NSDL extends the automated implementation of Trading Window Closure to Immediate Relatives of Designated Persons; Under PIT Regulations, 2015

The National Securities Depository Limited (“NSDL”) has issued a circular extending the automated implementation of Trading Window Closure (“TWC”) to Immediate Relatives of Designated Persons, on account of declaration of financial results. The extension has been implemented for the closure of Trading window under Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulation”).

Key Highlights

1. The framework for restricting trading by DPs and their Immediate Relatives by freezing PAN at security level for quarter ending September 2026, will be effective from October 01, 2026.
2. The framework is applicable to the following:

3. Listed companies which have appointed NSDL as Designated Depository will be able to use their existing user log-in of NSDL Issuer Services portal (Issuer Portal: https://issuer.nsdl.com/) for updating Designated Persons/Immediate Relatives details, defining TWC period and other related functionalities.
4. The last date to define TWC period for quarter ending September, 2026 through NSDL Issuer Services portal is September 28, 2026, by 05:00 P.M.
5. Issuers must verify data of designated persons and their immediate relatives prior to defining the TWC period. It is hereby clarified that any designated person and their immediate relatives cannot be removed from the TWC module from the last date to define TWC period till the commencement of the TWC period.
6. In cases where a request for change of Designated Depository is submitted during an active TWC period, the switchover shall preferably be undertaken after the expiry of the TWC period.
7. Before initiating the switch, the issuer should update the TWC end date with the current Designated Depository and then proceed with the transition to the other depository.

Source: National Securities Depository Limited