section titled “NSE/INSP/57112”

Clarifies that for sale of shares with EPI via block mechanism accepted by depositories, the EPI value (reduced by 20% upfront margin) may be considered as margin for other positions across all segments only upon credit entry of sale value in the client ledger. Iterates earlier guidance under NSE/INSP/56512 dated April 26, 2023.

NSE/INSP/56512

Section titled “NSE/INSP/56512”

Partially modifies Question 1 of Annexure A of NSE/INSP/46485 (peak-margin FAQ) following depository implementation of the block mechanism. Clarifies that for sale via block mechanism, the EPI (Early Pay-In) value reduced by 20% upfront margin may be considered as margin for other positions across all segments only upon credit entry of sale value in the client ledger. Subsequently re-stated in NSE/INSP/57112.

NSE/INVG/56395

Section titled “NSE/INVG/56395”

Updates the client-code-modification (CCM) framework across CM, F&O, CD and CO segments per SEBI circulars. Restates allowable error scenarios (genuine typing errors among related codes), penalty grid for modifications, reporting timelines and audit-trail expectations. Builds on long-standing CCM framework dating to NSE/INVG/13606.

NSE/INSP/56216

Section titled “NSE/INSP/56216”
  • date_issued: 2023-03-29
  • issuer: NSE
  • title: “Uniform formats for System Audit and Cyber Security and Cyber Resilience Audit reports across Exchanges”
  • applies_to: broker
  • in_force_date: 2023-03-29
  • status: in-force
  • impact_areas: system-audit, cyber-security
  • primary_url: https://archives.nseindia.com/content/circulars/INSP56216.pdf

Standardises and revises formats for System Audit and Cyber Security/Cyber Resilience Audit reports across exchanges. Members must follow uniform Annexure A (system audit) and Annexure B (cyber audit) for reports going forward; format updates to be issued through separate circulars.

NSE/COMP/55716

Section titled “NSE/COMP/55716”
  • date_issued: 2023-02-22
  • issuer: NSE
  • title: “Restriction on use of certain words by Trading Member/Authorized Person in their name”
  • applies_to: broker
  • in_force_date: 2023-02-22
  • status: in-force
  • impact_areas: onboarding, surveillance, other
  • primary_url: https://nsearchives.nseindia.com/content/circulars/COMP55716.pdf

Restricts Trading Members and Authorised Persons from using words in their name (e.g. “Bank”, “Investment”, “Wealth”, “Asset Management”) that could create an impression of performing regulated functions for which they are not registered. Members must ensure their name reflects only the registration held. Linked to broader market-access framework circulars.

NSE/INSP/55380

Section titled “NSE/INSP/55380”
  • date_issued: 2023-01-25
  • issuer: NSE
  • title: “Application Programming Interface (API) for daily submission of Holding Statement and Bank Balances”
  • applies_to: broker
  • in_force_date: 2023-01-30
  • status: in-force
  • impact_areas: reporting, file-format, client-funds
  • primary_url: https://archives.nseindia.com/content/circulars/INSP55380.pdf

Mandates daily (T+1) API submission of Holding Statement and Bank Balances effective from day-end January 30, 2023 (first due January 31, 2023). Decommissions weekly member-portal submission of Holding Statement (last submission week ending January 28, 2023). Cites earlier NSE/INSP/55039 and NSE/INSP/55250 and provides API spec and user manual.

NSE/INVG/55347

Section titled “NSE/INVG/55347”

Reiterates client due diligence obligations under SEBI/HO/MIRSD/DOS3/CIR/P/2018/104 (July 04, 2018) and SEBI/HO/MIRSD/DOP/CIR/P/2019/113 (October 15, 2019). Members must conduct periodic due diligence, monitor abnormal transaction patterns and PEP/sensitive-PAN flagging; due diligence files must be made available during inspection. Operational anchor for SCORES / AML investigation regime.

NSE/INSP/55250

Section titled “NSE/INSP/55250”
  • date_issued: 2023-01-13
  • issuer: NSE
  • title: “Application Programming Interface (API) for daily submissions of Holding Statement and Bank Balances”
  • applies_to: broker
  • in_force_date: 2023-01-30
  • status: superseded
  • superseded_by: NSE/INSP/55380
  • impact_areas: reporting, file-format, client-funds, bod-eod
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP55250.pdf

Extends implementation of daily Holding Statement/Bank Balance API submission introduced via NSE/INSP/55039 from January 16, 2023 to January 30, 2023 (first due January 31, 2023). Weekly submission via member-portal continues until week ending January 28, 2023.

