>  Margins
Margins
India ICC has evolved a margining framework based on globally prevalent best practices. The margining framework is compliant with the CPMI - IOSCO Principles of Financial Markets Infrastructure (PFMI).

The margins levied to members shall be levied and collected in USD. The margin parameters for the products traded on India International Exchange would be as follows:

Initial Margin

Computation of Initial Margin

INDIA ICC shall adopt Standard Portfolio Analysis of Risk (SPAN®) methodology or any other system for the purpose of real time initial margin computation. In order to take an integrated view of the risk involved in the portfolio of each individual client, currently, the SPAN methodology has been adopted by the INDIA ICC.

Initial Margin requirement shall be based on a worst scenario loss of a portfolio of an individual client comprising his positions in options and futures contracts across different underlying and maturities for various scenarios of price and volatility changes. The initial margin requirements shall be set to provide coverage of at least a 99% single-tailed confidence interval of the estimated distribution of future exposure over a one day time horizon.

Initial margin requirement:

The initial margin shall be deducted upfront on an on-line real-time basis from the available liquid assets deposited by the Clearing Member with INDIA ICC. The minimum Initial Margin applicable is as follows:

Sr. No. Particulars Product Type Minimum Initial Margin(%)
1 COPPER COMMODITIES 3.50%
2 GOLD COMMODITIES 3.25%
3 GOLDKG COMMODITIES 3.25%
4 SILVER COMMODITIES 6.50%
5 EUR-USD CURRENCIES 1.70%
6 GBP-USD CURRENCIES 2.11%
7 YEN-USD CURRENCIES 2.29%
8 ACC LTD. DOMESTIC EQUITIES 7.50%
9 ADANI PORTS & SPECIAL ECONOMIC ZONE LTD. DOMESTIC EQUITIES 7.50%
10 AMBUJA CEMENTS LTD. DOMESTIC EQUITIES 7.50%
11 APOLLO HOSPITALS ENTERPRISE LTD. DOMESTIC EQUITIES 7.90%
12 ASHOK LEYLAND LTD. DOMESTIC EQUITIES 7.50%
13 ASIAN PAINTS LTD. DOMESTIC EQUITIES 7.50%
14 AUROBINDO PHARMA LTD. DOMESTIC EQUITIES 7.50%
15 AXIS BANK LTD. DOMESTIC EQUITIES 7.50%
16 BAJAJ AUTO LTD. DOMESTIC EQUITIES 7.50%
17 BAJAJ FINANCE LTD. DOMESTIC EQUITIES 8.50%
18 BAJAJ FINSERV LTD. DOMESTIC EQUITIES 7.50%
19 BANK OF BARODA DOMESTIC EQUITIES 9.50%
20 BHARAT ELECTRONICS LTD. DOMESTIC EQUITIES 7.50%
21 BHARAT FORGE LTD DOMESTIC EQUITIES 7.50%
22 BHARAT HEAVY ELECTRICALS LTD. DOMESTIC EQUITIES 8.10%
23 BHARAT PETROLEUM CORP. LTD. DOMESTIC EQUITIES 7.50%
24 BHARTI AIRTEL LTD. DOMESTIC EQUITIES 7.50%
25 BHARTI INFRATEL LTD. DOMESTIC EQUITIES 7.50%
26 BOSCH LTD. DOMESTIC EQUITIES 7.50%
27 BRITANNIA INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
28 CADILA HEALTHCARE LTD. DOMESTIC EQUITIES 8.79%
29 CANARA BANK LTD DOMESTIC EQUITIES 7.50%
30 CIPLA LTD. DOMESTIC EQUITIES 7.50%
31 COAL INDIA LTD. DOMESTIC EQUITIES 7.50%
32 COLGATE PALMOLIVE (INDIA) LTD. DOMESTIC EQUITIES 7.50%
33 CONTAINER CORPORATION OF INDIA LTD. DOMESTIC EQUITIES 7.50%
34 CUMMINS INDIA LTD. DOMESTIC EQUITIES 7.50%
35 DABUR INDIA LTD. DOMESTIC EQUITIES 7.50%
36 DIVI'S LABORATORIES LTD. DOMESTIC EQUITIES 13.20%
37 DLF LTD. DOMESTIC EQUITIES 13.12%
38 DR REDDYS LABORATORIES LTD. DOMESTIC EQUITIES 7.55%
39 EICHER MOTORS LTD. DOMESTIC EQUITIES 7.50%
40 EXIDE INDUSTRIES LTD DOMESTIC EQUITIES 7.50%
41 GAIL (INDIA) LTD. DOMESTIC EQUITIES 7.50%
42 GLENMARK PHARMACEUTICALS LTD. DOMESTIC EQUITIES 7.50%
43 GODREJ CONSUMER PRODUCTS LTD DOMESTIC EQUITIES 7.50%
44 GRASIM INDUSTRIES LTD DOMESTIC EQUITIES 7.50%
45 HAVELLS INDIA LTD. DOMESTIC EQUITIES 7.50%
46 HCL TECHNOLOGIES DOMESTIC EQUITIES 7.50%
47 HDFC BANK LTD. DOMESTIC EQUITIES 7.50%
48 HERO MOTOCORP LTD DOMESTIC EQUITIES 7.50%
49 HINDALCO INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
50 HINDUSTAN PETROLEUM CORPORATION LTD. DOMESTIC EQUITIES 9.23%
51 HINDUSTAN UNILEVER DOMESTIC EQUITIES 7.50%
52 HINDUSTAN ZINC LTD. DOMESTIC EQUITIES 7.50%
53 HOUSING DEVELOPMENT FINANCE CORPORATION DOMESTIC EQUITIES 7.50%
54 ICICI BANK LTD. DOMESTIC EQUITIES 7.50%
55 IDEA CELLULAR LTD. DOMESTIC EQUITIES 11.15%
56 IDFC BANK LTD DOMESTIC EQUITIES 7.50%
57 INDIABULLS HOUSING FINANCE LTD DOMESTIC EQUITIES 7.50%
58 INDIAN OIL CORP LTD DOMESTIC EQUITIES 7.50%
59 INDUSIND BANK DOMESTIC EQUITIES 7.50%
60 INFOSYS LTD. DOMESTIC EQUITIES 7.52%
61 INTERGLOBE AVIATION LTD. DOMESTIC EQUITIES 7.50%
62 ITC DOMESTIC EQUITIES 7.50%
63 JSW STEEL LTD. DOMESTIC EQUITIES 7.50%
64 KOTAK MAHINDRA BANK DOMESTIC EQUITIES 7.50%
65 LARSEN & TOUBRO DOMESTIC EQUITIES 7.50%
66 LIC HOUSING FINANCE LTD. DOMESTIC EQUITIES 7.50%
67 LUPIN LTD DOMESTIC EQUITIES 7.50%
68 MAHINDRA & MAHINDRA DOMESTIC EQUITIES 7.50%
69 MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD DOMESTIC EQUITIES 7.94%
70 MARICO LTD. DOMESTIC EQUITIES 7.50%
71 MARUTI SUZUKI LTD. DOMESTIC EQUITIES 7.50%
72 MOTHERSON SUMI SYSTEMS LTD. DOMESTIC EQUITIES 7.50%
73 MRF LTD DOMESTIC EQUITIES 7.50%
74 NESTLE INDIA LTD DOMESTIC EQUITIES 7.50%
75 NHPC LTD. DOMESTIC EQUITIES 7.50%
76 NMDC LTD. DOMESTIC EQUITIES 7.50%
77 NTPC LTD DOMESTIC EQUITIES 7.50%
78 OIL & NATURAL GAS CORPORATION DOMESTIC EQUITIES 7.50%
79 OIL INDIA LTD. DOMESTIC EQUITIES 7.50%
80 ORACLE FINANCIAL SERVICES SOFTWARE LTD. DOMESTIC EQUITIES 7.50%
81 PETRONET LNG LTD. DOMESTIC EQUITIES 7.50%
82 PIDILITE INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
83 PIRAMAL ENTERPRISES LTD. DOMESTIC EQUITIES 8.25%
84 POWER FINANCE CORPORATION LTD. DOMESTIC EQUITIES 9.39%
85 POWER GRID CORP OF INDIA LTD DOMESTIC EQUITIES 7.50%
86 PUNJAB NATIONAL BANK DOMESTIC EQUITIES 8.46%
87 RELIANCE INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
88 RELIANCE INFRASTRUCTURE LTD DOMESTIC EQUITIES 7.50%
89 RURAL ELECTRIFICATION CORPORATION LTD. DOMESTIC EQUITIES 8.43%
90 SHREE CEMENT LTD. DOMESTIC EQUITIES 7.50%
91 SHRIRAM TRANSPORT FINANCE CO. LTD. DOMESTIC EQUITIES 7.50%
92 SIEMENS LTD. DOMESTIC EQUITIES 7.50%
93 STATE BANK OF INDIA DOMESTIC EQUITIES 7.50%
94 STEEL AUTHORITY OF INDIA LTD. DOMESTIC EQUITIES 7.50%
95 SUN PHARMACEUTICALS DOMESTIC EQUITIES 7.88%
96 SUN TV NETWORK LTD. DOMESTIC EQUITIES 7.50%
97 TATA CHEMICALS LTD DOMESTIC EQUITIES 7.50%
98 TATA CONSULTANCY SERVICES LTD. DOMESTIC EQUITIES 7.50%
99 TATA GLOBAL BEVERAGES LTD DOMESTIC EQUITIES 10.27%
100 TATA MOTORS LTD DVR DOMESTIC EQUITIES 10.50%
101 TATA MOTORS LTD. DOMESTIC EQUITIES 9.75%
102 TATA POWER CO. LTD. DOMESTIC EQUITIES 7.50%
103 TATA STEEL LTD DOMESTIC EQUITIES 7.50%
104 TECH MAHINDRA LTD DOMESTIC EQUITIES 7.50%
105 TITAN CO LTD DOMESTIC EQUITIES 7.50%
106 TORRENT PHARMACEUTICALS LTD. DOMESTIC EQUITIES 7.50%
107 ULTRATECH CEMENT LTD DOMESTIC EQUITIES 7.50%
108 UNITED BREWERIES LTD. DOMESTIC EQUITIES 7.50%
109 UNITED SPIRITS LTD. DOMESTIC EQUITIES 7.50%
110 UPL LTD. DOMESTIC EQUITIES 7.50%
111 VEDANTA LTD. DOMESTIC EQUITIES 7.80%
112 WIPRO LTD DOMESTIC EQUITIES 7.50%
113 YES BANK DOMESTIC EQUITIES 7.50%
114 ZEE ENTERTAINMENT ENTERPRISES LTD DOMESTIC EQUITIES 7.50%
115 SENSEX INDICES 3.00%
116 SENSEX50 INDICES 3.20%
117 APPLE INC. INTERNATIONAL EQUITIES 7.50%
118 FACEBOOK INC. INTERNATIONAL EQUITIES 7.50%
119 GOOGLE INC. (ALPHABET) INTERNATIONAL EQUITIES 7.50%
120 JP MORGAN CHASE & CO. INTERNATIONAL EQUITIES 7.50%
121 MICROSOFT CORPORATION INTERNATIONAL EQUITIES 7.50%


