Market Wide Circuit Breakers
  Market Wide Circuit Breakers

Based on SEBI Circular No. SMDRPD/Policy/Cir-37/2001 dated June 28, 2001, the Exchange implemented index-based market-wide circuit breakers with effect from July 02, 2001. SEBI vide its Circular no. CIR/MRD/DP/ 25 /2013 dated September 03, 2013 has partially modified the provisions of the it aforementioned circular and have introduced daily calculation of circuit breaker limits for 10%, 15% and 20% based on the previous day's closing level of the index. Additionally, a 15 minutes pre opening session post each trading halt has been introduced.

Based on the said circular, the Exchange on a daily basis disseminates the 10%, 15% and 20% circuit breaker limits on the closing value of S & P BSE Sensex for the next trading day. The rounding off the circuit breaker limits to nearest 25 points as prescribed in SEBI circular dated June 28, 2001 has been done away with SEBI Circular dated September 3, 2013.

The index-based market-wide circuit breaker system applies at 3 stages of the index movement, either way viz. at 10%, 15% and 20%. These circuit breakers when triggered bring about a coordinated trading halt in all equity and equity derivative markets nationwide. The market-wide circuit breakers are triggered by movement of either the S & P BSE Sensex or the NSE CNX Nifty, whichever is breached earlier.

The trigger limits and the respective halt duration is given below:

Trigger Limit Trigger Time Halt duration Pre Opening Session duration post each halt
10% Before 1 Pm 45 Minutes 15 Minutes
At or After 1 PM to 2.30 PM 15 Minutes 15 Minutes
At or after 2.30 PM No Halt -
15% Before 1 PM 1 Hour 45 minutes 15 Minutes
At or after 1 PM before 2 PM 45 Minutes 15 Minutes
On or after 2 PM Trading halt for the remainder of the day. -
20% Any time of the day Trading halt for the remainder of the day. -

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