NSE/COMP/55151

Section titled “NSE/COMP/55151”

Reiterates SEBI Circular dated December 09, 2020 on e-Voting Facility provided by Listed Entities. Members must inform clients about e-voting facility availability through SMS, email and other notifications, and update KYC records with shareholding-account email IDs to facilitate notice delivery from listed companies.

NSE/INSP/55039

Section titled “NSE/INSP/55039”
  • date_issued: 2022-12-28
  • issuer: NSE
  • title: “Application Programming Interface (API) for daily submissions of Holding Statement and Bank Balances”
  • applies_to: broker
  • in_force_date: 2023-01-16
  • status: superseded
  • superseded_by: NSE/INSP/55250
  • impact_areas: reporting, file-format, client-funds, bod-eod
  • primary_url: https://archives.nseindia.com/content/circulars/INSP55039.pdf

Revises frequency of Holding Statement and Bank Balance API submission from weekly to daily (each day except Sunday) effective January 16, 2023 (first due January 17, 2023). UAT path: https://uat.connect2nsccl.com/MemberPortal/; ApiUser credentials. Subsequently extended to January 30, 2023 via NSE/INSP/55250 and final API spec made permanent via NSE/INSP/55380.

NSE/CMTR/54757

Section titled “NSE/CMTR/54757”

Notifies CY2023 trading holidays for the Capital Market Segment. Includes Republic Day, Holi, Ram Navami, Mahavir Jayanti, Good Friday, Maharashtra Day, Independence Day, Ganesh Chaturthi, Gandhi Jayanti, Diwali (Muhurat), Christmas. Sets BOD/EOD file-publication schedule for the year.

NSE/INSP/54386

Section titled “NSE/INSP/54386”
  • date_issued: 2022-11-11
  • issuer: NSE
  • title: “Penalties/disciplinary action(s)/charges for delay or non-submission of Action Taken Report and/or Follow-on Audit report in case of System Audit and Cyber Security and Cyber Resilience Audit of Trading Members”
  • applies_to: broker
  • in_force_date: 2022-11-11
  • status: in-force
  • impact_areas: system-audit, cyber-security, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP54386.pdf

Issues penalty/disciplinary action and financial-disincentive matrix for delay or non-submission of ATR and Follow-on Audit reports under the System Audit and Cyber Security Audit framework. Sr Nos 7 & 8 of Annexure 1 of NSE/INSP/53530 (Sep 02, 2022) refined. Foundational penalty grid still applicable under CSCRF system/cyber audit regime.

NSE/CD/54259

Section titled “NSE/CD/54259”

Schedules a Currency Derivatives Segment mock trading on Saturday, November 05, 2022 from Primary Site. Covers USDINR, EURINR, GBPINR, JPYINR, T-Bills, Interest Rate Futures & Options, cross-currency EURUSD/GBPUSD/USDJPY. Continuation of NSE/CD/50701 (Dec 20, 2021). Counts toward member regulatory mock-participation.

NSE/INVG/54196

Section titled “NSE/INVG/54196”
  • date_issued: 2022-10-25
  • issuer: NSE
  • title: “Caution towards dealing with unsolicited videos and messages circulated in social media”
  • applies_to: broker
  • in_force_date: 2022-10-25
  • status: in-force
  • impact_areas: surveillance, grievance, other
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INVG54196.pdf

Supplementary advisory to NSE/INVG/54165 reinforcing member responsibilities to detect and report client engagement triggered by misleading social-media tips/videos. Members must include warnings in client communications regarding unsolicited financial advice on social-media platforms.

NSE/INVG/54165

Section titled “NSE/INVG/54165”
  • date_issued: 2022-10-21
  • issuer: NSE
  • title: “Caution towards dealing with unsolicited videos and messages circulated in social media”
  • applies_to: broker
  • in_force_date: 2022-10-21
  • status: in-force
  • impact_areas: surveillance, onboarding, grievance, other
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INVG54165.pdf

Advisory to all NSE members on prevention of investor harm from social-media-circulated unsolicited stock-tip videos/messages. Members must educate clients, monitor for suspicious activity tied to such messages, and report fraudulent influencer schemes through SCORES and to Exchange Investigation. Followed by complementary advisory NSE/INVG/54196 (Oct 25, 2022) and NSE/INVG/55766 (Feb 24, 2023).

