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    Everything You Need to Know About CAS Before August 3, 2026
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    New Updates In Futures & Options

    Removal of Calendar Spread Margin Benefits on Expiry Days

    Starting February 10th, 2025 margin benefits for calendar spreads will no longer be available on expiry days.

    Example:

    1. If you short 24,000 call option for February 13th contract  and bought 24,000 call option for February 20th contract , the earlier margin requirement was ₹50,120 (due to the hedge, compared to a total margin of ₹1.83 lakh).

    2. From February 10th, on the expiry day (February 13th in this case), the margin benefit will be removed at the start of the day since the short option expires.

    3. As a result, clients must maintain the full margin of ₹1.83 lakh, failing which the position will be squared off.

    Key Impact:

    1. Previously, if clients squared off one leg of a hedge position, the margin requirement increased sharply, often triggering auto-square-off.

    2. This change is intended to reduce last-minute volatility by enforcing full margin requirements from the beginning of the day.

    Following are some illustrations:

    What is the removal of calendar spread? What is a calendar spread? How does the removal of margin benefit work on the day of expiry? Which contracts are affected due to removal of calendar spread? What will happen to my calendar spread on expiry day? Will this rule apply to Options Calendar Spread as well? How can traders manage this change? Where can I see my total margins for my positions one day before the expiry? If I am unable to bring the margin how my position will be impacted? What is the impact of removal of Calendar Spread Margin benefit for single-stock derivatives on expiry day?
    What is the Option 20 scheme? What is the GST amount for option trade? Where do I check the date from which I have been mapped under Options 20? Does ICICI Direct offer Futures & Options (F&O) contracts with up to 1-year expiry? What is VAR + ELM? Why is it required for stock options? What are the brokerage charges in Futures & Options if I am mapped to Option 7 scheme? Can I place an order before and after market hours for futures and options on ICICI Direct? What is the MTM (Mark-to-Market) process in F&O? Where can I check if a stock is in MWPL ban? Why am I unable to place an F&O order? Recent Price Revision in F&O When is Extreme Loss Margin(ELM) applicable? Why did my position in Futures and Options get squared-off ? What happens in case my F&O Limit goes negative due to placing Option Buy order at Market price? What are the system square off charges in F&O? How the fund payout process works in stocks and F&O contracts? What is the revised Securities Transaction Tax (STT) for F&O? Why isn't my order getting executed even though it has been placed successfully in Futures and Options? What are the criteria for the contract enablement in F&O? Understanding EBA/F&O Entries in Your ICICI Account or Ledger How limits are displayed on limits page? What is settlement cycle in F&O? How to download STT statement for Futures and Options? What is the additional exposure margin on securities under MWPL? What are the new sectoral launches of NSE ? What is BSE launch on F&O contracts for Focused IT Index?