Description

ICCL withdraws additional margins of 1% in GOLD and 4.5% in SILVER near-month futures contracts effective February 2, 2026.

Summary

The Indian Clearing Corporation Limited (ICCL) has announced the withdrawal of additional margins levied on gold and silver futures contracts. The additional margin of 1% on all variants of GOLD contracts and 4.5% on all variants of SILVER contracts for near-month futures will be withdrawn effective trade date February 2, 2026. This follows ICCL circular number 20260128-2 dated January 28, 2026.

Key Points

  • Additional margin of 1% in GOLD contract (all variants) will be withdrawn
  • Additional margin of 4.5% in SILVER contract (all variants) will be withdrawn
  • Withdrawal applies to near-month future contracts only
  • Effective from trade date February 2, 2026
  • Issued by Chief Risk Officer - Risk Management Department

Regulatory Changes

The withdrawal of additional margins represents a reversal of previously imposed risk mitigation measures. This reduces the overall margin requirements for trading near-month gold and silver futures contracts on the BSE commodity derivatives segment.

Compliance Requirements

Members and participants trading in gold and silver futures contracts should:

  • Update their margin calculation systems to reflect the reduced margin requirements
  • Adjust risk management frameworks accordingly
  • Note the effective date of February 2, 2026 for implementation
  • Contact ICCL Risk Management Department for any clarifications at risk.monitoring@icclindia.com or +91-22-2272 5186/8902

Important Dates

  • January 28, 2026: Reference circular (20260128-2) on additional margin update
  • January 31, 2026: Notice date for margin withdrawal announcement
  • February 2, 2026: Effective date for withdrawal of additional margins

Impact Assessment

The withdrawal of additional margins will reduce the overall cost of trading gold and silver futures contracts for market participants. This is expected to:

  • Improve liquidity in near-month gold and silver futures
  • Reduce capital requirements for traders and hedgers
  • Lower barriers to entry for commodity derivatives trading
  • Potentially increase trading volumes in these contracts
  • Reflect improved market conditions or reduced volatility assessment by ICCL risk management

Impact Justification

Removal of additional margins reduces trading costs for gold and silver futures participants, moderately impacting liquidity and risk management in commodity derivatives segment