NSE/INSP/54080

Section titled “NSE/INSP/54080”

Operationalises half-yearly Internal Audit for half-year ended September 30, 2022; report submission via Inspection module on Member Portal due November 30, 2022. Audit must be by independent CA/CS/CMA in practice with no interest/relation with member other than audit assignment. Penalty/disciplinary action per NSE/INSP/53530 dated September 02, 2022.

NSE/INSP/53820

Section titled “NSE/INSP/53820”
  • date_issued: 2022-09-23
  • issuer: NSE
  • title: “FAQ on Settlement of Running Account of Client’s Funds lying with Trading Member (TM)”
  • applies_to: broker
  • in_force_date: 2022-09-23
  • status: in-force
  • impact_areas: client-funds, settlement, reporting
  • primary_url: https://archives.nseindia.com/content/circulars/INSP53820.pdf

Releases FAQ supplement to NSE/INSP/53115 addressing member representations on running-account settlement operationalisation. Provides clarifications on calendar, cut-off treatment of MTF balances, and segregation of obligations.

NSE/INSP/53525

Section titled “NSE/INSP/53525”
  • date_issued: 2022-09-02
  • issuer: NSE
  • title: “Guidelines/clarifications on Margin collection & reporting”
  • applies_to: broker
  • in_force_date: 2022-09-02
  • status: superseded
  • superseded_by: NSE/INSP/64315
  • impact_areas: margin, peak-margin, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP53525.pdf

Again reiterates that members may not pass on penalties for short/non-collection of upfront margins to clients, and requires members to refund any such penalties previously passed on. Builds on NSE/INSP/45191 and NSE/INSP/49929.

NSE/INSP/53530

Section titled “NSE/INSP/53530”
  • date_issued: 2022-09-02
  • issuer: NSE
  • title: “Enforcement actions against the Trading Members”
  • applies_to: broker
  • in_force_date: 2022-09-02
  • status: in-force
  • impact_areas: reporting, surveillance, system-audit, cyber-security, other
  • primary_url: https://archives.nseindia.com/content/circulars/INSP53530.pdf

Comprehensive penalty and disciplinary-action grid for trading-member non-compliance with NSE/SEBI requirements including networth-certificate, internal-audit, system-audit, cyber-audit, KMP, AP, MITC, MTF reporting, holding-statement, segregation/monitoring submissions. Annexure 1 lists 25+ violation categories with monetary and operational penalties. Referenced by NSE/COMP/64293, NSE/INSP/54080, NSE/INSP/54386 for member compliance enforcement. [unknown — verify] direct NSE archive URL (404; teamlease and ricago mirrors confirm content).

NSE/COM/53476

Section titled “NSE/COM/53476”

Schedules a Commodity Derivatives Segment mock trading on Saturday, September 03, 2022 from Primary Site (no new version release). Continuation of NSE/COM/50701 (Dec 20, 2021). Counts toward member BCP/DR-and-regulatory-mock-participation obligations for commodity-segment NSE members.

NSE/INSP/53387

Section titled “NSE/INSP/53387”
  • date_issued: 2022-08-23
  • issuer: NSE
  • title: “Modification in Cyber Security and Cyber resilience framework for Stock Brokers”
  • applies_to: broker
  • in_force_date: 2022-08-23
  • status: in-force
  • impact_areas: cyber-security, system-audit, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP53387.pdf

Modifies SEBI cyber security/cyber resilience framework (SEBI/HO/MIRSD/CIR/PB/2018/147 dated Dec 03, 2018) forwarded via NSE/ITRC/40081 (Jan 30, 2019). Adds requirements on SOC, root-cause analysis, log-review periodicity, vulnerability management; introduces unique-category thresholds for trading members. Operationalised via NSE/INSP/52605, /53387, and later subsumed under CSCRF (NSE/INSP/63502).

NSE/INSP/53115

Section titled “NSE/INSP/53115”
  • date_issued: 2022-07-27
  • issuer: NSE
  • title: “Settlement of Running Account of Client’s Funds lying with Trading Member (TM)”
  • applies_to: broker
  • in_force_date: 2022-07-27
  • status: in-force
  • impact_areas: client-funds, settlement, reporting
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP53115.pdf

Forwards SEBI Circular SEBI/HO/MIRSD/DOP/P/CIR/2022/101 dated July 27, 2022 on settlement of running account of clients’ funds lying with trading members, mandating quarterly/monthly settlement per client preference and reporting thereof. Forms the operating instruction for running-account settlement under enhanced supervision regime.

