Description

BSE introduces base position reporting at proprietary/constituent level for stocks in F&O ban, effective December 8, 2025, following SEBI guidelines for enhanced risk monitoring.

Summary

BSE has announced the implementation of base position reporting for clearing members, providing detailed position data at proprietary and constituent levels for stocks placed in F&O ban. This measure follows SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 dated May 29, 2025, and related ICCL circulars. The file-based reporting system will be available through the BSE portal under FNO > Transaction section, with daily files containing comprehensive position details including contract specifications, strike prices, and option types.

Key Points

  • Clearing members will receive base position details at proprietary/constituent level for stocks in ban
  • File nomenclature: BASEPOSITION_CMID_DDMMYYYY
  • File location: Home > FNO > Transaction > Month-YYYY > DD-MM-YYYY
  • Position data includes: date, CM ID, member ID, client ID (UCC code), contract details, scrip symbol, product type (SO/SF), expiry date, strike price, option type, and base position
  • Product types: SO = Stock Options, SF = Stock Futures
  • Option types: CE = Call Option, PE = Put Option, F = Futures
  • Base positions applicable for next trading day

Regulatory Changes

This circular implements enhanced risk monitoring measures mandated by SEBI through circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 dated May 29, 2025. It follows previous ICCL circulars (20250530-26 dated May 30, 2025 and 20251001-1 dated October 01, 2025) on the same subject. The change strengthens surveillance of positions in stocks that have hit F&O ban limits due to excessive speculation or market-wide position limits being breached.

Compliance Requirements

  • Clearing members must access and review base position files daily from the designated portal path
  • Files must be retrieved from: Home > FNO > Transaction > Month-YYYY > DD-MM-YYYY
  • Members need to monitor positions at both proprietary and constituent (client) levels
  • Position data to be used for risk management and compliance with F&O ban restrictions
  • Members should contact Risk Department at risk.iccl@icclindia.com or risk.monitoring@icclindia.com for assistance
  • Contact numbers: +91-22-22728699/5059/8679

Important Dates

  • Circular Date: November 28, 2025
  • Effective Date: December 08, 2025
  • Referenced SEBI Circular: May 29, 2025 (SEBI/HO/MRD/TPD-1/P/CIR/2025/79)
  • Referenced ICCL Circulars: May 30, 2025 (20250530-26) and October 01, 2025 (20251001-1)

Impact Assessment

Operational Impact: Moderate impact on clearing members who will need to integrate this new reporting into their daily risk monitoring processes. The automated file delivery system should minimize manual effort, but members will need to update their systems to consume and process these position files.

Market Impact: Low direct market impact as this is primarily a reporting and surveillance enhancement. The measure improves transparency and risk monitoring for stocks in F&O ban, which should contribute to better market stability and reduced speculation in restricted securities.

Technology Impact: Clearing members may need to develop or modify automated processes to download, parse, and analyze the daily base position files for effective risk management.

Compliance Impact: Enhances the ability of clearing members and ICCL to monitor and manage positions in banned stocks, supporting compliance with position limit regulations and F&O ban restrictions.

Impact Justification

Procedural change affecting clearing members with stocks in F&O ban; enhances risk monitoring but no immediate trading impact for most market participants