For the purpose of SPAN® Margin, various parameters shall be as specified hereunder or such other parameters as may be specified by INDIA ICC from time to time.

Price Scan Range and Volatility Scan Range

Price Scan Range

The Price Scan Range ("PSR") would be specified by INDIA ICC from time to time. The standard deviation (volatility estimate) shall be computed using the Exponentially Weighted Moving Average method (EWMA).

The estimate at the end of time period t (σt) shall be estimated using the volatility estimate at the end of the previous time period. i.e. as at the end of t-1 time period (σt-1), and the return (rt) observed in the futures market during the time period t. The formula shall be as under:



Where
  • λ is a parameter which determines how rapidly volatility estimates changes. The value of λ is currently fixed at 0.94.
  • σ (sigma) means the standard deviation of daily returns in the futures market.
  • The "return" is defined as the logarithmic return: rt = ln (St/St-1) where St is the price at time t.

Volatility Scan Range

The volatility scan range ("VSR") for generating the scenarios would be as below or such other percentage as may be specified by INDIA ICC from time to time.

The sigma σ would be the standard deviation σ of daily logarithmic (ln) returns of futures price.

The current PSR & VSR values for the various contract are as given below:

Sr. No. Particulars Product Type PSR VSR
sigma %
1 COPPER COMMODITIES 3 4%
2 GOLD COMMODITIES 3 4%
3 GOLDKG COMMODITIES 3 4%
4 SILVER COMMODITIES 3 4%
5 EUR-USD CURRENCIES 3.5 3%
6 GBP-USD CURRENCIES 3.5 3%
7 YEN-USD CURRENCIES 3.5 3%
8 ACC LTD. DOMESTIC EQUITIES 3.5 10%
9 ADANI PORTS & SPECIAL ECONOMIC ZONE LTD. DOMESTIC EQUITIES 3.5 10%
10 AMBUJA CEMENTS LTD DOMESTIC EQUITIES 3.5 10%
11 APOLLO HOSPITALS ENTERPRISE LTD DOMESTIC EQUITIES 3.5 10%
12 ASHOK LEYLAND LTD. DOMESTIC EQUITIES 3.5 10%
13 ASIAN PAINTS DOMESTIC EQUITIES 3.5 10%
14 AUROBINDO PHARMA LTD. DOMESTIC EQUITIES 3.5 10%
15 AXIS BANK LTD DOMESTIC EQUITIES 3.5 10%
16 BAJAJ AUTO LTD. DOMESTIC EQUITIES 3.5 10%
17 BAJAJ FINANCE LTD. DOMESTIC EQUITIES 3.5 10%
18 BAJAJ FINSERV LTD. DOMESTIC EQUITIES 3.5 10%
19 BANK OF BARODA DOMESTIC EQUITIES 3.5 10%
20 BHARAT ELECTRONICS LTD. DOMESTIC EQUITIES 3.5 10%
21 BHARAT FORGE LTD DOMESTIC EQUITIES 3.5 10%
22 BHARAT HEAVY ELECTRICALS LTD. DOMESTIC EQUITIES 3.5 10%
23 BHARAT PETROLEUM CORP. LTD. DOMESTIC EQUITIES 3.5 10%
24 BHARTI AIRTEL LTD. DOMESTIC EQUITIES 3.5 10%
25 BHARTI INFRATEL LTD. DOMESTIC EQUITIES 3.5 10%
26 BOSCH LTD. DOMESTIC EQUITIES 3.5 10%
27 BRITANNIA INDUSTRIES LTD. DOMESTIC EQUITIES 3.5 10%
28 CADILA HEALTHCARE LTD. DOMESTIC EQUITIES 3.5 10%
29 CANARA BANK LTD DOMESTIC EQUITIES 3.5 10%
30 CIPLA LTD. DOMESTIC EQUITIES 3.5 10%
31 COAL INDIA LTD. DOMESTIC EQUITIES 3.5 10%
32 COLGATE PALMOLIVE (INDIA) LTD. DOMESTIC EQUITIES 3.5 10%
33 CONTAINER CORPORATION OF INDIA LTD. DOMESTIC EQUITIES 3.5 10%
34 CUMMINS INDIA LTD. DOMESTIC EQUITIES 3.5 10%
35 DABUR INDIA LTD. DOMESTIC EQUITIES 3.5 10%
36 DIVI'S LABORATORIES LTD. DOMESTIC EQUITIES 3.5 10%
37 DLF LTD. DOMESTIC EQUITIES 3.5 10%
38 DR REDDYS LABORATORIES LTD. DOMESTIC EQUITIES 3.5 10%
39 EICHER MOTORS LTD. DOMESTIC EQUITIES 3.5 10%
40 EXIDE INDUSTRIES LTD DOMESTIC EQUITIES 3.5 10%
41 GAIL (INDIA) LTD. DOMESTIC EQUITIES 3.5 10%
42 GLENMARK PHARMACEUTICALS LTD. DOMESTIC EQUITIES 3.5 10%
43 GODREJ CONSUMER PRODUCTS LTD DOMESTIC EQUITIES 3.5 10%
44 GRASIM INDUSTRIES LTD DOMESTIC EQUITIES 3.5 10%
45 HAVELLS INDIA LTD. DOMESTIC EQUITIES 3.5 10%
46 HCL TECHNOLOGIES DOMESTIC EQUITIES 3.5 10%
47 HDFC BANK LTD DOMESTIC EQUITIES 3.5 10%
48 HERO MOTOCORP LTD DOMESTIC EQUITIES 3.5 10%