NSE/SURV/52992

Section titled “NSE/SURV/52992”

Revised criteria for Order Based Surveillance Measure targeting Persistent Noise Creators (excessive order modify/cancel without trade intent), in continuation to NSE/SURV/47814 dated March 26, 2021. Effective August 26, 2022, breach of 99 instances on rolling 20-day basis triggers 15-minute trading disable at PAN-level across NSE Equity and Equity Derivative segments simultaneously.

NSE/INSP/52724

Section titled “NSE/INSP/52724”
  • date_issued: 2022-06-24
  • issuer: NSE
  • title: “Submission of data towards monitoring of client funds under Enhanced Supervision and Client Level Cash & Cash Equivalent Balances”
  • applies_to: broker
  • in_force_date: 2022-06-24
  • status: in-force
  • impact_areas: reporting, client-funds, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP52724.pdf

Clarifies that for Enhanced Supervision monitoring of client funds, only the funded portion of a Bank Guarantee (BG) where the underlying collateral is Cash/FDR is to be counted as Cash and Cash Equivalents. Members may not include underlying non-cash collateral (shares, immovable property, etc.) as Cash Equivalents. Builds on NSE/INSP/50012 dated October 19, 2021.

NSE/INSP/52604

Section titled “NSE/INSP/52604”
  • date_issued: 2022-06-10
  • issuer: NSE
  • title: “Issuance of Electronic Contract Notes (ECN) through SMS/electronic instant messaging services”
  • applies_to: broker
  • in_force_date: 2022-06-10
  • status: in-force
  • impact_areas: onboarding, esign, other
  • primary_url: https://archives.nseindia.com/content/circulars/INSP52604.pdf

Permits members to issue Electronic Contract Notes (ECN) through SMS/electronic instant messaging services (WhatsApp etc.) in addition to email per SEBI Circular MRD/DoP/SE/Cir-20/2005. Sets logging, retention and audit-trail requirements; foundational circular for the preserved-channel notion cited by NSE/INSP/60147 on MITC delivery.

NSE/INSP/52509

Section titled “NSE/INSP/52509”
  • date_issued: 2022-06-03
  • issuer: NSE
  • title: “Application Programming Interface (API) for Weekly submission of Holding Statement, Cash and Cash Equivalent Balances and Bank Balances”
  • applies_to: broker
  • in_force_date: 2022-07-02
  • status: superseded
  • superseded_by: NSE/INSP/55039
  • impact_areas: reporting, file-format, client-funds, bod-eod
  • primary_url: https://archives.nseindia.com/content/circulars/INSP52509.pdf

Extends the implementation date for the weekly Holding Statement, Cash & Cash Equivalent Balances and Bank Balances API submission (introduced via NSE/INSP/51191, /51599, /51938) to week-ended July 02, 2022 (due July 07, 2022). Provides API specification and mock-testing facility. Subsequently superseded by daily-frequency API circular NSE/INSP/55039 dated December 28, 2022.

NSE/INSP/52249

Section titled “NSE/INSP/52249”

Operationalises cyber security audit for trading members per SEBI/HO/MIRSD/CIR/PB/2018/147 (Dec 03, 2018), SEBI/HO/MIRSD/DOP/CIR/P/2019/109 (Oct 15, 2019), NSE/INSP/41723 (Jul 26, 2019). Implements category-wise (Type I/II/III) audit for the audit period preceding May 10, 2022. Operating predecessor to NSE/INSP/56734 (May 17, 2023) and the CSCRF regime via NSE/INSP/63502 (Aug 20, 2024).

NSE/INSP/51939

Section titled “NSE/INSP/51939”

Modifies NSE/INSP/50574 eligibility criteria for Internal Auditors following member representations. Refines firm/partner audit-experience computation, debarment definition and rotation requirements. Foundation for further refinements in NSE/INSP/56678 and NSE/INSP/59789 (auditor empanelment) and NSE/INSP/60986 (cross-exchange recognition).

NSE/INSP/51770

Section titled “NSE/INSP/51770”

Lists specific unauthorised practices observed at trading members: incentive/referral schemes, mis-selling, unauthorised dealings, etc. Directs members to refrain from these practices and reiterates compliance with byelaws, rules, regulations and circulars of SEBI and Exchanges. Follow-up to NSE/INSP/49434 dated August 27, 2021.

NSE/INSP/51772

Section titled “NSE/INSP/51772”

Revises Contract Note format following SEBI Circular SEBI/HO/MRD2/DCAP/P/CIR/2021/628 dated September 07, 2021 introducing T+1 rolling settlement on optional basis. Members opting for combined “Contract Note Cum Tax Invoice” use Annexure A; members issuing CN and tax invoice separately use Annexure B. Supersedes contract-note formats in NSE/INSP/35036, /39158, /45879. [unknown — verify] direct NSE archive URL (404 at nsearchives; full text mirrored at LexComply).

