Guidelines on Interoperability among… — 0392/2026

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Guidelines on Interoperability among… — 0392/2026 | NSE circular · Complied AI

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What changed

NSE Clearing Limited implements an interoperability framework for Tender Offer (OTB) transactions effective November 27, 2026. Clearing members and custodians must provide early pay-in of securities before placing or confirming bids on the stock exchange platform. NCL computes obligations at the trading member or custodian level and processes funds pay-in through existing settlement accounts. Buying clearing members must ensure fund availability within specified timelines to receive securities payout. Custodians must confirm or reject bids within the NCL-defined window, which extends by 30 minutes on the final bidding day. Members must accurately enter client or proprietary details for stamp duty and STT calculations. NCL provides thirteen specific reports to members and custodians to facilitate clearing and settlement processes.

What you must do

Provide early pay-in of securities before placing bids on the stock exchange platform.
Confirm or reject custodial participant bids within the NCL confirmation window.
Ensure availability of funds in the settlement account within the timelines specified in the settlement calendar.

Key dates

Effective from: 27 Nov 2026
Commencement of interoperability framework for Tender Offer: 27 Nov 2026

Who is affected

Clearing members and custodians participating in the capital market segment.

Exceptions

Custodian participant bids are exempt from the requirement to provide early pay-in before placing bids on the stock exchange.

If you do not comply

Securities payout is withheld if the buying clearing member fails to provide funds within the specified timelines.
Unconfirmed custodial participant bids at the end of the confirmation window on the last day are rejected.

Ask about this circular

Written automatically from the official document. It is not a professional review, so check material decisions against the official record.

Document text

Prepared for reading; wording retained from the source.

Official source

Annexure I

The list of reports to be provided for OTB will be as under.

Sr. No	Report	Page no
1	Member Report for Successful Direct Client Funds Payout	2
2	Member Report for Failed Direct Client Funds Payout	3
3	Client Allocation Details for Tender Offer	4
4	Client Securities Payout Report	6
5	Tender offer Acceptance report	7
6	Tender offer Obligation Report	8
7	Securities Transaction Tax (STT)Report	9
8	Security wise Demat Delivery Statement for Tender offer	11
9	Security Wise Demat Receipt Statement for Tender offer	12
10	Provisional Funds Pay-out Report	13
11	Final Funds Pay-out Report	14
12	Trade Report	15
13	Tender Offer Stamp Duty Report	16

1. Member Report for Successful Direct Client Funds Payout

For trading member:
Tender Offer_T_<TMCODE>_DIRECTPO_S_DDMMYYYY
For clearing member:
Tender Offer_<CMCODE>_DIRECTPO_S_DDMMYYYYs

Header	Type	Mandatory /Optional	Value
Segment Indicator	CHAR	M	C
Order Number	CHAR	M
TM Code	CHAR	M	Pay-out to the client
Transaction Description	CHAR	M
UCC	CHAR	M
Bank	CHAR	M
Bank Account	CHAR	M
Payout Amount in Rs	NUMBER	M

2. Member Report for Failed Direct Client Funds Payout

For trading member:
Tender Offer_T_<TMCODE>_DIRECTPO_F_DDMMYYYY
For clearing member:
Tender Offer_<TMCODE>_DIRECTPO_F_DDMMYYYY

Header	Type	Mandatory /Optional	Value
Segment Indicator	CHAR	M	C
Order Number	CHAR	M
TM Code	CHAR	M
Transaction Description	CHAR	M
UCC	CHAR	M
Bank	CHAR	M
Bank Account	CHAR	M
Payout Amount in Rs	NUMBER	M

3. Client Allocation Details for Tender Offer (Report to Buyer Member)

For clearing member/Custodian:

C_CADT_memcode__X_<settno>DDMMYYYY.csv

Field	Width	Remark
Record Type	Number (02)	1
File Type	Char
Member Type	Char (1)
Member Code	Char (6)
Date	Char (8)	YYYYMMDD
Total Number of Records	Number
Total Quantity	Number

Field	Width	Remark
Record Type	Number (2)	10
Settlement Type	Char (1)	X
Settlement No	Char (7)	YYYYNNN
Delivery Type	Char (1)	N
Security Symbol	Char (12)
Security Series	Char (2)
Security ISIN	Char (12)
Quantity Received	Number (9)
Depository	Char (5)
Transaction No	Char (15)
Quantity Credited to CM Pool A/c / Clearing A/c	Number (9)
Quantity Credited to Beneficiary A/c	Number (9)

