{"id":363124,"date":"2025-10-09T13:00:28","date_gmt":"2025-10-09T07:30:28","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=363124"},"modified":"2025-10-09T13:05:33","modified_gmt":"2025-10-09T07:35:33","slug":"sebi-notifies-revised-block-deal-framework-compliance-update-scc-times","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/10\/09\/sebi-notifies-revised-block-deal-framework-compliance-update-scc-times\/","title":{"rendered":"SEBI Notifies Revised Block Deal Framework: Key Changes Effective December 2025"},"content":{"rendered":"
\n

On 8-10-2025, the Securities and Exchange Board of India (‘SEBI<\/span>’) notified the Review of Block Deal Framework<\/span>, introducing a series of amendments aimed at strengthening transparency, efficiency, and regulatory oversight in large-volume equity trades. These changes reflect evolving market conditions and are based on recommendations from a SEBI Working Group, deliberations in the Secondary Market Advisory Committee<\/span> (‘SMAC’), and public feedback.<\/p>\n

The revised framework will be effective 60 days from the date of notification, i.e., 7-12-2025<\/span>.<\/p>\n

Key Takeaways:<\/h3>\n
    \n
  1. \n

    A block deal refers to the execution of large trades<\/span> through a single transaction, typically negotiated between two parties<\/span>, without putting either the buyer or seller at a disadvantage. These trades are conducted in designated windows outside the regular market to minimize price disruption<\/p>\n<\/li>\n

  2. \n

    SEBI has formalized two distinct trading windows for block deals:<\/p>\n

      \n
    • \n

      Morning Block Deal Window<\/span>:<\/p>\n

      ○ Timing: 08:45 AM to 09:00 AM<\/p>\n

      ○ Reference Price: Previous day’s closing price<\/p>\n<\/li>\n

    • \n

      Afternoon Block Deal Window<\/span>:<\/p>\n

      ○ Timing: 02:05 PM to 02:20 PM<\/p>\n

      ○ Reference Price: Volume Weighted Average Price (‘VWAP’) of trades executed between 01:45 PM and 02:00 PM<\/p>\n

      ○ VWAP is calculated and disseminated between 02:00 PM and 02:05 PM<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      SEBI’s revised Block Deal Framework introduces several important changes to improve market transparency and efficiency.<\/p>\n<\/li>\n

    • \n

      The minimum order size has been increased from ₹10 crore to ₹25 crore<\/span>, reflecting deeper market liquidity and institutional activity.<\/p>\n<\/li>\n

    • \n

      The price band for block deals has been widened to +3% of the reference price, offering more flexibility than the earlier ±1% range.<\/p>\n<\/li>\n

    • \n

      All trades must result in actual delivery, squaring off or reversal is not permitted<\/span>. Block deals are now allowed under both the T+1 and optional T+0 settlement cycles.<\/p>\n<\/li>\n

    • \n

      Exchanges must disclose block deal details, including scrip name, client identity, quantity, and price, after market hours on the same day.<\/p>\n<\/li>\n

    • \n

      Additionally, exchanges, clearing corporations, and depositories are required to apply standard trading, settlement, and surveillance protocols to block deal windows, ensuring consistency with regular market operations.<\/p>\n<\/li>\n

    • \n

      Market Infrastructure Institutions (‘MIIs’) have been directed to take necessary steps:<\/p>\n

        \n
      • \n

        Implement necessary systems and processes<\/p>\n<\/li>\n

      • \n

        Amend relevant byelaws, rules, and regulations<\/p>\n<\/li>\n

      • \n

        Disseminate the circular to market participants and investors via their websites<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        By raising thresholds, expanding price bands, and enforcing delivery and disclosure norms, the framework ensures that block deals remain a transparent and efficient mechanism for executing large trades.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        SEBI updates Block Deal Framework to enhance transparency and efficiency by raising trade thresholds, widening price bands, expanding settlement options, and mandating timely disclosures.<\/p>\n","protected":false},"author":67525,"featured_media":363127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[90575,90579,90580,90576,90577,83440,2563,90578],"class_list":["post-363124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-block-deal-framework","tag-block-deal-windows","tag-equity-market-regulations","tag-equity-trading","tag-institutional-investors","tag-market-regulation","tag-SEBI","tag-settlement-cycles"],"yoast_head":"\nSEBI Notifies Revised Block Deal Framework Update | SCC Times<\/title>\n<meta name=\"description\" content=\"SEBI 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The earlier proposal\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":355882,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/06\/revised-penalty-review-framework-for-miis-sebi-circular-2025\/","url_meta":{"origin":363124,"position":4},"title":"SEBI revamps Penalty Review System to empower MIIs and ensure fair appeals","author":"Shubhi","date":"August 6, 2025","format":false,"excerpt":"SEBI\u2019s new framework for MIIs reshapes the penalty review, appeal, and waiver process by introducing independent oversight, a dual-track mechanism, and external professionals, while preserving legal recourse and mandating implementation by September 2025.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Penalty Review Framework","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Penalty-Review-Framework.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Penalty-Review-Framework.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Penalty-Review-Framework.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Penalty-Review-Framework.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":194026,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/15\/sebi-issues-circular-for-electronic-book-mechanism-for-issuance-of-securities-on-private-placement-basis\/","url_meta":{"origin":363124,"position":5},"title":"SEBI issues Circular for Electronic Book Mechanism for issuance of securities on private placement basis","author":"Saba","date":"March 15, 2018","format":false,"excerpt":"In exercise of powers conferred under Section 11(1) read with Regulation 31(2) of ILDS Regulations of the Securities and Exchange Board of India Act, 1992, SEBI has issued a circular for \u2018Electronic Book Mechanism\u2019 for issuance of securities on private placement basis. SEBI vide circular No. CIR\/IMD\/DF1\/48\/2016 dated 21-04-2016, mandated\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/363124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67525"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=363124"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/363124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/363127"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=363124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=363124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=363124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}