NSDL has referred to SEBI’s earlier circulars (April 21, 2025, and July 19, 2023) and its own circular dated June 19, 2025, regarding phase-wise implementation of the trading window closure framework for Designated Persons (DPs) and their Immediate Relatives. The timeline for extension to Immediate Relatives of DPs, on account of declaration of financial results, is now reaching full implementation.

Please also refer to our detailed article on the SEBI circular dated April 21, 2025, for background.

The framework for restricting trading by Designated Persons and their Immediate Relatives by freezing PAN at the security level will be effective from October 01, 2025, for the quarter ending September 30, 2025. It will apply to all listed companies on NSE, BSE, and MSEI. Listed companies that have appointed NSDL as their Designated Depository can use their existing login credentials on the NSDL Issuer Services portal (https://issuer.nsdl.com/) for updating Designated Persons’ details, defining the trading window closure period and carrying out related functionalities. Operational guidelines for defining the commencement date and end date of trading window closure are provided in Annexure-A to this circular.

As per SEBI’s requirement, listed companies must provide details of the trading window closure period at least two trading days before commencement (T-2 days). For the quarter ending September 30, 2025, the last date to define the trading window closure period through the NSDL Issuer Services portal is September 27, 2025, by 04:00 P.M. Issuers are required to comply with SEBI directives and R&T Agents have been instructed to inform their client companies accordingly.