Description
ICCL increases additional margins on gold and silver futures in two phases - gold from 1% to 3% and silver from 4.5% to 7% effective February 5-6, 2026.
Summary
The Indian Clearing Corporation Limited (ICCL) has issued a modification to its earlier circular regarding additional margins on gold and silver futures contracts. This is part of a periodic review of risk management measures to mitigate systemic risk. The additional margins will be implemented in two phases over February 5-6, 2026.
Key Points
- Additional margin on Gold futures (all variants) set at 1.00% effective February 5, 2026 (BOD)
- Additional margin on Silver futures (all variants) set at 4.50% effective February 5, 2026 (BOD)
- Gold futures additional margin will increase to 3.00% effective February 6, 2026 (BOD)
- Silver futures additional margin will increase to 7.00% effective February 6, 2026 (BOD)
- This circular modifies ICCL circular no. 20260128-2 dated January 2, 2026
- Applies to all variants of gold and silver futures contracts
Regulatory Changes
ICCL has revised its margin requirements for commodity derivatives as part of periodic risk management review. The phased implementation allows market participants time to adjust positions and ensure adequate capital.
| Commodity | Additional Margin (Feb 5, 2026 BOD) | Additional Margin (Feb 6, 2026 BOD) | Total Increase |
|---|---|---|---|
| Gold (all variants) | 1.00% | 3.00% | 2.00% |
| Silver (all variants) | 4.50% | 7.00% | 2.50% |
Compliance Requirements
- All clearing members and participants must ensure adequate margin deposits before the beginning of trading on February 5, 2026
- Members must maintain increased margin levels throughout the trading period
- Clearing members should inform their clients about the increased margin requirements
- Risk monitoring and compliance with ICCL Rules, Bye-laws, and Regulations is mandatory
Important Dates
- February 5, 2026 (BOD): Phase 1 implementation - Gold at 1%, Silver at 4.5%
- February 6, 2026 (BOD): Phase 2 implementation - Gold at 3%, Silver at 7%
- Original circular reference: ICCL circular no. 20260128-2 dated January 2, 2026
Impact Assessment
Market Impact: The margin increase will require traders to commit significantly more capital for gold and silver positions. Gold futures will see a 3% additional margin requirement and silver futures a 7% additional margin requirement, which represents substantial increases that could reduce leverage and trading volumes in these commodities.
Operational Impact: Clearing members must ensure adequate liquidity and collateral management systems to handle the increased margin calls. The phased implementation over two days provides limited time for position adjustment or capital arrangement.
Risk Management: This measure is designed to mitigate systemic risk in volatile commodity markets, particularly given the precious metals sector’s susceptibility to geopolitical and economic factors.
Contact: Risk Department at risk.monitoring@icclindia.com or +91-22-2272 5186/8902
Impact Justification
Significant margin increase on major commodity derivatives affects all traders and clearing members dealing in gold and silver futures, requiring immediate capital adjustments.