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

NSE - Trading Restrictions for Clients with Unvalidated KYC

11-Nov-2025 | NSE/ISC/71227

NSE has issued a circular on the guidelines in pursuance of the amendment to SEBI KYC (Know Your Client) Registration Agency (KRA) Regulations, 2011, effective from 11 November 2025.

By virtue of this circular, it has been informed that the clients whose KYC are not found to be validated by KRAs i.e. where the KYCs are "On Hold" for any reasons uploaded to the KRA from October 01, 2025 to October 31, 2025, shall neither be Permitted to Trade on the Exchange, nor will they be allowed to square up their open positions, if any, w.e.f. November 22, 2025, until they comply with the validation requirements. Eventually, such open positions will naturally expire on the expiry date of the respective contract.

The Exchange shall flag the non-compliant PANs provided by the KRAs as "Not Permitted to Trade" w.e.f. 22 November 2025.

Kindly refer to the attached document for more information.

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