Field	Width	Remark
Record Type	Number (2)	20
Settlement Type	Char (1)	X
Settlement No	Char (7)	YYYYNNN
Delivery Type	Char (1)	N
Security Symbol	Char (12)
Security Series	Char (2)
Security ISIN	Char (12)
Depository	Char (5)
Beneficiary Account No	Char (16)
Quantity Required to be in Beneficiary A/c	Number (9)
Quantity actually credited in Beneficiary A/c	Number (9)
Transaction No	Char (15)

4. Client Securities Payout Report (Report to Seller Clearing Member/Custodian)

Report to Clearing Member/Custodian:

C_CADT_memcode_X_<SETTLNO>_DDMMMYYYY.csv

Fields	Type	Remarks
Record type number	Numeric 2	1
CADT	Character 4
Member type	character 1
Member code	Numeric 5
Date	Numeric 8	Date in YYYYMMDD format.
Number of detailed records	Number 15
Total Quantity	Numeric 15
Total pool Quantity	Numeric 15
Total client Quantity	Numeric 15

Fields	Type	Remarks
Record type number	Numeric 2	10
Settlement Type	Character 1
Settlement Number	Numeric 8
Delivery type	Character 1
Security symbol	Alphanumeric 10
Security series	Character 2
ISIN code	Alphanumeric 12
Total Quantity	Numeric 15
Depository Id	Alphanumeric 8
Transaction number	Numeric 15
Pool Quantity	Numeric 15
Client Quantity	Numeric 15
DP Id	Alphanumeric 15
Credit BO Acc Number	Alphanumeric 15

5. Tender offer Acceptance report

For trading Member:
TenderOffer_T_memcode_ALLOC_symbol_ddmmyyyy.csv
For clearing member/custodian:
TenderOffer_memcode_ ALLOC _symbol_ddmmyyyy.csv

Header Record

Field Name	Type	Remarks
Record Type	Numeric 2	Value = 10
Total allotted qty	Numeric 15
Total allotted Value	Numeric 9,2

Detailed Record

Field Name	Type	Remarks
Record Type	Numeric 2	Value = 20
Symbol	Char 12
Trading Member Code	Alphanumeric 5
Trade no	Numeric 15	Same as Order number
PAN	Alphanumeric 10
Client code/ CP code	Char 12
UCC
Order Quantity	Numeric 15
Order Price	Numeric 9,2
Order amount	Numeric 9,2
Accepted quantity	Numeric 15
Accepted Price	Numeric 9,2
Accepted Amount	Numeric 9,2
Settlement type	Char 1
Settlement no	Char 7
Rejection reason code	Alphanumeric
Gross Amount
TDS
Net Amount
Exchange Code		N = NSE; B=BSE; M=MSEI

6. Tender offer Obligation Report

For clearing member/custodian:
Seller: M_<PRIMARYCODE>_FOGB_SELL_X_<SETTLNO>_<DDMMYYYY>
Buyer: M_<PRIMARYCODE>_FOBG_BUY_X_<SETTLNO>_<DDMMYYYY>

Fields	Type	Remarks
Settlement Type	Char 1
Settlement No	Char 7
Trading Member Code	Alphanumeric 5
Trading Member Branch Code	Numeric 1	Default 0
Custodian Participant Code	Char 12
Custodian Code	Char 12
Security Symbol	Char 12	Dummy symbol
UCC
Security Series	Char 2
Security Code	Char 6	Null
Obligation Date	Date	DD-MON-YYYY
No Delivery Security Flag		Null
Cumulative Buy Volume - Physical	Numeric 15	Buy Allot quantity
Cumulative Sell Volume Physical	Numeric 15	Sell Allot quantity
Cumulative Buy Amount - Physical	Numeric 9,2
Cumulative Sell Amount - Physical	Numeric 9.2
Cumulative Buy Volume-demat	Numeric 15	buy Allot quantity
Cumulative Sell Volume-demat	Numeric 15	sell Allot quantity
Cumulative Buy Amount - demat	Numeric 9,2
Cumulative Sell Amount - demat	Numeric 9.2
Final Obligation Flag	CHAR	Default Y