NSE/MSD/51160

Section titled “NSE/MSD/51160”

Revises annual and one-time rack charges and rack-allotment procedure for NSE Colocation and CaaS (Colocation as a Service) participants. Sets pricing matrix by rack type, fair-share allotment rules, and waitlist mechanics. Tied to NSE/MSD/41138 family of colocation circulars.

NSE/INSP/50574

Section titled “NSE/INSP/50574”
  • date_issued: 2021-12-13
  • issuer: NSE
  • title: “Internal Audit of Trading members / Clearing members”
  • applies_to: broker
  • in_force_date: 2022-03-31
  • status: superseded
  • superseded_by: NSE/INSP/51939
  • impact_areas: system-audit, reporting
  • primary_url: https://archives.nseindia.com/content/circulars/INSP50574.pdf

Strengthens internal-audit auditor eligibility under SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95. Prescribes additional eligibility criteria (≥10 yrs audit experience for firm/partner, not debarred by ICAI/ICSI/ICMAI/RBI/SEBI, not removed in last 5 yrs, no Internal-Auditor-and-Statutory-Auditor overlap) effective for IAR submissions from half-year ending March 31, 2022. Subsequently modified via NSE/INSP/51939 and NSE/INSP/56678.

NSE/CMTR/50560

Section titled “NSE/CMTR/50560”

Notifies CY2022 trading holidays for the Capital Market Segment per Chapter IX clause 2 of Bye-Laws and Reg 2.3.1, Part A. 13 dates published including Republic Day, Mahashivratri, Holi, Mahavir Jayanti/Ambedkar Jayanti, Good Friday, Id-Ul-Fitr, Moharram, Independence Day, Ganesh Chaturthi, Dussehra, Diwali-Laxmi Pujan (Muhurat), Diwali-Balipratipada, Gurunanak Jayanti. Sets BOD/EOD file-publication schedule for the year.

NSE/INSP/50069

Section titled “NSE/INSP/50069”

Reiterates NSE/INSP/49691 direction that members submit client-level disaggregated collateral data to clearing members, in light of observed non-compliance. Members continue to be advised to submit relevant details to enable CMs to report to clearing corporations.

NSE/INSP/50012

Section titled “NSE/INSP/50012”
  • date_issued: 2021-10-19
  • issuer: NSE
  • title: “Submission of data towards monitoring of client funds under Enhanced Supervision guidelines”
  • applies_to: broker
  • in_force_date: 2021-10-19
  • status: in-force
  • impact_areas: client-funds, reporting, file-format
  • primary_url: https://nsearchives.nseindia.com/content/circulars/INSP50012.pdf

Reminds members that FDRs lien-marked for availing overdrafts are encumbered and must NOT be reported as part of client bank account balances under Enhanced Supervision (SEBI 2016/95). Liquid Mutual Funds, Gilt Funds and Government Securities created from client funds and lying with CC/CM may be reported only under specific conditions. Sets the foundation later refined by NSE/INSP/52509, /52724, /52829.

NSE/INSP/49929

Section titled “NSE/INSP/49929”

Reiterates that members are not permitted to pass on penalties levied by clearing corporations for short/non-collection of upfront margins to clients under any circumstances. Forms part of the inspection-department chain culminating in NSE/INSP/53525 and NSE/INSP/64315 (which carves out specific client-attributable exceptions).

NSE/INSP/49743

Section titled “NSE/INSP/49743”

Further clarifies treatment of inactive trading accounts. Members must seek fresh KYC/IPV only when a client returns for reactivation after one year of being flagged inactive (i.e. two years after last trade). Addresses observation that members were re-KYCing prematurely.

NSE/INSP/49691

Section titled “NSE/INSP/49691”

Operationalises SEBI Circular SEBI/HO/MRD2_DCAP/CIR/2021/0598 dated July 20, 2021 on client-level collateral segregation. Directs trading members to submit segment-wise, asset-type-wise client-level collateral details to their clearing members from October 01, 2021 to enable disaggregated CC reporting per NCL/CMPL/49348 (Aug 20, 2021) and NCL/CMPL/49640 (Sep 17, 2021).