49 HINDALCO INDUSTRIES LTD. DOMESTIC EQUITIES 3.5 10%
50 HINDUSTAN PETROLEUM CORPORATION LTD. DOMESTIC EQUITIES 3.5 10%
51 HINDUSTAN UNILEVER DOMESTIC EQUITIES 3.5 10%
52 HINDUSTAN ZINC LTD. DOMESTIC EQUITIES 3.5 10%
53 HOUSING DEVELOPMENT FINANCE CORPORATION DOMESTIC EQUITIES 3.5 10%
54 ICICI BANK LTd DOMESTIC EQUITIES 3.5 10%
55 IDEA CELLULAR LTD. DOMESTIC EQUITIES 3.5 10%
56 IDFC BANK LTD DOMESTIC EQUITIES 3.5 10%
57 INDIABULLS HOUSING FINANCE LTD DOMESTIC EQUITIES 3.5 10%
58 INDIAN OIL CORP LTD DOMESTIC EQUITIES 3.5 10%
59 INDUSIND BANK DOMESTIC EQUITIES 3.5 10%
60 INFOSYS LTD. DOMESTIC EQUITIES 3.5 10%
61 INTERGLOBE AVIATION LTD. DOMESTIC EQUITIES 3.5 10%
62 ITC DOMESTIC EQUITIES 3.5 10%
63 JSW STEEL LTD. DOMESTIC EQUITIES 3.5 10%
64 KOTAK MAHINDRA BANK DOMESTIC EQUITIES 3.5 10%
65 LARSEN & TOUBRO DOMESTIC EQUITIES 3.5 10%
66 LIC HOUSING FINANCE LTD. DOMESTIC EQUITIES 3.5 10%
67 LUPIN LTD DOMESTIC EQUITIES 3.5 10%
68 MAHINDRA & MAHINDRA DOMESTIC EQUITIES 3.5 10%
69 MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD DOMESTIC EQUITIES 3.5 10%
70 MARICO LTD. DOMESTIC EQUITIES 3.5 10%
71 MARUTI SUZUKI LTD. DOMESTIC EQUITIES 3.5 10%
72 MOTHERSON SUMI SYSTEMS LTD. DOMESTIC EQUITIES 3.5 10%
73 MRF LTD DOMESTIC EQUITIES 3.5 10%
74 NESTLE INDIA LTD DOMESTIC EQUITIES 3.5 10%
75 NHPC LTD. DOMESTIC EQUITIES 3.5 10%
76 NMDC LTD. DOMESTIC EQUITIES 3.5 10%
77 NTPC LTD DOMESTIC EQUITIES 3.5 10%
78 OIL & NATURAL GAS CORPORATION DOMESTIC EQUITIES 3.5 10%
79 OIL INDIA LTD. DOMESTIC EQUITIES 3.5 10%
80 ORACLE FINANCIAL SERVICES SOFTWARE LTD. DOMESTIC EQUITIES 3.5 10%
81 PETRONET LNG LTD. DOMESTIC EQUITIES 3.5 10%
82 PIDILITE INDUSTRIES LTD. DOMESTIC EQUITIES 3.5 10%
83 PIRAMAL ENTERPRISES LTD. DOMESTIC EQUITIES 3.5 10%
84 POWER FINANCE CORPORATION LTD. DOMESTIC EQUITIES 3.5 10%
85 POWER GRID CORP OF INDIA LTD DOMESTIC EQUITIES 3.5 10%
86 PUNJAB NATIONAL BANK DOMESTIC EQUITIES 3.5 10%
87 RELIANCE INDUSTRIES LTD. DOMESTIC EQUITIES 3.5 10%
88 RELIANCE INFRASTRUCTURE LTD DOMESTIC EQUITIES 3.5 10%
89 RURAL ELECTRIFICATION CORPORATION LTD. DOMESTIC EQUITIES 3.5 10%
90 SHREE CEMENT LTD. DOMESTIC EQUITIES 3.5 10%
91 SHRIRAM TRANSPORT FINANCE CO. LTD. DOMESTIC EQUITIES 3.5 10%
92 SIEMENS LTD. DOMESTIC EQUITIES 3.5 10%
93 STATE BANK OF INDIA DOMESTIC EQUITIES 3.5 10%
94 STEEL AUTHORITY OF INDIA LTD. DOMESTIC EQUITIES 3.5 10%
95 SUN PHARMACEUTICALS DOMESTIC EQUITIES 3.5 10%
96 SUN TV NETWORK LTD. DOMESTIC EQUITIES 3.5 10%
97 TATA CHEMICALS LTD DOMESTIC EQUITIES 3.5 10%
98 TATA CONSULTANCY SERVICES LTD. DOMESTIC EQUITIES 3.5 10%
99 TATA GLOBAL BEVERAGES LTD DOMESTIC EQUITIES 3.5 10%
100 TATA MOTORS LTD DVR DOMESTIC EQUITIES 3.5 10%
101 TATA MOTORS LTD. DOMESTIC EQUITIES 3.5 10%
102 TATA POWER CO. LTD. DOMESTIC EQUITIES 3.5 10%
103 TATA STEEL LTD DOMESTIC EQUITIES 3.5 10%
104 TECH MAHINDRA LTD DOMESTIC EQUITIES 3.5 10%
105 TITAN CO LTD DOMESTIC EQUITIES 3.5 10%
106 TORRENT PHARMACEUTICALS LTD. DOMESTIC EQUITIES 3.5 10%
107 ULTRATECH CEMENT LTD DOMESTIC EQUITIES 3.5 10%
108 UNITED BREWERIES LTD. DOMESTIC EQUITIES 3.5 10%
109 UNITED SPIRITS LTD. DOMESTIC EQUITIES 3.5 10%
110 UPL LTD. DOMESTIC EQUITIES 3.5 10%
111 VEDANTA LTD. DOMESTIC EQUITIES 3.5 10%
112 WIPRO LTD. DOMESTIC EQUITIES 3.5 10%
113 YES BANK DOMESTIC EQUITIES 3.5 10%
114 ZEE ENTERTAINMENT ENTERPRISES LTD. DOMESTIC EQUITIES 3.5 10%
115 SENSEX INDICES 3 4%
116 SENSEX50 INDICES 3 4%
117 APPLE INC. INTERNATIONAL EQUITIES 3.5 10%
118 FACEBOOK INC. INTERNATIONAL EQUITIES 3.5 10%
119 GOOGLE INC. (ALPHABET) INTERNATIONAL EQUITIES 3.5 10%
120 JP MORGAN CHASE & CO. INTERNATIONAL EQUITIES 3.5 10%
121 MICROSOFT CORPORATION INTERNATIONAL EQUITIES 3.5 10%


