Description

BSE introduces base position reporting at proprietary/constituent level for stocks in ban period, effective January 5, 2026, pursuant to SEBI's equity derivatives risk monitoring framework.

Summary

BSE, through Indian Clearing Corporation Ltd (ICCL), will provide trading members with detailed base position reports at proprietary and constituent levels for stocks placed in ban. This circular, issued in reference to SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 dated May 29, 2025, and in partial modification to previous ICCL circulars, implements enhanced risk monitoring measures for equity derivatives trading.

Key Points

  • Trading members will receive base position details for stocks in ban period
  • Reports available at both proprietary and constituent (client) level
  • File accessible via: Home > FNO > Transaction > Month-YYYY > DD-MM-YYYY
  • File naming convention: BASEPOSITION_TM_MEMBERID_DDMMYYYY
  • Base positions shown are applicable for the next trading day
  • Covers both Stock Options (SO) and Stock Futures (SF) contracts
  • Comprehensive field structure including UCC code, contract details, strike price, option type, and base positions

Regulatory Changes

This circular implements part of SEBI’s framework for “Measures for Enhancing Trading Convenience and Strengthening Risk Monitoring in Equity Derivatives”. It modifies earlier guidance provided in ICCL Circular 20251128-6 dated November 28, 2025, providing trading members with granular position data for better risk management when stocks enter the ban period.

Compliance Requirements

  • Trading members must access and monitor base position files for stocks in ban
  • Members should review position data at proprietary and constituent levels daily
  • File format includes fields: Date, CM ID, Member ID, Client ID, Series ID, Contract Code, Symbol, Product Type, Expiry Date, Strike Price, Option Type, and Base Position
  • Product types specified: SO (Stock Options) and SF (Stock Futures)
  • Option types: CE (Call Option), PE (Put Option), F (Futures)

Important Dates

  • Circular Date: January 1, 2026
  • Effective Date: January 5, 2026
  • Notice Number: 20260101-9

Impact Assessment

Operational Impact: Trading members will have enhanced visibility into position concentrations for stocks in ban period, enabling proactive risk management. This requires members to establish processes for daily monitoring of base position files.

Risk Management Impact: Improved transparency at the constituent level allows better tracking of client positions in restricted stocks, strengthening overall market risk monitoring framework.

System Impact: Members may need to integrate the new file format into their risk management systems. The standardized file nomenclature and field structure facilitates automated processing.

Contact Information: For assistance, members can contact ICCL Risk Department at risk.iccl@icclindia.com or risk.monitoring@icclindia.com, or call +91-22-22728699/5059/8679.

Impact Justification

Operational change affecting F&O trading members' access to position data for stocks in ban, enhancing risk monitoring without changing trading rules