BSE Proposes to Charge Brokers for Order Messages Crossing 10 Crore Daily Threshold

The Bombay Stock Exchange (BSE) has announced a proposal introducing a threshold of 10 crore order messages per broker per day in the Equity Cash Segment.  

Brokers exceeding this limit will be subject to additional charges, marking BSE’s move towards better order flow regulation starting 2026. 

Charges Applicable Beyond 10 Crore Order Messages 

As per BSE, a daily limit of 10 crore order messages has been proposed for each broker in the Equity Cash Segment. Once this threshold is crossed, additional order messages will attract a charge of ₹0.0025 per message.  

For every 10 lakh extra messages, the cost would amount to ₹2.50. This measure is aimed at promoting efficient and balanced trading activity on the exchange. 

What Constitutes an Order Message? 

All add, modify, and delete instructions issued by brokers will be counted as order messages. This also includes odd-lot orders but excludes settlement auction orders.  

The exchange will systematically track and report this data to brokers on a daily basis to ensure transparency in the assessment of order submissions. 

Monitoring and Transition Period 

Starting January 1, 2026, BSE will share daily files with brokers, reflecting their total order counts. By January 15, 2026, these reports will also contain details of any charges due to threshold breaches.  

The billing will be accumulated daily and settled via the regular monthly billing mechanism. 

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Exemptions and Initial Grace Period 

To ease adaptation to the new system, the first breach per broker in a calendar month will be exempt from any charges. Furthermore, no charges will be enforced during the first month after implementation.  

Therefore, cost application under this proposed mechanism will begin from February 1, 2026, giving brokers a full month for compliance adjustments. 

Conclusion 

BSE’s new guidelines target improved market structure and order management practices. Setting a 10 crore message cap with a clearly structured fee beyond the threshold, the exchange aims to maintain orderly price discovery within India’s equity markets. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.