Risk Management for Closing Auction Session in Equity Cash Segment
NSE circular NCL/CMPT/74898 · 25 Jun 2026
Official title
Risk Management for Closing Auction Session (CAS) in the Equity Cash Segment
Official record
Open source pageSummary
Check the official recordWhat changed
NSE Clearing Limited updates risk management rules for the Closing Auction Session in the Equity Cash Segment. The system does not validate margin sufficiency for orders carried over from the Continuous Trading session. If a member modifies a carried over order during the Closing Auction session, the system treats it as a new order. The system validates all new and modified orders for margin sufficiency before acceptance. If a member lacks sufficient capital to cover the margin requirement, the system rejects the order. These rules apply to all members. The provisions take effect on August 03, 2026.
What you must do
- Members must ensure sufficient capital is available to cover margin requirements for all orders placed or modified during the Closing Auction session.
Key dates
- Effective from
- 03 Aug 2026
Document text
[Image omitted. See the official document.]
NSE Clearing Limited
Department: CAPITAL MARKET SEGMENT
| Download Ref No: NCL/CMPT/74898 | Date: June 25, 2026 |
|---|---|
| Circular Ref. No: 0224/2026 |
All Members,
Sub: - Risk Management for Closing Auction Session (CAS) in the Equity Cash Segment
This is further with reference to NCL Circular Ref. No: 0030/2026 (Download Ref No: NCL/CMPT/72373) dated January 19, 2026, regarding Introduction of Closing Auction Session (CAS) in the Equity Cash Segment.
With respect to risk management in Closing Auction Session-
- Orders carried over from Continuous Trading session (CTS) to Closing Auction session (CAS) shall not be validated for margin sufficiency at order level.
- However, if such carried forward orders are modified during CAS, such modified orders shall be treated as orders received during CAS and shall be validated for margin sufficiency at order level.
- All orders received in CAS (including carried over CTS orders that are modified during CAS) shall be validated at the applicable margins for sufficiency of available capital prior to acceptance of the orders. If the available capital of a member is insufficient to cover the margin requirement of the order placed, the same shall not be accepted for CAS.
The provisions of this circular shall be effective from August 03, 2026.
Members are requested to take note of the above.
For and on behalf of
NSE Clearing Limited
Huzefa Mahuvawala Chief Risk Officer
| Telephone No | Email id |
|---|---|
| 1800 266 0050 (IVR Option 2) | risk_ops@nsccl.co.in |
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 25 Jun 2026
- Document number
- NCL/CMPT/74898
- Issuing division
- CAPITAL MARKET SEGMENT
- Effective date
- 03 Aug 2026
- Coverage area
- securities