NSE IFSC Discontinues U.S. Stock Depository Receipts Programme

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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