Overview

• SEBI’s circular raises the minimum block-deal order size to Rs 25 crore from Rs 10 crore, with the new framework taking effect on December 7, 2025.
• The execution price band for non-F&O block deals widens to within ±3% of the applicable reference price, up from ±1%.
• Block deals will execute in two windows: 08:45–09:00 using the previous close as reference and 14:05–14:20 using a VWAP-based reference.
• For the afternoon window, exchanges will compute the 15-minute VWAP from 1:45–2:00 pm and publish VWAP details between 2:00–2:05 pm to set reference pricing.
• SEBI’s analysis found most FY25 NSE block trades already clustered above the new threshold, while experts expect sub-Rs 10 crore deals to migrate to the cash market and industry participants anticipate SME-specific rules next.