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    New Updates In Futures & Options

    What is the additional exposure margin on securities under MWPL?

    A security is shortlisted for Additional Exposure Margin when:

    The top 10 clients collectively hold more than 20% of the MWPL in that security, based on 3-month rolling data, which indicates position concentration risk.

    If securities meet specific concentration criteria, an Additional Exposure Margin of 15% is levied. This is applicable in the equity derivatives segment only.

    However, if the security already attracts an Additional Surveillance Margin (ASM),

    Whichever is higher of either, ASM or 15% AEM will apply.

     

    Securities which are currently Identified Under the Framework

    This framework will apply immediately after the expiry of January 2026 derivative contracts. The list of securities is as follows: 

    Sr. No. Symbol Security Name
    1 RBLBANK RBL BANK LIMITED
    2 JSWENERGY JSW Energy Limited
    3 SAIL Steel Authority of India Limited
    4 SAMMAANCAP Sammaan Capital Limited
    5 AUROPHARMA Aurobindo Pharma Limited
    6 CROMPTON Crompton Greaves Consumer Electricals Limited
    7 IDEA Vodafone Idea Limited
    8 LICHSGFIN LIC Housing Finance Limited
    9 NMDC NMDC Limited
    10 PATANJALI Patanjali Foods Limited
    11 PETRONET Petronet LNG Limited
    12 PNBHOUSING PNB Housing Finance Limited
    13 ABCAPITAL Aditya Birla Capital Limited
    14 GLENMARK Glenmark Pharmaceuticals Limited
    15 BANDHANBNK Bandhan Bank Limited
    16 NBCC NBCC (India) Limited
    17 INDUSTOWER Indus Towers Limited
    18 MANAPPURAM Manappuram Finance Limited
     

    Note: Clearing corporations publish a list of impacted securities through official circulars and annexures. Since the list is dynamic and reviewed monthly, we recommend checking the latest circular updates available on Exchange websites.

    Recommendations for a Trader:

    • Monitor margin requirements before initiating large derivative positions
    • Track MWPL levels in highly traded F&O stocks
    • Avoid over-leveraging in concentrated counters
    • Review circular updates periodically

     

    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? 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? How the fund payout process works in stocks and F&O contracts? Why isn't my order getting executed even though it has been placed successfully in Futures and Options? 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?
    Where can I check my turnover statement for futures and options? Is F&O turnover statement available on weekly basis? Why is there a difference between my profit and loss statement and turnover statement in futures and options?
    What are the new lot sizes for index derivatives? When will the new lot sizes for weekly and monthly contracts be effective? What happens to existing contracts during the transition? Can different lot sizes co-exist in the same month? How do the new lot sizes impact margin requirements? What other changes has SEBI introduced in the F&O segment? What is the rationale behind the changes in Futures and Options new rules mentioned in circular dated November 2024? What are the implementation dates for the new changes? What is revised expiry schedule for NSE contracts? What is revised expiry schedule for BSE contracts? When will the new lot sizes for derivative contracts be effective? What is the change in lot size for long dated options and do I need to square off my long-dated positions? What are the deadlines to close my long-dated option positions? What Happens If I Do Not Square Off my long-dated options position?
    Removal of Calendar Spread Margin Benefits on Expiry Days 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 timeline to act on a shortfall? What should I do in case of a margin shortfall? When does margin shortfall occur? How will I know if I have a margin shortfall?
    What can I do if I already have a position in a banned stock? What is MWPL? When does any stock enter Ban Period in F&O segment? Can I trade in a stock that is under MWPL ban period? What is Change in the Open Interest (OI) Calculation methodology - Delta-Based (Future-Equivalent) OI? What is Position Limit Monitoring for Index Futures and Index Options?
    What is a Quantity Freeze Limit in futures and options?
    For which instruments is pre-open session applicable in Equity Derivatives market? What are the pre-open session timings? What shall be the trading parameters for Equity Derivatives market for pre-open session? Will the Self Trade Prevention Check (STPC) mechanism be applicable during the pre-open session in the Equity Derivatives segment? The pre-open session comprises of how many sessions? What are the features? On what basis is the equilibrium / opening price determined for pre-open session? What happens to unmatched orders which are entered in the pre-open session? Will the orders received in pre-open session be validated at the applicable margins?
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