SEBI, vide its Circular dated October 8, 2025, has revised the Block Deal Framework applicable to stock exchanges, clearing corporations, and depositories. The circular introduces two block deal windows — a Morning Window (8:45 AM to 9:00 AM) with the previous day’s closing price as the reference, and an Afternoon Window (2:05 PM to 2:20 PM) with the VWAP of trades between 1:45 PM and 2:00 PM as the reference price. Orders must be within ±3% of the reference price, with a minimum order size of ₹25 crore, and must result in mandatory delivery (no squaring off).
Stock exchanges are required to disclose block deal details (scrip, client name, quantity, and price) after market hours. The framework also extends to the optional T+0 settlement cycle, with MIIs directed to align systems, rules, and surveillance practices accordingly. The revised provisions take effect 60 days from the date of issuance of the circular.
