The National Stock Exchange (NSE) on April 30, 2026, notified regarding the Test Market Environment - Consolidated Circular.
The following has been stated:
• The circular consolidates all previous guidelines on the Test Market Environment (TME) up to March 31, 2026, replacing the earlier 2025 circular. It standardizes access, application procedures, charges, and operational rules for members, prospective members, and vendors (ASPs/FISVs).
• The TME is a functional testing platform (not for performance testing) available across multiple segments (CM, FO, CD, Commodity, SLBM, EG) with specified timings and connectivity norms.
• Access is granted on application with annual charges payable in advance, and non-payment can lead to suspension without notice. The environment operates mostly on weekdays (with limited weekend/holiday access on request) and is accessible via non-colocation and limited colocation setups. Users shall comply with all exchange rules, maintain proper connectivity (leased lines, approved vendors), and use the platform strictly for testing purposes.
• Trades executed in TME have no financial or settlement obligations. The circular also details technical parameters, connectivity requirements, support timelines, and application procedures, while clarifying that NSE provides the environment on a best-effort basis without liability or performance guarantees.
• This circular shall apply to Securities Lending & Borrowing Scheme, Emerge, Member Service Department, Commodity Derivatives, Capital Market (Equities) Trade, Currency Derivatives, and Futures & Options.
[Notification no. - NSE/MSD/74013]
