Description

ICCL introduces base position reporting at proprietary/constituent level for stocks in ban period, effective January 5, 2026, following SEBI circular on enhancing trading convenience and risk monitoring.

Summary

Indian Clearing Corporation Limited (ICCL) will provide trading members with base position details at proprietary and constituent levels for stocks placed in ban. This measure follows SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 dated May 29, 2025, and partially modifies ICCL Circular 20251128-6 dated November 28, 2025. The files will be available daily with base positions applicable for the next trading day.

Key Points

  • Base position files will be provided for stocks in ban period at proprietary/constituent level
  • Files accessible via path: Home > FNO > Transaction > Month-YYYY > DD-MM-YYYY
  • File nomenclature: BASEPOSITION_TM_MEMBERID_DDMMYYYY
  • Contains detailed breakdown including CM ID, TM ID, Client ID, contract details, expiry dates, strike prices, and base positions
  • Covers both Stock Options (SO) and Stock Futures (SF)
  • For options, includes Call Option (CE) and Put Option (PE) distinctions
  • Part of measures for enhancing trading convenience and strengthening risk monitoring in equity derivatives

Regulatory Changes

This circular partially modifies ICCL Circular no: 20251128-6 dated November 28, 2025, by introducing granular base position reporting. The change implements requirements from SEBI circular ref. no: SEBI/HO/MRD/TPD-1/P/CIR/2025/79 dated May 29, 2025, focused on enhancing risk monitoring mechanisms in equity derivatives segment.

Compliance Requirements

  • Trading members must access and review daily base position files for stocks in ban
  • Members should monitor base positions at both proprietary and constituent levels
  • Files must be downloaded from the specified FNO transaction path daily
  • Members need to track positions for next-day applicability
  • 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: January 1, 2026
  • Effective Date: January 5, 2026
  • Referenced SEBI Circular: May 29, 2025
  • Referenced ICCL Circular: May 30, 2025
  • Modified ICCL Circular: November 28, 2025

Impact Assessment

Operational Impact: Trading members will have enhanced visibility into base positions for stocks in ban period, requiring daily monitoring of position files. This improves risk management capabilities but adds operational overhead for position tracking.

Risk Management Impact: Improved transparency and granular position data will strengthen risk monitoring for equity derivatives, particularly for stocks approaching or in ban period. Members can proactively manage positions to avoid breaches.

Market Impact: Enhanced surveillance and position tracking may lead to better compliance with position limits and reduced instances of securities entering ban period due to improved member-level monitoring and risk controls.

Impact Justification

Operational enhancement for risk monitoring in derivatives segment affecting all trading members dealing with stocks in ban period