The National Stock Exchange (NSE) on April 30, 2026, issued the Consolidated Circular – SLB Scheme of NCL.
The following has been stated:
• The circular consolidates all guidelines for the Securities Lending and Borrowing Scheme (SLBS) of NSE Clearing Limited, replacing earlier circulars and covering updates from April 2025 to March 2026. It outlines the eligibility of participants (clearing members, banks, custodians), mandatory use of Unique Client IDs for client transactions, and permitted securities (mainly liquid, dematerialized stocks and ETFs).
• The scheme operates through a screen-based platform with tenures from 1 to 12 months, where trades are settled on a T+1 basis (first leg) and reversed on a fixed expiry day.
• It specifies procedures for recall/repayment of securities, handling of shortages through auctions or close-out, and strict penalties for defaults.
• The circular also details collateral requirements (cash, bank guarantees, securities, etc.), margin framework (VaR, MTM, and other margins), and risk management measures to ensure smooth clearing and settlement.
[Notification no. - NCL/CMPT/73999]