NSE/INSP/49434

Section titled “NSE/INSP/49434”

Forwards SEBI Circular SEBI/HO/MIRSD/DOP/P/CIR/2021/577 dated June 16, 2021 revising running-account-settlement guidelines and mandating return of clients’ credit balances within three working days where no transaction has occurred in 30 calendar days (effective August 1, 2021). Reiterates prior circulars NSE/INSP/36889 and NSE/INSP/43250 on actual settlement, and directs members not to invest client credit balances in any scheme with or without consent.

NSE/INSP/49055

Section titled “NSE/INSP/49055”

Following SEBI email dated July 15, 2021, NSE mandates trading members to offer an online trading-account closure facility from August 01, 2021. Annexure A prescribes the closure process (online closure form, OTP/eSign authentication, settlement of dues, freezing of trading code). Members must inform clients of this facility via email/SMS/newsletter.

NSE/MSD/48662

Section titled “NSE/MSD/48662”
  • date_issued: 2021-06-18
  • issuer: NSE
  • title: “Important guidelines in case of switchover of trading system to Disaster Recovery (DR) Site”
  • applies_to: broker
  • in_force_date: 2021-06-18
  • status: in-force
  • impact_areas: bcp-dr, system-audit
  • primary_url: https://nsearchives.nseindia.com/content/circulars/MSD48662.pdf

Implements SEBI Circular SEBI/HO/MRD1/DTCS/CIR/P/2021/33 dated March 22, 2021 on BCP/DR for MIIs. Lists member-side action points on DR switchover (reconnect, retain connectivity parameters, refresh order books, MIR/Final Obligation file regeneration timing). Forms operating reference for member BCP playbooks.

NSE/COMP/48536

Section titled “NSE/COMP/48536”

Foundational NSE COMP-department circular implementing the SEBI MIRSD/DR-1/Cir-16/09 dated November 06, 2009 framework on market access via Authorised Persons (APs). Defines AP’s role, prohibitions (no incentive sharing beyond approved rates, no PMS-like activity, no off-market schemes) and members’ supervisory obligations. Periodically updated through NSE/COMP/49509, /50030, /56947, /58438, /63628.

NSE/ISC/48456

Section titled “NSE/ISC/48456”
  • date_issued: 2021-06-01
  • issuer: NSE
  • title: “Extension of timelines for updation of new UCC with all mandatory fields in UCC system of Exchange”
  • applies_to: broker
  • in_force_date: 2021-07-01
  • status: in-force
  • impact_areas: onboarding, re-KYC, file-format, reporting
  • primary_url: https://www.jrkgroup.in/files/downloads/225_ISC48456.pdf

Extends from May 31, 2021 (per NSE/ISC/47869) to July 1, 2021 the timeline for trading members to update six mandatory KYC attributes (Name, Complete address with PIN, PAN, valid Mobile, valid Email-ID, Income range) for new clients in the UCC system. Issued after joint MII/SEBI discussion. References intermediate NSE/ISC/48383 (May 24, 2021) and NSE/ISC/48419 (May 29, 2021). [unknown — verify] direct NSE archive URL (404; mirrored at JRK).

NSE/ISC/47939

Section titled “NSE/ISC/47939”
  • date_issued: 2021-04-08
  • issuer: NSE
  • title: “Application Programming Interface (API) for UCC upload”
  • applies_to: broker
  • in_force_date: 2021-04-08
  • status: superseded
  • superseded_by: NSE/ISC/60418
  • impact_areas: onboarding, file-format, reporting
  • primary_url: https://archives.nseindia.com/content/circulars/ISC47939.pdf

Introduces an Application Programming Interface (API) to upload UCC data from member back-office systems to NSE UCI Online without manual web-portal intervention. Members must first test the API in UAT before live use. User manual placed on Member Portal > UCI Online > Help > Manuals.

NSE/ISC/47869

Section titled “NSE/ISC/47869”
  • date_issued: 2021-04-01
  • issuer: NSE
  • title: “Mandatory fields in Unique Client Code (UCC) information provided to Exchange”
  • applies_to: broker
  • in_force_date: 2021-05-31
  • status: in-force
  • impact_areas: onboarding, re-KYC, file-format, reporting
  • primary_url: https://archives.nseindia.com/content/circulars/ISC47869.pdf

Makes Mobile Number, Email ID, Name, PAN, Category, Complete Address, PIN code and Income details mandatory in the UCC database for new and existing clients across all categories. ‘6666666666’ and ‘notprovided@notprovided.com’ explicitly disallowed. Clients without complete data by May 31, 2021 will be marked ‘Closed’ in the UCC system; trades on such codes attract penal action. Foreshadows batch-file-upload format change to be communicated separately.

