On Oct. 8, 2025, IND SEBI issued circular regarding review of block deal framework.
Stock exchanges may set trading hours between 08:45 am to 05:00 pm for block deal mechanism with separate trading window(s) permitted.
Afternoon block deal window VWAP calculation period modified from previous 01:30 pm to 02:00 pm to 01:45 pm to 02:00 pm.
Orders shall be placed within +3% of applicable reference price in respective windows.
Block deal provisions also applicable for block deal window under optional T+0 settlement cycle in addition to T+1 settlement cycle.
The circular is effective from Dec. 7, 2025.
On Aug. 22, IND SEBI proposed changes to framework for exchanges.
IND SEBI issued proposal modifying block deal framework for stock exchanges.
Follows IND SEBI Oct. 2017 revised framework for executing larger deals, #35738.
Outline of Proposal
Morning block deal window operational between 8:45 am to 9:00 am with reference price based on previous day's closing price of the stock.
Afternoon block deal window operational between 2:05 pm to 2:20 pm with reference price based on VWAP of trades executed between 1:30 pm to 2:00 pm.
Stock exchanges required to calculate and disseminate VWAP information for afternoon window between 2:00 pm to 2:05 pm.
Price range restrictions set at +1% of reference price for F&O stocks and +3% for non-F&O stocks, subject to surveillance measures.
Minimum order size requirement established at INR 25 crore with mandatory delivery settlement and prohibition on squaring off or reversing trades.
Stock exchanges are mandated to disseminate block deal information including scrip name, client name, quantity, and traded price to public after-market hours on same day.
All trading, settlement, surveillance and risk containment measures applicable to normal trading segment are required for block deal windows.
Consultation End
The consultation period is open until Sep. 15, 2025.
Oct. 2025 IND SEBI Framework Rules Published
On Oct. 8, 2025, IND SEBI issued circular regarding review of block deal framework.
Stock exchanges may set trading hours between 08:45 am to 05:00 pm for block deal mechanism with separate trading window(s) permitted.
Afternoon block deal window VWAP calculation period modified from previous 01:30 pm to 02:00 pm to 01:45 pm to 02:00 pm.
Orders shall be placed within +3% of applicable reference price in respective windows.
Block deal provisions also applicable for block deal window under optional T+0 settlement cycle in addition to T+1 settlement cycle.
