The NSE Clearing Limited (NCL), on December 24, 2025, issued a circular introducing the mandatory use of a new digital portal for submission of Penalty Review Requests by members and custodians, in continuation of its earlier initiatives to digitise compliance-related processes.
Pursuant to earlier circulars dated February 12, 2024 and February 14, 2025, NCL has now directed that all penalty review requests raised after the issuance of this circular must be submitted exclusively through the new member portal at https://ims.connect2nsccl.com/NCLMemberPortal/. The facility to submit such requests through the old portal shall be disabled shortly, though requests already lodged on the old portal will continue to be processed there.
For ease of compliance, step-by-step instructions for submitting penalty review requests have been provided in Annexure 1, and an updated FAQ document has been enclosed as Annexure 2. Members are advised to take note of the change and ensure timely transition to the new portal to avoid any procedural issues.
[Circular Ref. No. 41/2025]
