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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

NSDL - Extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of Financial Results

12-Mar-2026 | NSDL/CIR/II/11/2026

NSDL has issued a circular regarding the extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of the declaration of financial results, in accordance with the provisions relating to the trading window closure period under Clause 4 of Schedule B read with Regulation 9 of the SEBI (Prohibition of Insider Trading) Regulations, 2015.

This circular has been issued with reference to the SEBI Circular dated April 21, 2025, regarding the implementation of trading window closure for Designated Persons (DPs) and their Immediate Relatives in connection with the declaration of financial results.

By virtue of this circular, it has been specified that the framework for restricting trading by DPs and their Immediate Relatives by freezing PAN at the security level, for the quarter ending March 2026, will be effective from April 01, 2026, for companies listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and Metropolitan Stock Exchange of India Limited (MSEI).

The framework will be applicable to all Designated Persons of listed companies and the Immediate Relatives of such Designated Persons.

It may also be noted that the last date to define the trading window closure period for the quarter ending March 31, 2026, effective from April 01, 2026, through the NSDL Issuer Services Portal is March 27, 2026, by 05:00 P.M.

The Operational Guidelines for implementation are provided in Annexure-A, and the Frequently Asked Questions (FAQs) for clarification are enclosed in Annexure-B.

Kindly refer to the attached documents for more information.

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