Description

Modification of circular regarding additional margins during tender period for Gold and Silver contracts, with 4.5% for Silver and 1% for Gold variants.

Summary

The Indian Clearing Corporation Limited (ICCL) has issued a modification to its earlier circular dated November 3, 2025, regarding additional margin requirements for Gold and Silver contracts during the tender period. The circular confirms continuation of existing additional margin rates: 4.5% for all Silver variants and 1% for Gold variants during their respective tender periods.

Key Points

  • Additional margin of 4.5% continues to be levied on SILVERKG, SILVERM (expiring January 30, 2026) and SILVER (expiring February 5, 2026) during tender period
  • Additional margin of 1% continues to be levied on GOLD and GOLDM (expiring February 5, 2026) during tender period
  • This is part of periodic review of risk management measures to mitigate systemic risk
  • Circular modifies ICCL circular no. 20251125-3 dated November 3, 2025

Regulatory Changes

No new regulatory changes introduced. The circular confirms continuation of previously announced additional margin requirements during tender periods for commodity derivatives contracts in Gold and Silver.

Compliance Requirements

  • All clearing members and participants must ensure adequate margin coverage for positions in specified Gold and Silver contracts
  • Members must maintain additional margin of 4.5% for Silver contracts during tender period
  • Members must maintain additional margin of 1% for Gold contracts during tender period
  • Margin requirements apply to all variants of the specified contracts

Important Dates

  • January 30, 2026: Expiry date for SILVERKG and SILVERM contracts with 4.5% additional margin during tender period
  • February 5, 2026: Expiry date for SILVER, GOLD, and GOLDM contracts with applicable additional margins during tender period
  • January 28, 2026: Notice date of this circular

Impact Assessment

The continuation of additional margin requirements maintains existing capital allocation for traders and clearing members dealing in Gold and Silver commodity derivatives. The 4.5% additional margin for Silver and 1% for Gold during tender periods ensures adequate risk coverage during the delivery phase. This represents business-as-usual risk management rather than a change in market conditions, minimizing disruption while maintaining systemic risk controls. Members already operating under these margins will see no change in their collateral requirements.

Impact Justification

Updates existing margin requirements for commodity derivatives traders during tender period. Affects all gold and silver contract participants but maintains previously announced rates rather than introducing new changes.