The National Stock Exchange (NSE) on February 09, 2026, issued a circular regarding SEBI (Stockbrokers) Regulations, 2026, and clarification on the computation of variable net worth.
The following has been stated: -
•Members are informed that the SEBI (Stockbrokers) Regulations, 2026, came into force on January 07, 2026, and compliance is mandatory.
•As per Chapter X, members must maintain a net worth equal to the higher of Base Net Worth or Variable Net Worth.
•Until SEBI specifies revised norms, variable net worth will continue to be calculated as 10% of the average daily client cash balance retained over the previous 6 months.
•Members are advised to take note of these requirements and ensure ongoing compliance.
The detailed circular is given in the document below.
[Circular Ref. No: 03/2026]