Portfolio based margining system

The Standard Portfolio Analysis of Risk (SPAN®) methodology shall be used to take an integrated view of the risk involved in the portfolio of each individual client comprising his positions in contracts across different maturities. The client-wise margins would be grossed across various clients at the Trading /Clearing Member level. The proprietary positions of the Trading / Clearing Member would be treated as that of a client for margining purpose.

Real time computation

The computation of worst scenario loss would have two components. The first is the valuation of the portfolio under the various scenarios of price changes. At the second stage, these scenario contract values would be applied to the actual portfolio positions to compute the portfolio values and the initial margin. The scenario contract values shall be updated at the start of the business day, then every 1.5 hours and finally at the end of the business day. The latest available scenario contract values would be applied to member/client portfolios on a real time basis.

Risk parameters generated based on the updated details shall be available on the INDIA INX / INDIA ICC website.

Calendar Spread Margins

A futures position at one expiry month which is hedged by an offsetting position at a different maturity would be treated as a calendar spread. The benefit for a calendar spread would continue till expiry of the near month contract. The calendar spread margin shall be deducted from the liquid net worth of the clearing member on an online, real time basis.

The margin for options calendar spread would be the same as specified for futures calendar spread. The margin would be calculated on the basis of delta Δ of the portfolio in each month. A portfolio consisting of a near month option with a delta Δ of 100 and a far month option with a delta Δ of –100 would bear a spread charge equal to the spread charge for a portfolio which is long 100 near month futures and short 100 far month futures.

The calendar spread margins for different products would be as follows:

Sr. No. Particulars Product Type Calendar Spread Margin
1 COPPER COMMODITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 2%
2 GOLD COMMODITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 2%
3 GOLDKG COMMODITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 2%
4 SILVER COMMODITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 2%
5 EUR-USD CURRENCIES 0.25%(number of spread months) subject to a minimum margin 1% and a maximum margin of 2%
6 GBP-USD CURRENCIES 0.25%(number of spread months) subject to a minimum margin 1% and a maximum margin of 2%
7 YEN-USD CURRENCIES 0.25%(number of spread months) subject to a minimum margin 1% and a maximum margin of 2%
8 ACC LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
9 ADANI PORTS & SPECIAL ECONOMIC ZONE LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
10 AMBUJA CEMENTS LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
11 APOLLO HOSPITALS ENTERPRISE LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
12 ASHOK LEYLAND LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
13 ASIAN PAINTS DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
14 AUROBINDO PHARMA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
15 AXIS BANK LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
16 BAJAJ AUTO LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
17 BAJAJ FINANCE LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
18 BAJAJ FINSERV LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
19 BANK OF BARODA DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
20 BHARAT ELECTRONICS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
21 BHARAT FORGE LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
22 BHARAT HEAVY ELECTRICALS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
23 BHARAT PETROLEUM CORP. LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
24 BHARTI AIRTEL LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
25 BHARTI INFRATEL LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
26 BOSCH LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
27 BRITANNIA INDUSTRIES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
28 CADILA HEALTHCARE LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
29 CANARA BANK LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
30 CIPLA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
31 COAL INDIA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
32 COLGATE PALMOLIVE (INDIA) LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
33 CONTAINER CORPORATION OF INDIA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
34 CUMMINS INDIA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
35 DABUR INDIA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
36 DIVI'S LABORATORIES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
37 DLF LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
38 DR REDDYS LABORATORIES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
39 EICHER MOTORS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
40 EXIDE INDUSTRIES LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
41 GAIL (INDIA) LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
42 GLENMARK PHARMACEUTICALS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
43 GODREJ CONSUMER PRODUCTS LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
44 GRASIM INDUSTRIES LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
45 HAVELLS INDIA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
46 HCL TECHNOLOGIES DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
47 HDFC BANK LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
48 HERO MOTOCORP LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
49 HINDALCO INDUSTRIES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
50 HINDUSTAN PETROLEUM CORPORATION LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
51 HINDUSTAN UNILEVER DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
52 HINDUSTAN ZINC LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
53 HOUSING DEVELOPMENT FINANCE CORPORATION DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
54 ICICI BANK LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
55 IDEA CELLULAR LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
56 IDFC BANK LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
57 INDIABULLS HOUSING FINANCE LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
58 INDIAN OIL CORP LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
59 INDUSIND BANK DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
60 INFOSYS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
61 INTERGLOBE AVIATION LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
62 ITC DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
63 JSW STEEL LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
64 KOTAK MAHINDRA BANK DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
65 LARSEN & TOUBRO DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
66 LIC HOUSING FINANCE LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
67 LUPIN LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
68 MAHINDRA & MAHINDRA DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
69 MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
70 MARICO LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
71 MARUTI SUZUKI LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
72 MOTHERSON SUMI SYSTEMS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
73 MRF LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
74 NESTLE INDIA LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
75 NHPC LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
76 NMDC LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
77 NTPC LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
78 OIL & NATURAL GAS CORPORATION DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
79 OIL INDIA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
80 ORACLE FINANCIAL SERVICES SOFTWARE LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
81 PETRONET LNG LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
82 PIDILITE INDUSTRIES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
83 PIRAMAL ENTERPRISES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
84 POWER FINANCE CORPORATION LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
85 POWER GRID CORP OF INDIA LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
86 PUNJAB NATIONAL BANK DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
87 RELIANCE INDUSTRIES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
88 RELIANCE INFRASTRUCTURE LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
89 RURAL ELECTRIFICATION CORPORATION LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
90 SHREE CEMENT LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
91 SHRIRAM TRANSPORT FINANCE CO. LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
92 SIEMENS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
93 STATE BANK OF INDIA DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
94 STEEL AUTHORITY OF INDIA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
95 SUN PHARMACEUTICALS DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
96 SUN TV NETWORK LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
97 TATA CHEMICALS LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
98 TATA CONSULTANCY SERVICES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
99 TATA GLOBAL BEVERAGES LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
100 TATA MOTORS LTD DVR DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
101 TATA MOTORS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
102 TATA POWER CO. LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
103 TATA STEEL LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
104 TECH MAHINDRA LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
105 TITAN CO LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
106 TORRENT PHARMACEUTICALS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
107 ULTRATECH CEMENT LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
108 UNITED BREWERIES LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
109 UNITED SPIRITS LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
110 UPL LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
111 VEDANTA LTD. DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
112 WIPRO LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
113 YES BANK DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
114 ZEE ENTERTAINMENT ENTERPRISES LTD DOMESTIC EQUITIES 0.5%(number of spread months) subject to a minimum margin 1% and a maximum margin of 3%
115 SENSEX INDICES 0.25%(number of spread months) subject to a minimum margin of 0.5% and a maximum margin of 1%
116 SENSEX50 INDICES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 2%
117 APPLE INC. INTERNATIONAL EQUITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 3%
118 FACEBOOK INC. INTERNATIONAL EQUITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 3%
119 GOOGLE INC. (ALPHABET) INTERNATIONAL EQUITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 3%
120 JP MORGAN CHASE & CO. INTERNATIONAL EQUITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 3%
121 MICROSOFT CORPORATION INTERNATIONAL EQUITIES 0.5%(number of spread months) subject to a minimum margin of 1% and a maximum margin of 3%


Inter – Commodity Spread Margin benefits

The inter – commodity spread margin benefits which would be applicable to contracts traded on the India International Exchange (IFSC) Limited:
Leg A Delta Leg A's Contract Code Leg A Leg B's Delta Leg B's Contract Code Leg B Credit Rate
1 Sensex BSE Sensex Futures 3 Sensex50 BSE Sensex 50 Futures 75.00%
1 GoldF Gold Futures 2 SilverF Silver Futures 55.00%

Short Option Margin

Deep-out-of-the-money short options may show zero or minimal Scan Risk given the price and volatility moves in the 16 market scenarios, yet still present risk in the event that these options move closer-to-the-money or in-the-money, thereby generating potentially large losses. Hence a Short Option Minimum Margin is applied to each product to account for this potential exposure. The Short Option Minimum Margin is calculated on the Notional Value of all short options.

The Short Option Minimum Margin for different products would be as follows:

Sr. No. Particulars Product Type Short Option Minimum Margin
1 ACC LTD. DOMESTIC EQUITIES 7.50%
2 ADANI PORTS & SPECIAL ECONOMIC ZONE LTD. DOMESTIC EQUITIES 7.50%
3 AMBUJA CEMENTS LTD. DOMESTIC EQUITIES 7.50%
4 APOLLO HOSPITALS ENTERPRISE LTD. DOMESTIC EQUITIES 7.50%
5 ASHOK LEYLAND LTD. DOMESTIC EQUITIES 7.50%
6 ASIAN PAINTS DOMESTIC EQUITIES 7.50%
7 AUROBINDO PHARMA LTD. DOMESTIC EQUITIES 7.50%
8 AXIS BANK DOMESTIC EQUITIES 7.50%
9 BAJAJ AUTO LTD. DOMESTIC EQUITIES 7.50%
10 BAJAJ FINANCE LTD. DOMESTIC EQUITIES 8.50%
11 BAJAJ FINSERV LTD. DOMESTIC EQUITIES 7.50%
12 BANK OF BARODA DOMESTIC EQUITIES 9.50%
13 BHARAT ELECTRONICS LTD. DOMESTIC EQUITIES 7.50%
14 BHARAT FORGE LTD DOMESTIC EQUITIES 7.50%
15 BHARAT HEAVY ELECTRICALS LTD. DOMESTIC EQUITIES 8.10%
16 BHARAT PETROLEUM CORP. LTD. DOMESTIC EQUITIES 7.50%
17 BHARTI AIRTEL LTD. DOMESTIC EQUITIES 7.50%
18 BHARTI INFRATEL LTD. DOMESTIC EQUITIES 7.50%
19 BOSCH LTD. DOMESTIC EQUITIES 7.50%
20 BRITANNIA INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
21 CADILA HEALTHCARE LTD. DOMESTIC EQUITIES 7.55%
22 CANARA BANK LTD. DOMESTIC EQUITIES 7.50%
23 CIPLA LTD. DOMESTIC EQUITIES 7.50%
24 COAL INDIA LTD. DOMESTIC EQUITIES 7.50%
25 COLGATE PALMOLIVE (INDIA) LTD. DOMESTIC EQUITIES 7.50%
26 CONTAINER CORPORATION OF INDIA LTD. DOMESTIC EQUITIES 7.50%
27 CUMMINS INDIA LTD. DOMESTIC EQUITIES 7.50%
28 DABUR INDIA LTD. DOMESTIC EQUITIES 7.50%
29 DIVI'S LABORATORIES LTD. DOMESTIC EQUITIES 13.20%
30 DLF LTD. DOMESTIC EQUITIES 10.40%
31 DR REDDYS LABORATORIES LTD. DOMESTIC EQUITIES 7.50%
32 EICHER MOTORS LTD. DOMESTIC EQUITIES 7.50%
33 EUR-USD DOMESTIC EQUITIES 1.70%
34 EXIDE INDUSTRIES LTD DOMESTIC EQUITIES 7.50%
35 GAIL (INDIA) LTD. DOMESTIC EQUITIES 7.50%
36 GBP-USD DOMESTIC EQUITIES 2.10%
37 GLENMARK PHARMACEUTICALS LTD. DOMESTIC EQUITIES 7.50%
38 GODREJ CONSUMER PRODUCTS LTD. DOMESTIC EQUITIES 7.50%
39 GRASIM INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
40 HAVELLS INDIA LTD. DOMESTIC EQUITIES 7.50%
41 HCL TECHNOLOGIES DOMESTIC EQUITIES 7.50%
42 HDFC BANK DOMESTIC EQUITIES 7.50%
43 HERO MOTOCORP LTD. DOMESTIC EQUITIES 7.50%
44 HINDALCO INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
45 HINDUSTAN PETROLEUM CORPORATION LTD. DOMESTIC EQUITIES 7.50%
46 HINDUSTAN UNILEVER DOMESTIC EQUITIES 7.50%
47 HINDUSTAN ZINC LTD. DOMESTIC EQUITIES 7.50%
48 HOUSING DEVELOPMENT FINANCE CORPORATION DOMESTIC EQUITIES 7.50%
49 ICICI BANK DOMESTIC EQUITIES 7.50%
50 IDEA CELLULAR LTD. DOMESTIC EQUITIES 11.15%
51 IDFC BANK LTD. DOMESTIC EQUITIES 7.50%
52 INDIABULLS HOUSING FINANCE LTD. DOMESTIC EQUITIES 7.50%
53 INDIAN OIL CORP LTD DOMESTIC EQUITIES 7.50%
54 INDUSIND BANK DOMESTIC EQUITIES 7.50%
55 INFOSYS LTD. DOMESTIC EQUITIES 7.50%
56 INTERGLOBE AVIATION LTD. DOMESTIC EQUITIES 7.50%
57 ITC DOMESTIC EQUITIES 7.50%
58 JSW STEEL LTD. DOMESTIC EQUITIES 7.50%
59 KOTAK MAHINDRA BANK DOMESTIC EQUITIES 7.50%
60 LARSEN & TOUBRO DOMESTIC EQUITIES 7.50%
61 LIC HOUSING FINANCE LTD. DOMESTIC EQUITIES 7.50%
62 LUPIN LTD. DOMESTIC EQUITIES 7.50%
63 MAHINDRA & MAHINDRA DOMESTIC EQUITIES 7.50%
64 MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD DOMESTIC EQUITIES 7.60%
65 MARICO LTD. DOMESTIC EQUITIES 7.50%
66 MARUTI SUZUKI LTD. DOMESTIC EQUITIES 7.50%
67 MOTHERSON SUMI SYSTEMS LTD. DOMESTIC EQUITIES 7.50%
68 MRF LTD DOMESTIC EQUITIES 7.50%
69 NESTLE INDIA LTD. DOMESTIC EQUITIES 7.50%
70 NHPC LTD. DOMESTIC EQUITIES 7.50%
71 NMDC LTD. DOMESTIC EQUITIES 7.50%
72 NTPC LTD. DOMESTIC EQUITIES 7.50%
73 OIL & NATURAL GAS CORPORATION DOMESTIC EQUITIES 7.50%
74 OIL INDIA LTD. DOMESTIC EQUITIES 7.50%
75 ORACLE FINANCIAL SERVICES SOFTWARE LTD. DOMESTIC EQUITIES 7.50%
76 PETRONET LNG LTD. DOMESTIC EQUITIES 7.50%
77 PIDILITE INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
78 PIRAMAL ENTERPRISES LTD. DOMESTIC EQUITIES 8.25%
79 POWER FINANCE CORPORATION LTD. DOMESTIC EQUITIES 7.50%
80 POWER GRID CORP OF INDIA LTD. DOMESTIC EQUITIES 7.50%
81 PUNJAB NATIONAL BANK DOMESTIC EQUITIES 7.50%
82 RELIANCE INDUSTRIES LTD. DOMESTIC EQUITIES 7.50%
83 RELIANCE INFRASTRUCTURE LTD. DOMESTIC EQUITIES 7.50%
84 RURAL ELECTRIFICATION CORPORATION LTD. DOMESTIC EQUITIES 7.50%
85 SHREE CEMENT LTD. DOMESTIC EQUITIES 7.50%
86 SHRIRAM TRANSPORT FINANCE CO. LTD. DOMESTIC EQUITIES 7.50%
87 SIEMENS LTD. DOMESTIC EQUITIES 7.50%
88 STATE BANK OF INDIA DOMESTIC EQUITIES 7.50%
89 STEEL AUTHORITY OF INDIA LTD. DOMESTIC EQUITIES 7.50%
90 SUN PHARMACEUTICALS DOMESTIC EQUITIES 7.50%
91 SUN TV NETWORK LTD. DOMESTIC EQUITIES 7.50%
92 TATA CHEMICALS LTD DOMESTIC EQUITIES 7.50%
93 TATA CONSULTANCY SERVICES LTD. DOMESTIC EQUITIES 7.50%
94 TATA GLOBAL BEVERAGES LTD DOMESTIC EQUITIES 7.50%
95 TATA MOTORS LTD DVR DOMESTIC EQUITIES 7.50%
96 TATA MOTORS LTD. DOMESTIC EQUITIES 7.50%
97 TATA POWER CO. LTD. DOMESTIC EQUITIES 7.50%
98 TATA STEEL LTD. DOMESTIC EQUITIES 7.50%
99 TECH MAHINDRA LTD. DOMESTIC EQUITIES 7.50%
100 TITAN CO LTD. DOMESTIC EQUITIES 7.50%
101 TORRENT PHARMACEUTICALS LTD. DOMESTIC EQUITIES 7.50%
102 ULTRATECH CEMENT LTD. DOMESTIC EQUITIES 7.50%
103 UNITED BREWERIES LTD. DOMESTIC EQUITIES 7.50%
104 UNITED SPIRITS LTD. DOMESTIC EQUITIES 7.50%
105 UPL LTD. DOMESTIC EQUITIES 7.50%
106 VEDANTA LTD. DOMESTIC EQUITIES 7.80%
107 WIPRO LTD. DOMESTIC EQUITIES 7.50%
108 YEN-USD DOMESTIC EQUITIES 2.30%
109 YES BANK DOMESTIC EQUITIES 7.50%
110 ZEE ENTERTAINMENT ENTERPRISES LTD. DOMESTIC EQUITIES 7.50%
111 SENSEX INDICES 2.40%
112 SENSEX50 INDICES 3.00%

Exposure Margin

Exposure margin on the mark to market value of the gross open positions or as may be specified by the relevant authority from time to time, shall be deducted upfront from the available liquid assets of the clearing member on an on line, real time basis.

