Description

ICCL modifies additional margin requirements for Gold and Silver contracts during tender period, continuing 4.5% margin for Silver and 1% for Gold variants.

Summary

The Indian Clearing Corporation Limited (ICCL) has issued a modification to its earlier circular regarding additional margins on Gold and Silver commodity derivatives. This circular updates margin requirements that will continue to be levied during the tender period for various gold and silver contract variants expiring in late January and early February 2026.

Key Points

  • Additional margin requirements continue for Gold and Silver contracts during tender period
  • Silver variants (SILVERKG, SILVERM, SILVER) expiring January 30 and February 5, 2026 subject to 4.5% additional margin
  • Gold variants (GOLD, GOLDM) expiring February 5, 2026 subject to 1% additional margin
  • This circular modifies ICCL circular no. 20251125-3 dated November 3, 2025
  • Part of periodic review of risk management measures to mitigate systemic risk

Regulatory Changes

No new regulatory changes introduced. This circular confirms continuation of existing additional margin requirements during tender periods for specified gold and silver contracts as part of ICCL’s ongoing risk management framework.

Compliance Requirements

  • Clearing members must ensure additional margins are maintained during tender periods
  • Members must account for 4.5% additional margin on Silver contracts (SILVERKG, SILVERM, SILVER)
  • Members must account for 1% additional margin on Gold contracts (GOLD, GOLDM)
  • Participants should adjust their risk and margin calculations accordingly

Important Dates

  • January 28, 2026: Notice date
  • January 30, 2026: Expiry date for SILVERKG and SILVERM contracts (4.5% additional margin applies during tender period)
  • February 5, 2026: Expiry date for SILVER, GOLD, and GOLDM contracts (4.5% for Silver, 1% for Gold during tender period)

Impact Assessment

The continuation of additional margins affects commodity derivatives traders dealing in gold and silver contracts. The 4.5% additional margin on silver variants and 1% on gold variants during tender periods increases capital requirements for position holders. This is a risk mitigation measure and does not represent a change from previously announced requirements. Market participants holding positions through tender period should ensure adequate margin coverage to avoid forced liquidation.

Impact Justification

Modifies existing margin requirements for commodity derivatives traders in gold and silver. Impacts trading costs during tender period but continues existing rates rather than introducing new charges.