The short
- Bigger clips: Minimum block size proposed at ₹25 crore (up from ₹10 crore) to curb small, tactical prints.
- Delivery-only: No intrawindow square-offs; trades must result in delivery to tighten integrity.
- Firmer pricing: Morning window references previous close; afternoon window references an intraday VWAP—bands to be reviewed/tightened.
- More sunlight: Same-day public disclosure of scrip, client, quantity, and price after market hours.
Windows & reference pricing
Morning window
Timing ~8:45–9:00 am (before regular trading).
Reference Previous day’s closing price; prints constrained within an allowed band around it.
Afternoon window
Timing ~2:05–2:20 pm (during market hours).
Reference A VWAP computed over a pre-defined slice (e.g., 1:30–2:00 pm), with a band around the reference.
Price bands & disclosures
- Band review: Exchanges/regulator to recalibrate bands to reduce opportunistic prints while preserving deal certainty.
- Delivery-only: All window prints settle by delivery; no offsetting within the window.
- Disclosures: Post-close publication of key details (scrip, client, quantity, price) the same day.
Raising the floor to ₹25 crore nudges genuine transfers into the window while pushing smaller liquidity needs back to the order book or bulk trades.
Promoter/PE guide: what to change
| Actor | Implication | Action |
|---|---|---|
| Promoters | Larger tickets; tighter pricing corridors. | Stage sales; coordinate with anchors; prep clean disclosure packs. |
| Private Equity | Higher certainty, but tighter bands. | Use VWAP windows wisely; pre-match blocks; avoid spillover into regular book. |
| Long-only funds | Better transparency; reduced gameable prints. | Align cash flows to windows; negotiate blocks near rebalances. |
What to watch next
Feedback window
Public comments run through mid-September; watch for tweaks to timings, bands, and disclosure granularity.
Coordination
Exchange system readiness and member workflows to ensure clean settlement and timely public dissemination.
Overlap with bulk trades
How revised bands affect migration between block vs. bulk and on-screen execution.
Liquidity patterns
Order-book spreads around 2 pm; potential crowding into the PM window on index/ETF event days.
FAQ
- Is the ₹25 crore size final? Not yet—this is a proposal; the final threshold will be notified by SEBI after comments.
- Can I break a deal across windows? You can stage deals, but each window’s trade must meet rules and settle by delivery.
- Will this reduce volatility? Tighter bands around reference prices should reduce manipulation risk and surprise prints.
Disclosure: This explainer summarises a regulatory proposal and may evolve after public comments and final SEBI/exchange circulars.