Description

BSE introduces base position reporting for clearing members at proprietary and constituent levels for stocks in ban, effective December 8, 2025.

Summary

BSE has announced the implementation of base position reporting for clearing members regarding stocks placed in ban. Clearing members will receive detailed base position information at proprietary and constituent levels through daily files available via the BSE portal. This measure enhances risk monitoring and trading convenience in equity derivatives, following SEBI and ICCL circulars issued earlier in 2025.

Key Points

  • Clearing members will receive base position details at proprietary/constituent level for stocks in ban
  • Files will be available daily at: Home > FNO > Transaction > Month-YYYY > DD-MM-YYYY
  • File nomenclature: BASEPOSITION_CMID_DDMMYYYY
  • Base positions shown are applicable for the next trading day
  • Covers both stock options (SO) and stock futures (SF) contracts
  • File includes comprehensive details: member IDs, UCC codes, contract specifications, strike prices, option types, and base positions

Regulatory Changes

This circular implements measures outlined in:

  • SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 dated May 29, 2025
  • ICCL Circular 20250530-26 dated May 30, 2025
  • ICCL Circular 20251001-1 dated October 1, 2025

The changes strengthen risk monitoring framework for equity derivatives by providing granular position data for securities under ban period.

Compliance Requirements

  • Clearing members must access and review daily base position files from the designated portal location
  • Members should monitor base positions for their proprietary accounts and constituent clients
  • Position data must be used for risk assessment and monitoring purposes
  • For assistance or clarification, members should contact Indian Clearing Corporation Ltd. Risk Department

Important Dates

  • Circular Issue Date: November 28, 2025
  • Effective Date: December 8, 2025

Impact Assessment

This change provides clearing members with enhanced visibility into base positions for stocks in ban, improving risk management capabilities. The daily file availability enables proactive position monitoring and better compliance with derivative position limits. Impact is operational rather than market-moving, primarily affecting back-office and risk management processes of clearing members. The measure supports more efficient risk monitoring without restricting trading activities.

Impact Justification

Operational change affecting clearing members' risk monitoring capabilities for stocks in ban period. Provides enhanced transparency but does not fundamentally alter trading rules or impose new restrictions.