Description

BSE introduces base position reporting at proprietary/constituent level for stocks in F&O ban, effective December 8, 2025.

Summary

BSE has announced the implementation of enhanced position reporting mechanisms for equity derivatives, specifically for stocks placed under F&O ban. Clearing members will receive detailed base position reports at proprietary and constituent levels through a daily file download system. This measure follows SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 dated May 29, 2025, and related ICCL circulars from May 30 and October 1, 2025.

Key Points

  • Daily base position files will be provided to clearing members for stocks in F&O ban
  • Position data available at both proprietary and constituent levels
  • File accessible through Home > FNO > Transaction > Month-YYYY > DD-MM-YYYY path
  • File nomenclature: BASEPOSITION_CMID_DDMMYYYY
  • Comprehensive data fields including contract details, strike prices, option types, and base positions
  • Base positions applicable for next trading day
  • Implementation follows SEBI’s framework for strengthening risk monitoring in equity derivatives

Regulatory Changes

This circular implements enhanced transparency requirements for derivative positions in stocks under ban. The new reporting framework mandates:

  • Granular position tracking at clearing member, trading member, and client (UCC) levels
  • Separate identification of Stock Options (SO) and Stock Futures (SF) positions
  • Option type classification (Call/Put) and strike price details
  • Forward-looking base position data for next-day risk assessment

The measure aligns with SEBI’s ongoing efforts to enhance risk monitoring mechanisms in equity derivatives markets.

Compliance Requirements

For Clearing Members:

  • Access and review daily base position files from the designated FNO transaction directory
  • Monitor positions for stocks placed in F&O ban at proprietary and constituent levels
  • Utilize base position data for next-day risk management and position monitoring
  • Ensure systems are capable of processing the prescribed file format with all specified fields

File Format Fields: Date, CM ID, Member ID, Client ID (UCC code), Series ID, Series Code, Contract Description, Scrip ID, Symbol, Product Type (SO/SF), Expiry Date, Strike Price, Option Type (CE/PE/F), Base Position

Contact for Assistance:

Important Dates

  • Circular Notice Date: November 28, 2025
  • Effective Date: December 8, 2025
  • Reference Circulars:
    • SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79: May 29, 2025
    • ICCL Circular 20250530-26: May 30, 2025
    • ICCL Circular 20251001-1: October 1, 2025

Impact Assessment

Operational Impact: Clearing members will need to integrate the new base position reporting into their daily operational workflows. The enhanced granularity of position data enables more precise risk monitoring for stocks in ban period.

Risk Management Impact: Improved visibility into constituent-level positions for stocks in F&O ban strengthens risk monitoring capabilities. The next-day base position data facilitates proactive risk management and position surveillance.

Market Impact: Limited direct market impact as this is primarily a reporting and transparency enhancement. May indirectly improve market stability by enabling better risk oversight for derivatives positions in stocks under regulatory restrictions.

Technology Requirements: Members must ensure their systems can download, parse, and process the daily position files in the prescribed format from the specified directory path.

Impact Justification

Operational change affecting clearing members' access to position data for stocks in ban period. Enhances risk monitoring capabilities but does not directly impact trading rules or capital requirements.