SEBI/HO/MRD/POD -III/CIR/P/2025/134 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/MRD/POD -III/CIR/P/2025/134 To All Recognized Stock Exchanges All Recognized Clearing Corporations All Depositories Sir/Madam, Subject: Review of Block Deal Framework Paragraph 1.2 of Chapter 1 of SEBI Master Circular No. SEBI/HO/MRDPoD2/CIR/P/2024/00181 dated December 30, 2024 for "Stock Exchanges and Clearing Corporations" contains provisions with respect to the Block Deal Framework on the stock exchange platform . Further, Paragraph 3.5 of SEBI Circular No. SEBI/HO/MRD/MRD -PoD -3/P/CIR/2024/172 dated December 10, 2024 on "Enhancement in the scope of optional T+0 rolling settlement cycle in addition to the existing T+1 settlement cycle in Equity Cash Markets" prescribes for a block deal window under the optional T+0 settlement cycle in addition to the block deal windows under the T+1 settlement cycle. Based on the recommendations of the Working Group, deliberations in Secondary Market Advisory Committee of SEBI (SMAC) and public comments received, it has been decided to modify the existing Block Deal Framework. Accordingly, the provisions under Paragraph 1.2 of Chapter 1 of the above mentioned Master Circular and Paragraph 3.5 of SEBI Circular dated December 10, 2024 stand modified as under: 2.1.Block deal is execution of large trades through a single transaction without putting either the buyer or seller in a disadvantageous position. The Stock Exchanges may set their trading hours between 08:45 AM to 05:00 PM and for the Block deal October 08, 2025 mechanism, stock exchanges are permitted to provide a separate trading window(s) . 2.2.The Block Deal Framework will be subject to the following conditions: 2.2.1. Block Deal Windows: 2.2.1.1. Morning Block Deal Window: This window shall operate between the trading hours of 08:45 AM to 09:00 AM . The ref