NSE/INVG/46662

Section titled “NSE/INVG/46662”

Confidential investigation-department circular prescribing penalty structure for abnormal/non-genuine transactions detected through Member Surveillance Dashboard alerts. Penalties levied on trading members based on quantum/quality of alerts. Builds on Guidance Note on Abnormal/Non-Genuine trades; remains the operative penalty framework in subsequent consolidated surveillance circulars (NSE/SURV/61848, /67801, /74008).

NSE/INSP/46506

Section titled “NSE/INSP/46506”

Clarifies NSE/INSP/43488 — flagging requirement and weekly holding/monthly fund-and-securities upload exemption continues only while client has not traded in last 12 months across all exchanges. Reactivation after 1 year of inactive status requires fresh documentation, due diligence and IPV, except where the client has undertaken IPO/MF subscription or DP operations during the period.

NSE/INSP/46485

Section titled “NSE/INSP/46485”

Issues FAQ-style guidance operationalising SEBI Circular SEBI/HO/MRD2/DCAP/CIR/P/2020/127 dated July 20, 2020 on peak-margin penalty regime. Establishes phased ramp from 25% (Dec 2020) → 50% (Mar 2021) → 75% (Jun 2021) → 100% (Sep 2021) peak-margin shortage penalty. Subsequently partially modified for EPI via block mechanism through NSE/INSP/56512 dated April 26, 2023. [unknown — verify] direct NSE archive URL (PDF returned 404; full text mirrored at Sharekhan and ProStocks).

NSE/INSP/46127

Section titled “NSE/INSP/46127”

Operationalises half-yearly system audit for Type-III (algorithmic software) trading members for April 01 to September 30, 2020. Submission timelines: Preliminary Audit Report Nov 30, 2020; ATR Feb 28, 2021; Follow-on Audit May 31, 2021. Per SEBI CIR/MRD/DMS/34/2013 dated November 6, 2013 and NSE/CMTR/26285, /FAOP/26283, /CD/26284 (Mar 25, 2014). Foundational pre-CSCRF audit cadence for Type-III members.

NSE/INSP/45565

Section titled “NSE/INSP/45565”

Implements revised guidelines on margin collection following SEBI framework on peak-margin reporting, with phased ramp from collection-only (Oct 2020) to 25% peak margin (Dec 2020) penalty regime. Establishes the framework subsequently elaborated in NSE/INSP/46485 dated November 27, 2020.

NSE/INSP/45534

Section titled “NSE/INSP/45534”
  • date_issued: 2020-08-31
  • issuer: NSE
  • title: “Guidelines/clarifications on Margin collection & reporting”
  • applies_to: broker
  • in_force_date: 2020-08-31
  • status: superseded
  • superseded_by: NSE/INSP/45565
  • impact_areas: margin, peak-margin, reporting
  • primary_url: https://archives.nseindia.com/content/circulars/INSP45534.pdf

Partial modification to Point A of Question 1 in Annexure A of NSE/INSP/45191 (Jul 31, 2020) operationalising SEBI Circular SEBI/HO/MIRSD/DOP/CIR/P/2020/146. Permits TM/CM to collect minimum 20% upfront margin (in lieu of VaR+ELM) from client in Capital Market segment to avoid short-collection penalty, while CC continues to collect on VaR+ELM basis. First step in the broader peak-margin operationalisation completed by NSE/INSP/45565 and NSE/INSP/46485.

NSE/INSP/45191

Section titled “NSE/INSP/45191”

Original FAQ-style guidance on margin collection and reporting clarifying that members are not permitted to pass on penalties levied by clearing corporations for short/non-collection of upfront margins to clients. Forms the baseline that NSE/INSP/49929, /53525, and /64315 build upon. [unknown — verify] direct URL (returned 404 on archive lookup; reference confirmed via NSE/INSP/53525 and NSE/INSP/64315 which cite it).

NSE/SURV/45016

Section titled “NSE/SURV/45016”

Operationalises SEBI Circular SEBI/HO/MRD1/DSAP/CIR/P/2020/107 dated June 24, 2020 on OTR guidelines for algorithmic orders. Defines OTR as ratio of total order events (submission/modification/cancellation) per trade; daily OTR sent to members via Member Portal for CM, F&O and CD segments; OTR ≥ 2000 on three occasions in rolling 30 days triggers 15-minute order-placement cooling-off on next trading day. Operational extension of NSE/SURV/38122.

