The Bombay Stock Exchange (BSE) has proposed the introduction of a daily, broker-level free order message threshold of 10 crore in the Equity Cash Segment, with charges to be levied on order message flow exceeding this limit. The exchange said the proposal aims to promote balanced and efficient order flow management at the broker level.
In a circular issued on Thursday, BSE stated that it will monitor each broker’s daily order message count and levy charges on those who cross the 10-crore threshold. All order messages beyond the limit will be charged at Rs 0.0025 per message, which translates to Rs 2.50 for every additional 10 lakh order messages.
For the purpose of monitoring, all order messages, including add, modify, and delete orders, placed by a broker in the Equity Cash Segment will be counted, including odd-lot orders. However, settlement auction orders will be excluded from the calculation.
To provide relief, the first instance of a threshold breach by a broker in each calendar month will be exempt from charges. Any subsequent breaches within the same month will attract the applicable fees.
BSE will begin sharing daily files with brokers detailing total order counts from January 1, 2026. From January 15, 2026, these files will also include applicable charges, if any breaches occur. Charges will be accumulated daily and recovered through the regular monthly billing cycle.
The framework is proposed to be implemented from January 1, 2026. To ensure a smooth transition, no charges will be levied during the first month of implementation (January 1–31, 2026). Actual charges will apply from February 2026 onward, in line with the proposed framework.
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