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| Category | Details |
| Title / Headline | Termination of NSE IFSC Receipts Programme (Unsponsored Depository Receipts on U.S. stocks) at NSE IFSC Limited. |
| Circular Ref. No. | NSEIFSC/TRADE/2698 |
| Issuing Authority | NSEIX |
| Effective From | February 01, 2027 |
| Purpose | The regulatory framework in GIFT-IFSC has evolved with the introduction of the cost-efficient, scalable Global Access framework (via subsidiary NSEIX Global Access IFSC Ltd., www.nseixga.com). Consequently, the unsponsored depository receipts programme is being phased out. |
| Interpretation of Circular | Important Timeline & Restrictions July 30, 2026: New buy orders for NSE IFSC Receipts are prohibited (though designated Market Makers are exempt to maintain liquidity). The closure/wind-down period officially begins for existing holders to square off or convert their positions.January 20, 2027: Deadline for opting to convert receipts into underlying U.S. stocks.January 29, 2027: Last date to sell existing NSE IFSC Receipts on NSEIX.February 01, 2027: Full and final termination of the programme. |
| Impact on Sub-Brokers | Must immediately disseminate this information to end clients and ensure an orderly liquidation or conversion process. |
| Impact on Clients (BOs) | Should review their portfolios and adhere strictly to the stated deadlines. NSEIX will issue a Standard Operating Procedure (SOP) for further guidance. |
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