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    New Updates In Futures & Options

    What is the impact of removal of Calendar Spread Margin benefit for single-stock derivatives on expiry day?

    Following the earlier regulatory changes in Index Derivatives, SEBI has now extended the Removal of Calendar Spread Margin Benefit on expiry day for Single-Stock Derivatives as well. Exchanges and Clearing Corporations, have also issued circulars detailing the implementation framework.

    This change will come into effect from May 04, 2026, and will significantly impact traders who carry calendar spread positions in stock futures and options into expiry day.

    Let’s understand this with an illustration:

    Suppose you hold

    On normal days

    On expiry day

    (Feb contract expiring)

    Long ABC February Futures (expiring today)

    Short ABC March Futures

    • Calendar spread margin benefit applies
    • Lower SPAN + ELM due to offset
    • No calendar spread margin benefit
    • February leg treated as standalone exposure
    • Higher margin requirement

     On non-expiry days, regular calendar spread treatment continues as usual.

    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 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? When is a tax audit applicable to an F&O trader? How to fill for F&O Trading through ITR forms? Can F&O losses be set off against salary income or other business income? What happens if I incur a loss from F&O trading? Can I carry it forward? What are due dates and late filing impact? What documents are required for tax filling? What expenses can be deducted from F&O trading income? How much tax is payable on F&O profits? How is F&O turnover calculated for tax purposes? What are the new sectoral launches of NSE ? How is F&O trading income taxed in India? What is BSE launch on F&O contracts for Focused IT Index?