NSE/MSD/44692

Section titled “NSE/MSD/44692”

Implements SEBI Circular dated March 26, 2019 on BCP and DR for MIIs. Permits Exchange to switch live trading to DR site without prior notice on receipt of SEBI intimation (around 5 AM). Foundational circular tested via NSE/MSD/48662 (Jun 2021) and NSE/MSD/61893 (May 2024 special live trading with intra-day DR switchover).

NSE/INSP/44459

Section titled “NSE/INSP/44459”

Clarifies the revised margin framework for F&O and Currency Derivatives segments prescribed via NCL/CMPT/44391 and NCL/CDS/44392 dated May 15, 2020. Specifies collection and reporting requirements for upfront margins and Mark-to-Market (MTM) by trading members, dovetailing with the COVID-era margin reforms.

NSE/INSP/44009

Section titled “NSE/INSP/44009”

Per SEBI press release dated March 23, 2020, relaxes compliance requirements for members during COVID-19 lockdown. Members operating from designated alternate locations per NSE/INSP/43920 exempted from penal action for non-physical access; extension of due dates for system audit, cyber audit, network-audit submissions, internal audit, half-yearly Compliance Officer reports, and other periodic submissions. Foundational COVID compliance-relaxation reference.

NSE/INSP/43920

Section titled “NSE/INSP/43920”

First NSE COVID-19 BCP circular. Permits trading members on a temporary basis to operate trading terminals from designated alternate locations (work-from-home) as preventive measure. Members must frame internal policy approved by CEO/Designated Director/Compliance Officer, list permitted users, monitor terminals, ensure no unauthorised trading. Foundational measure subsequently extended via NSE/INSP/44009 (Mar 27, 2020) and ultimately to April 30, 2021.

NSE/INSP/43824

Section titled “NSE/INSP/43824”

Supersedes points 1, 2 and 6 of NSE/INSP/43029 dated December 26, 2019. Restricts referral-incentive rates to a flat (non-slab) single rate per referring person, bars referring persons from any secondary-market selling/advisory or PMS activity, and disallows referring persons from conducting IPV/OSV (except where they already do so under their own SEBI regulations). Authorised Persons, SEBI-registered Portfolio Managers and Investment Advisers continue under their existing regulatory regime.

NSE/INSP/43486

Section titled “NSE/INSP/43486”
  • date_issued: 2020-02-10
  • issuer: NSE
  • title: “Reporting of Client Level Cash & Cash Equivalent Balances and Bank Account Balances”
  • applies_to: broker
  • in_force_date: 2020-02-10
  • status: superseded
  • superseded_by: NSE/INSP/61121
  • impact_areas: reporting, client-funds, file-format, bod-eod
  • primary_url: https://archives.nseindia.com/content/circulars/INSP43486.pdf

Revises format and mode of weekly reporting of Client Level Cash & Cash Equivalent Balances and Bank Account Balances under SEBI Enhanced Supervision (SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95). Replaces monthly client-fund reporting with weekly, prohibits pledging of client securities for raising funds, and operationalises the file format ultimately migrated to API and discontinued via NSE/INSP/61121 on March 18, 2024.

NSE/INSP/43488

Section titled “NSE/INSP/43488”

Defines an inactive trading account as one with no trades across all Exchanges for 12 months. Members must flag such clients as ‘Inactive’ in the UCC database of all exchanges and undertake fresh documentation, due diligence and IPV before reactivation. Frames uniform treatment of inactive accounts across exchanges, replacing earlier guidance in NSE/INSP/13606 and NSE/INSP/14048.

NSE/INSP/43029

Section titled “NSE/INSP/43029”

Foundation circular on referral/incentive schemes — rate must be flat (not slab-based), referring person prohibited from selling/advisory or PMS activity, no client trade-inducement, all order instructions only from client. Issued in response to observed market practices and member representations. Subsequently revised via NSE/INSP/43824 (Mar 11, 2020), /51772 (Mar 25, 2022), /63425 (Aug 14, 2024), /66284 (Jan 24, 2025). Included for context as it is pre-2020-Jan but key superseded predecessor still cited.

NSE/SURV/41107

Section titled “NSE/SURV/41107”

Levies 5% Additional Surveillance Margin on shortlisted trading members in CM and Equity-Derivative segments on all open positions, on identification of order-spoofing patterns. Risk-containment measure jointly with Clearing Corporation and SEBI; foundational for member surveillance dashboard and quarterly TM reporting introduced via NSE/SURV/44477, /48818.

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”

2026-05-14

AI-generated and not legal advice. See the project README for the full disclaimer.

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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.