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NSE Clearing Limited introduces interoperability for Tender Offer or Offer to Buy transactions. This framework applies to Clearing Members and Custodians. The change takes effect on or after November 27, 2026. Members and Custodians continue to maintain their designated clearing corporation for Tender Offer. They may change the designated clearing corporation according to the process set by the Clearing Corporations. The authority will issue separate circulars for risk management, clearing, settlement, and information dissemination guidelines.
What you must do
Key dates
Who is affected
Ask about this circular
[Image omitted. See the official document.]
| Department: CAPITAL MARKET SEGMENT | |
|---|---|
| Download Ref No: NCL/CMPT/77168 | Date: Oct 30,2026 |
| Circular Ref. No: 0377/2026 | |
All Members/Custodians/PCMs,
Sub: Introduction of Interoperability among Clearing Corporations for Tender Offer (OTB).
This is with reference to circular NCL/CMPT/40855 dated April 27,2019 regarding Guidelines on Interoperability among clearing corporations.
Clearing Members and Custodians are requested to note that Tender Offer/Offer to Buy (OTB) will be brought under this interoperability framework on or after November 27ᵗʰ, 2026.
Clearing Members and Custodians are requested to note the revised guidelines for risk management, clearing and settlement and information dissemination under interoperability framework will be notified subsequently in separate circular. Clearing Members and Custodians in capital market segment may continue to maintain the designated clearing corporation for Tender Offer and will be permitted to change the designated clearing corporation for Tender Offer as per process set out by the Clearing Corporations.
For and on behalf of
NSE Clearing Limited
Satish Jathan
Vice President
| Telephone No | Email id |
|---|---|
| Toll Free no: 1800 266 00 50(Option 2) | ncl_tenderoffer@nsccl.co.in |
Non-Confidential
