Description

Tender period margin schedule for commodity derivatives (GOLD, GOLDM, SILVER, SILVERKG, SILVERM) with escalating margin requirements during November 2025 tender periods.

Summary

BSE has released the Tender Period Margin (TPM) tracker for November 2025 for the Commodity Derivatives Segment (BCX). The circular outlines escalating margin requirements during tender periods for GOLD, GOLDM, SILVER, SILVERKG, and SILVERM futures contracts, with margins increasing from 5% to 25% (minimum delivery margin) as expiry approaches.

Key Points

  • Tender period margins apply to commodity futures contracts nearing expiry
  • Margins escalate progressively: 5% → 10% → 15% → 20% → 25% (delivery margin)
  • GOLD and GOLDM contracts expiring November 5, 2025 have tender period starting October 30, 2025
  • SILVER contracts expiring November 5, 2025 have tender period starting October 30, 2025
  • SILVERKG and SILVERM contracts expiring November 28, 2025 have tender period starting November 24, 2025
  • Trading holidays on November 1-2, 2025 noted in the margin schedule
  • Minimum delivery margin of 25% applies on expiry date

Regulatory Changes

No regulatory changes introduced. This is a standard operational circular providing margin schedules for commodity derivatives during tender periods.

Compliance Requirements

  • Market participants holding positions in GOLD, GOLDM, or SILVER futures expiring November 5 must maintain escalating margins from October 30 onwards
  • Market participants holding positions in SILVERKG or SILVERM futures expiring November 28 must maintain escalating margins from November 24 onwards
  • Traders must ensure adequate margins are maintained as per the daily schedule to avoid margin calls
  • Minimum delivery margin of 25% must be maintained on expiry date for positions intended for delivery

Important Dates

GOLD/GOLDM/SILVER November 5, 2025 Expiry:

  • October 30, 2025: 5% tender period margin
  • October 31, 2025: 10% tender period margin
  • November 1-2, 2025: Trading holidays
  • November 3, 2025: 15% tender period margin
  • November 4, 2025: 20% tender period margin
  • November 5, 2025: 25% delivery margin (expiry)

SILVERKG/SILVERM November 28, 2025 Expiry:

  • November 24, 2025: 5% tender period margin
  • November 25, 2025: 10% tender period margin
  • November 26, 2025: 15% tender period margin
  • November 27, 2025: 20% tender period margin
  • November 28, 2025: 25% delivery margin (expiry)

Impact Assessment

Market Impact: Medium - affects all participants holding commodity futures positions in gold and silver contracts approaching expiry.

Operational Impact: Traders need to plan for increased margin requirements during tender periods, which may affect position management and cash flow. The escalating margin structure encourages early position squaring or rollover to avoid higher margin blocking. Market liquidity may be affected as margins increase, particularly for participants with limited capital.

Impact Justification

Operational circular providing margin schedules for commodity derivatives traders during tender periods, affecting position holders in gold and silver futures