Exposure Margin for different products would be as follows:

Sr. No. Particulars Product Type Short Option Minimum Margin
1 COPPER COMMODITIES 0.50%
2 GOLD COMMODITIES 0.25%
3 GOLDKG COMMODITIES 0.25%
4 SILVER COMMODITIES 0.25%
5 EUR-USD CURRENCIES 0.10%
6 GBP-USD CURRENCIES 0.10%
7 YEN-USD CURRENCIES 0.20%
8 ACC LTD. DOMESTIC EQUITIES 5.00%
9 ADANI PORTS & SPECIAL ECONOMIC ZONE LTD. DOMESTIC EQUITIES 5.00%
10 AMBUJA CEMENTS LTD DOMESTIC EQUITIES 5.00%
11 APOLLO HOSPITALS ENTERPRISE LTD DOMESTIC EQUITIES 5.00%
12 ASHOK LEYLAND LTD. DOMESTIC EQUITIES 5.00%
13 ASIAN PAINTS DOMESTIC EQUITIES 5.00%
14 AUROBINDO PHARMA LTD. DOMESTIC EQUITIES 5.00%
15 AXIS BANK LTD DOMESTIC EQUITIES 5.00%
16 BAJAJ AUTO LTD. DOMESTIC EQUITIES 5.00%
17 BAJAJ FINANCE LTD. DOMESTIC EQUITIES 5.00%
18 BAJAJ FINSERV LTD. DOMESTIC EQUITIES 5.00%
19 BANK OF BARODA DOMESTIC EQUITIES 5.00%
20 BHARAT ELECTRONICS LTD. DOMESTIC EQUITIES 5.00%
21 BHARAT FORGE LTD DOMESTIC EQUITIES 5.00%
22 BHARAT HEAVY ELECTRICALS LTD. DOMESTIC EQUITIES 5.00%
23 BHARAT PETROLEUM CORP. LTD. DOMESTIC EQUITIES 5.00%
24 BHARTI AIRTEL LTD. DOMESTIC EQUITIES 5.00%
25 BHARTI INFRATEL LTD. DOMESTIC EQUITIES 5.00%
26 BOSCH LTD. DOMESTIC EQUITIES 5.00%
27 BRITANNIA INDUSTRIES LTD. DOMESTIC EQUITIES 5.00%
28 CADILA HEALTHCARE LTD. DOMESTIC EQUITIES 5.00%
29 CANARA BANK LTD DOMESTIC EQUITIES 5.00%
30 CIPLA LTD. DOMESTIC EQUITIES 5.00%
31 COAL INDIA LTD. DOMESTIC EQUITIES 5.00%
32 COLGATE PALMOLIVE (INDIA) LTD. DOMESTIC EQUITIES 5.00%
33 CONTAINER CORPORATION OF INDIA LTD. DOMESTIC EQUITIES 5.00%
34 CUMMINS INDIA LTD. DOMESTIC EQUITIES 5.00%
35 DABUR INDIA LTD. DOMESTIC EQUITIES 5.00%
36 DIVI'S LABORATORIES LTD. DOMESTIC EQUITIES 5.00%
37 DLF LTD. DOMESTIC EQUITIES 5.00%
38 DR REDDYS LABORATORIES LTD. DOMESTIC EQUITIES 5.00%
39 EICHER MOTORS LTD. DOMESTIC EQUITIES 5.00%
40 EXIDE INDUSTRIES LTD DOMESTIC EQUITIES 5.00%
41 GAIL (INDIA) LTD. DOMESTIC EQUITIES 5.00%
42 GLENMARK PHARMACEUTICALS LTD. DOMESTIC EQUITIES 5.00%
43 GODREJ CONSUMER PRODUCTS LTD DOMESTIC EQUITIES 5.00%
44 GRASIM INDUSTRIES LTD DOMESTIC EQUITIES 5.00%
45 HAVELLS INDIA LTD. DOMESTIC EQUITIES 5.00%
46 HCL TECHNOLOGIES DOMESTIC EQUITIES 5.00%
47 HDFC BANK LTD DOMESTIC EQUITIES 5.00%
48 HERO MOTOCORP LTD DOMESTIC EQUITIES 5.00%
49 HINDALCO INDUSTRIES LTD. DOMESTIC EQUITIES 5.00%
50 HINDUSTAN PETROLEUM CORPORATION LTD. DOMESTIC EQUITIES 5.00%
51 HINDUSTAN UNILEVER DOMESTIC EQUITIES 5.00%
52 HINDUSTAN ZINC LTD. DOMESTIC EQUITIES 5.00%
53 HOUSING DEVELOPMENT FINANCE CORPORATION DOMESTIC EQUITIES 5.00%
54 ICICI BANK LTD DOMESTIC EQUITIES 5.00%
55 IDEA CELLULAR LTD. DOMESTIC EQUITIES 5.00%
56 IDFC BANK LTD DOMESTIC EQUITIES 5.00%
57 INDIABULLS HOUSING FINANCE LTD DOMESTIC EQUITIES 5.00%
58 INDIAN OIL CORP LTD DOMESTIC EQUITIES 5.00%
59 INDUSIND BANK DOMESTIC EQUITIES 5.00%
60 INFOSYS LTD. DOMESTIC EQUITIES 5.00%
61 INTERGLOBE AVIATION LTD. DOMESTIC EQUITIES 5.00%
62 ITC DOMESTIC EQUITIES 5.00%
63 JSW STEEL LTD. DOMESTIC EQUITIES 5.00%
64 KOTAK MAHINDRA BANK DOMESTIC EQUITIES 5.00%
65 LARSEN & TOUBRO DOMESTIC EQUITIES 5.00%
66 LIC HOUSING FINANCE LTD. DOMESTIC EQUITIES 5.00%
67 LUPIN LTD DOMESTIC EQUITIES 5.00%
68 MAHINDRA & MAHINDRA DOMESTIC EQUITIES 5.00%
69 MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD DOMESTIC EQUITIES 5.00%
70 MARICO LTD. DOMESTIC EQUITIES 5.00%
71 MARUTI SUZUKI LTD. DOMESTIC EQUITIES 5.00%
72 MOTHERSON SUMI SYSTEMS LTD. DOMESTIC EQUITIES 5.00%
73 MRF LTD DOMESTIC EQUITIES 5.00%
74 NESTLE INDIA LTD DOMESTIC EQUITIES 5.00%
75 NHPC LTD. DOMESTIC EQUITIES 5.00%
76 NMDC LTD. DOMESTIC EQUITIES 5.00%
77 NTPC LTD DOMESTIC EQUITIES 5.00%
78 OIL & NATURAL GAS CORPORATION DOMESTIC EQUITIES 5.00%
79 OIL INDIA LTD. DOMESTIC EQUITIES 5.00%
80 ORACLE FINANCIAL SERVICES SOFTWARE LTD. DOMESTIC EQUITIES 5.00%
81 PETRONET LNG LTD. DOMESTIC EQUITIES 5.00%
82 PIDILITE INDUSTRIES LTD. DOMESTIC EQUITIES 5.00%
83 PIRAMAL ENTERPRISES LTD. DOMESTIC EQUITIES 5.00%
84 POWER FINANCE CORPORATION LTD. DOMESTIC EQUITIES 5.00%
85 POWER GRID CORP OF INDIA LTD DOMESTIC EQUITIES 5.00%
86 PUNJAB NATIONAL BANK DOMESTIC EQUITIES 5.00%
87 RELIANCE INDUSTRIES LTD. DOMESTIC EQUITIES 5.00%
88 RELIANCE INFRASTRUCTURE LTD DOMESTIC EQUITIES 5.00%
89 RURAL ELECTRIFICATION CORPORATION LTD. DOMESTIC EQUITIES 5.00%
90 SHREE CEMENT LTD. DOMESTIC EQUITIES 5.00%
91 SHRIRAM TRANSPORT FINANCE CO. LTD. DOMESTIC EQUITIES 5.00%
92 SIEMENS LTD. DOMESTIC EQUITIES 5.00%
93 STATE BANK OF INDIA DOMESTIC EQUITIES 5.00%
94 STEEL AUTHORITY OF INDIA LTD. DOMESTIC EQUITIES 5.00%
95 SUN PHARMACEUTICALS DOMESTIC EQUITIES 5.00%
96 SUN TV NETWORK LTD. DOMESTIC EQUITIES 5.00%
97 TATA CHEMICALS LTD DOMESTIC EQUITIES 5.00%
98 TATA CONSULTANCY SERVICES LTD. DOMESTIC EQUITIES 5.00%
99 TATA GLOBAL BEVERAGES LTD DOMESTIC EQUITIES 5.00%
100 TATA MOTORS LTD DVR DOMESTIC EQUITIES 5.00%
101 TATA MOTORS LTD. DOMESTIC EQUITIES 5.00%
102 TATA POWER CO. LTD. DOMESTIC EQUITIES 5.00%
103 TATA STEEL LTD DOMESTIC EQUITIES 5.00%
104 TECH MAHINDRA LTD DOMESTIC EQUITIES 5.00%
105 TITAN CO LTD DOMESTIC EQUITIES 5.00%
106 TORRENT PHARMACEUTICALS LTD. DOMESTIC EQUITIES 5.00%
107 ULTRATECH CEMENT LTD DOMESTIC EQUITIES 5.00%
108 UNITED BREWERIES LTD. DOMESTIC EQUITIES 5.00%
109 UNITED SPIRITS LTD. DOMESTIC EQUITIES 5.00%
110 UPL LTD. DOMESTIC EQUITIES 5.00%
111 VEDANTA LTD. DOMESTIC EQUITIES 5.00%
112 WIPRO LTD DOMESTIC EQUITIES 5.00%
113 YES BANK DOMESTIC EQUITIES 5.00%
114 ZEE ENTERTAINMENT ENTERPRISES LTD DOMESTIC EQUITIES 5.00%
115 SENSEX INDICES 0.30%
116 SENSEX50 INDICES 0.50%
117 APPLE INC. INTERNATIONAL EQUITIES 5.00%
118 FACEBOOK INC. INTERNATIONAL EQUITIES 5.00%
119 GOOGLE INC. (ALPHABET) INTERNATIONAL EQUITIES 5.00%
120 JP MORGAN CHASE & CO. INTERNATIONAL EQUITIES 5.00%
121 MICROSOFT CORPORATION INTERNATIONAL EQUITIES 5.00%

