NSE Core Settlement Guarantee Fund reaches Rs 13,632.84 crore

National Stock Exchange of India Limited said its NSE Clearing Limited Core Settlement Guarantee Fund reached Rs 13,632.84 crore on September 30, 2026, up Rs 606.06 crore from March 31, 2026, with Rs 12,792.35 crore allocated to the futures and options market.

How much did NSE’s Core Settlement Guarantee Fund increase?

NSE’s Core Settlement Guarantee Fund, or Core SGF, at NSE Clearing Limited (NCL) stood at Rs 13,632.84 crore on September 30, 2026, compared with Rs 13,026.78 crore on March 31, 2026 and Rs 12,487.43 crore on September 30, 2025. The balance therefore increased by Rs 606.06 crore over six months and by Rs 1,145.41 crore year on year.

The consolidated cash-flow statement reported an Rs 604.79 crore increase in Core SGF during the half year ended September 30, 2026, against an Rs 512.08 crore increase in the corresponding half year ended September 30, 2025. The NCL fund’s balance-sheet increase was Rs 606.06 crore, while the cash-flow disclosure was Rs 604.79 crore; NSE does not explain the difference in the supplied results.

NSE also disclosed a separate Rs 32.18 crore Core SGF at NSE IFSC Clearing Corporation Limited on September 30, 2026. The two clearing-corporation balances totalled Rs 13,665.02 crore, matching the consolidated Core SGF deduction presented within total liabilities, compared with Rs 13,079.15 crore at March 31, 2026.

Which markets make up NSE’s Core Settlement Guarantee Fund?

The futures and options market accounted for Rs 12,792.35 crore of NCL’s Rs 13,632.84 crore Core SGF on September 30, 2026. The cash market was the next-largest allocation at Rs 590.12 crore, followed by currency derivatives at Rs 182.03 crore.

Debt, triparty, commodity, electronic gold receipts and other pools together accounted for Rs 68.34 crore on September 30, 2026. The disclosure shows that the Core SGF is allocated market by market, with the futures and options pool substantially larger than the other listed clearing pools.

NSE’s clearing-services segment reported assets of Rs 35,516.77 crore on September 30, 2026, down from Rs 46,729.63 crore at March 31, 2026. Clearing-services liabilities also declined to Rs 35,572.63 crore from Rs 46,811.09 crore, while settlement obligations and margin money were Rs 17,914.39 crore at September 30, 2026.

Where did NSE’s Core Settlement Guarantee Fund come from?

NCL’s own contribution was the largest stated funding source at Rs 4,408.82 crore on September 30, 2026. Penalties collected from members contributed Rs 2,370.37 crore, NSE’s contribution was Rs 2,200.53 crore and income on investments was Rs 2,193.26 crore.

NSE and NCL also made contributions on behalf of members of Rs 1,554.37 crore and Rs 641.37 crore, respectively. BSE Limited contributed Rs 259.86 crore, Metropolitan Stock Exchange of India contributed Rs 3.26 crore and other funding was Rs 1 crore.

The separate Rs 32.18 crore Core SGF at NSE IFSC Clearing Corporation Limited comprised Rs 28.15 crore of its contribution and interest received on investments, Rs 3.91 crore of interest accrued on fixed deposits, and Rs 0.12 crore of member penalties. NSE cited International Financial Services Centres Authority regulations notified on April 12, 2021 for the fund requirement.

What settlement role does NSE’s Core Settlement Guarantee Fund serve?

NSE says the Core SGF guarantees settlement of trades executed in the relevant markets. NCL’s clearing-services business covers trades in the cash market, futures and options, currency derivatives and commodity derivatives, and the Rs 13,632.84 crore NCL fund is disclosed alongside its clearing-related assets and liabilities.

The Core SGF is distinct from clearing-services revenue. For the half year ended September 30, 2026, clearing-services revenue was Rs 958.63 crore, up from Rs 861.76 crore a year earlier, while segment result increased to Rs 597.52 crore from Rs 574.50 crore. The segment-results disclosure also recorded an Rs 5 crore contribution to Core SGF in the six-month period, against no contribution in the corresponding prior-year period.

NSE separately said treasury investments and cash and bank balances not earmarked to a specific segment are managed by its treasury function and are not treated as segment assets. Total consolidated assets were Rs 75,876.50 crore on September 30, 2026, compared with Rs 87,937.44 crore on March 31, 2026.

What requirement applies to NSE’s IFSC clearing fund?

NSE said NSE IFSC Clearing Corporation Limited must maintain a Core SGF under the International Financial Services Centres Authority Market Infrastructure Institutions Regulations, 2021. The required corpus must be at least the higher of the monthly stress-test value or USD 1 million.

The IFSC clearing entity’s disclosed Rs 32.18 crore balance at September 30, 2026 was lower than its Rs 52.37 crore balance at March 31, 2026 and Rs 57.41 crore at September 30, 2025. The NCL Core SGF increased over both comparison dates, while the separate IFSC fund declined.

Conclusion

NSE’s NCL Core SGF rose to Rs 13,632.84 crore at September 30, 2026, led by the Rs 12,792.35 crore futures-and-options allocation. The reported corpus combines clearing-corporation and NSE contributions, member-related funding, exchange contributions, penalties and income on investments, while the separate IFSC fund lifted consolidated Core SGF to Rs 13,665.02 crore.

The next disclosed measure to watch is NSE IFSC Clearing Corporation Limited’s monthly stress-test requirement, because its Core SGF must remain at least equal to that amount or USD 1 million, whichever is higher. Subsequent results can also show whether the Rs 604.79 crore half-year cash-flow increase in Core SGF is sustained and how the futures-and-options allocation changes.