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 requirements.
Summary
BSE’s Commodity Derivatives Segment (BCX) has published the Tender Period Margin (TPM) Tracker for March 2026. The circular specifies escalating tender period margins and minimum delivery margins for five commodity futures contracts — GOLD, GOLDM, SILVER (expiring 2026-03-05), and SILVERKG, SILVERM (expiring 2026-03-31). Margins step up progressively from 5% to 25% over the tender period, reaching parity with the Minimum Delivery Margin (25%) on the expiry date.
Key Points
- Five contracts are covered: GOLD FUTCOM, GOLDM FUTCOM, SILVER FUTCOM (all expiring 05-Mar-2026), and SILVERKG FUTCOM, SILVERM FUTCOM (both expiring 31-Mar-2026).
- Tender Period Margin starts at 5% and escalates to 25% on expiry day for all contracts.
- Minimum Delivery Margin is 25% for all five commodities, applicable from the first tender period day.
- For GOLD, GOLDM, and SILVER: Feb 28 and Mar 1, 2026 are designated holidays within the tender period.
- For SILVERKG and SILVERM: Mar 28 and Mar 29, 2026 are designated holidays within the tender period.
- No margin is specified for holiday dates; escalation resumes on the next trading day.
Regulatory Changes
No new regulatory changes are introduced. This is a monthly schedule update under existing BCX tender period margin framework.
Compliance Requirements
- Members and participants with open positions in the above FUTCOM contracts must ensure sufficient margins are maintained as per the escalating schedule during the tender period.
- Positions carried into the tender period will attract the Minimum Delivery Margin of 25% from the first tender day.
- Members must account for holiday-adjusted margin timelines when managing delivery obligations.
Important Dates
GOLD, GOLDM, SILVER (Expiry: 05-Mar-2026)
| Date | Tender Period Margin |
|---|---|
| 27-Feb-2026 | 5% |
| 28-Feb-2026 | Holiday |
| 01-Mar-2026 | Holiday |
| 02-Mar-2026 | 10% |
| 03-Mar-2026 | 15% |
| 04-Mar-2026 | 20% |
| 05-Mar-2026 | 25% |
SILVERKG, SILVERM (Expiry: 31-Mar-2026)
| Date | Tender Period Margin |
|---|---|
| 25-Mar-2026 | 5% |
| 26-Mar-2026 | 10% |
| 27-Mar-2026 | 15% |
| 28-Mar-2026 | Holiday |
| 29-Mar-2026 | Holiday |
| 30-Mar-2026 | 20% |
| 31-Mar-2026 | 25% |
Impact Assessment
This circular is operationally significant for commodity market participants holding long or short positions in gold and silver futures contracts approaching expiry in March 2026. The escalating margin structure incentivises early position squaring and manages delivery risk. The two holiday breaks in each tender period (Feb 28–Mar 1 for gold/silver; Mar 28–29 for silver kg/mini) compress the effective trading window and may increase intraday volatility near expiry. Brokers and clearing members should proactively notify clients of the margin step-up schedule to avoid margin shortfalls.
Impact Justification
Routine monthly margin tracker for commodity futures; operationally important for participants holding positions into tender/expiry but limited broader market impact.