The exposure margin shall be deducted from the liquid assets of the clearing member on an online, real time basis.

Enforcement and Collection of Margins

Aforesaid margins are computed at a client level portfolio and grossed across all clients (including proprietary positions of member) at the member level margins are collected/adjusted upfront from the liquid assets of the Clearing Members on an on-line real time basis.

Members are required to collect initial margins, exposure margins and premium from their client/constituents on an upfront basis. It is mandatory for all members to report details of such margins collected to INDIA ICC/INDIA INX. The procedure for reporting of margins is detailed separately.

Client Margin Reporting

Trading Members shall report margin collected from their Clients and Clearing Members shall report margin collected from their Trading Members (for proprietary account positions of Trading Members) and from their Custodial Participant (CP) Clients respectively through GUI based Margin File upload utility.

For this purpose, Members need to download below files from Extranet:

INX_MGTM_ <Member Code >_<YYYYMMDD>_1.CSV
INX_MGTM_ <Member Code >_<YYYYMMDD>_2.CSV
INX_MGCM_< Member Code >_<YYYYMMDD>_1.CSV
INX_MGCM_< Member Code >_<YYYYMMDD>_2.CSV

Open file in notepad and fill the amount of margin (Initial Margin, Other Margin, Premium, etc.)

INX_MGTM<Member Code >_1.Mnn
INX_MGTM<Member Code >_2.Mnn
INX_MGCM<Member Code >_1.Mnn
INX_MGCM<Member Code >_2.Mnn in CSV Format

Upload the same through Extra-net.

The reporting of margin collected should be done before 11:00 p.m. on T+5 (i.e. 5th working day from T day).

Members may further note that non-reporting/short collection/non-collection of margins will attract fines/penalties as prescribed by INDIA ICC from time to time

Imposition of Additional Margins

As a risk containment measure, INDIA ICC may require clearing members to make payment of additional margins as may be decided from time to time. This shall be in addition to the initial margin and exposure margin, which are or may have been imposed from time to time.

Mode of payment of Margin

Clearing members shall provide for margin in any one or more of the eligible collateral modes as specified by the INDIA ICC. The margins shall be collected/adjusted from the liquid assets of the member on a real time basis.

Payment of Margins

The initial margin and exposure margins shall be payable upfront by the clearing members. Initial margins and exposure margins are required to be collected by the member from the client/ constituent on an upfront basis. It is mandatory for all clearing/ trading members to report details of such margins collected to INDIA ICC.

Collateral Limit for Trading Members

Clearing members clearing and settling for other trading members - shall specify the maximum collateral limit permitted for each trading member. Such limits may be set up by the clearing member, up to the time specified by India International Exchange/ India ICC through the facility as may be provided by INDIA INX/ INDIA ICC from time to time. The aggregate limit set up across all trading members, clearing and settling through such clearing member, shall at no point of time exceed the effective deposit of the clearing member with INDIA ICC less minimum liquid net worth.

Risk Reduction Mode

All Trading Members are put in Risk Reduction Mode (RRM), when collateral / trading limit utilization of member reaches 90%. Following features shall be applicable during Risk Reduction Mode:

  • All unexecuted orders shall be cancelled.
  • Fresh orders which reduce open position shall be accepted.
  • Fresh orders which increase open position shall be checked for margin sufficiency. If sufficient margin is not available, such orders shall be rejected.
  • Fresh orders can be placed for immediate or cancel (IOC) only.
Assignment Margin

Assignment Margin shall be levied on assigned positions of the clearing members towards exercise settlement obligations for option contracts. For option positions exercised, the seller shall be levied assignment margins which shall be 100% of the net exercise settlement value payable by a clearing member, till the completion of pay-in towards exercise settlement. Assignment margins shall be computed as net of assignment settlement and futures final settlement.