7. STT Report

For trading Member:
TenderOffer_T_memcode_STT_stp type_stpno_ddmmyyyy.csv
For clearing member:
TenderOffer_memcode_STT_stp type_stpno_ddmmyyyy.csv

Header Record

Record Type (10)
STT date
Due date of payment
Member Type
Member Code
Total STT

Detailed Record (Trading Member level STT information)

Record type (20)
STT date
Trading Member code
Total STT

Detailed Record (Client level STT information)

Record type (30)
STT date
Trading Member code
Client code
Total STT

Detailed Record (Client Securities level STT information)

Record Type (40)
STT date
Trading Member Code
Trading Client code
Settlement Type
Settlement Number
Security Symbol
Security Series
Total Buy Quantity
Total Sell Quantity
Total Buy Value
Total Sell Value
Volume Weighted Average Price
Purchase Quantity – delivery
Sale Quantity – delivery
Sale Quantity – other than delivery
Purchase value – delivery
Sale Value – delivery
Sale Value – other than delivery
STT purchase delivery
STT sale delivery
STT sale other than delivery
Total STT

8. Security wise Demat Delivery Statement for Tender offer

C_DFDS_memcode_X_<settno>_DDMMYYYY.csv

Field	Width	Remark
Record Type (01)	Number (2)	1
File Type	Char (4)	DFDS
Member Type	Char (1)
Member Code	Char (6)
Date	Char (8)	YYYYMMDD
Total Number of Records	Number
Total Quantity	Number

Field	Width	Remark
Record Type (10)	Number (2)	10
Settlement Type	Char (1)	X
Settlement No	Number (7)	YYYYNNN
Delivery Type	Char (1)
Security Symbol	Char (12)
Security Series	Char (2)
Security ISIN	Char (12)
Quantity Delivered	Number (9)
Depository	Char (5)
Transaction No	Char (15)

9. Security Wise Demat Receipt Statement for Tender offer

C_DFRS_memcode_X_<settno>_DDMMYYYY.csv

Field	Width	Remark
Record Type	Number (2)	1
File Type	Char (4)
Member Type	Char (1)
Member Code	Char (6)
Date	Char (8)	YYYYMMDD
Total Number of Records	Number
Total Quantity	Number

Field	Width	Remark
Record Type	Number (2)	10
Settlement Type	Char (1)	X
Settlement No	Number (7)	YYYYNNN
Delivery Type	Char (1)
Security Symbol	Char (12)
Security Series	Char (2)
Security ISIN	Char (12)
Quantity Received	Number (9)
Depository	Char (5)
Transaction No	Char (15)

Showing 1,222 of 3,073 words

Guidelines on Interoperability among Clearing Corporations for Tender Offer

What changed

Document text

Annexure I

1. Member Report for Successful Direct Client Funds Payout

2. Member Report for Failed Direct Client Funds Payout

3. Client Allocation Details for Tender Offer (Report to Buyer Member)

4. Client Securities Payout Report (Report to Seller Clearing Member/Custodian)

5. Tender offer Acceptance report

Header Record

Detailed Record

6. Tender offer Obligation Report

7. STT Report

Header Record

Detailed Record (Trading Member level STT information)

Detailed Record (Client level STT information)

Detailed Record (Client Securities level STT information)

8. Security wise Demat Delivery Statement for Tender offer

9. Security Wise Demat Receipt Statement for Tender offer

Source details

Search Complied AI

Guidelines on Interoperability among Clearing Corporations for Tender Offer

What changed

Document text

Annexure I

1. Member Report for Successful Direct Client Funds Payout

2. Member Report for Failed Direct Client Funds Payout

3. Client Allocation Details for Tender Offer (Report to Buyer Member)

4. Client Securities Payout Report (Report to Seller Clearing Member/Custodian)

5. Tender offer Acceptance report

Header Record

Detailed Record

6. Tender offer Obligation Report

7. STT Report

Header Record

Detailed Record (Trading Member level STT information)

Detailed Record (Client level STT information)

Detailed Record (Client Securities level STT information)

8. Security wise Demat Delivery Statement for Tender offer

9. Security Wise Demat Receipt Statement for Tender offer

Source details

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