Description
BSE Commodity Derivatives Segment (BCX) publishes tender period margin schedule for March 2026, covering GOLD, GOLDM, SILVER, SILVERKG, and SILVERM futures contracts with escalating margin rates during tender periods.
Summary
The BSE Commodity Derivatives Segment (BCX) has published the Tender Period Margin (TPM) Tracker for March 2026. It specifies the daily margin rates applicable during the tender periods for GOLD, GOLDM, SILVER, SILVERKG, and SILVERM FUTCOM contracts, with margins escalating from 5% to 25% as the expiry date approaches. A minimum delivery margin of 25% applies on the first tender period day for all contracts.
Key Points
- Tender period margins apply to five commodity futures: GOLD, GOLDM, SILVER (expiry 05-Mar-2026), and SILVERKG, SILVERM (expiry 31-Mar-2026).
- All contracts carry a minimum delivery margin of 25% on the first day of the tender period.
- Margins escalate in steps: 5% → 10% → 15% → 20% → 25% over the tender period days.
- For GOLD, GOLDM, and SILVER: Feb 28 and Mar 1, 2026 are declared holidays within the tender window.
- For SILVERKG and SILVERM: Mar 28 and Mar 29, 2026 are declared holidays within the tender window.
- Tender periods begin 6 trading days before expiry for all listed contracts.
Regulatory Changes
No new regulatory changes. This is a routine monthly publication of scheduled tender period margin rates consistent with BCX margin framework.
Compliance Requirements
- Members and participants holding open positions in the listed FUTCOM contracts must maintain the specified tender period margins from the applicable start dates.
- Positions in GOLD, GOLDM, SILVER futures must have margin coverage per schedule from 27-Feb-2026 onwards.
- Positions in SILVERKG, SILVERM futures must have margin coverage per schedule from 25-Mar-2026 onwards.
- Participants intending physical delivery must additionally maintain the minimum delivery margin of 25%.
Important Dates
| Contract | Expiry | Tender Period Start | Holidays in Window |
|---|---|---|---|
| GOLD (FUTCOM) | 05-Mar-2026 | 27-Feb-2026 | 28-Feb-2026, 01-Mar-2026 |
| GOLDM (FUTCOM) | 05-Mar-2026 | 27-Feb-2026 | 28-Feb-2026, 01-Mar-2026 |
| SILVER (FUTCOM) | 05-Mar-2026 | 27-Feb-2026 | 28-Feb-2026, 01-Mar-2026 |
| SILVERKG (FUTCOM) | 31-Mar-2026 | 25-Mar-2026 | 28-Mar-2026, 29-Mar-2026 |
| SILVERM (FUTCOM) | 31-Mar-2026 | 25-Mar-2026 | 28-Mar-2026, 29-Mar-2026 |
Impact Assessment
This circular primarily affects commodity derivatives traders and members active in BCX gold and silver futures. The escalating margin structure (5% to 25%) during tender periods is designed to discourage speculative positions close to expiry and ensure adequate collateral for physical delivery obligations. Traders not intending delivery should plan position exits ahead of the tender period to avoid increased margin calls. The impact is routine and operational, with no new policy shifts or surprises compared to prior months.
Impact Justification
Routine monthly margin tracker for commodity derivatives participants; operationally important for BCX traders managing GOLD and SILVER futures positions approaching expiry but not a regulatory change or broad market event.