Description

NSE Clearing Limited notifies the settlement calendar for compulsory delivery of commodity derivative contracts expiring in November 2025, covering gold, silver, and base metals.

Summary

NSE Clearing Limited has issued the settlement calendar for compulsory delivery of commodity derivative futures contracts expiring in November 2025. The circular covers delivery schedules for precious metals (GOLDM, GOLD, GOLD1G, SILVERM, SILVERMIC, GOLDGUINEA) and base metals (ALUMINIUM, ALUMINI, COPPER, LEAD, LEADMINI, NICKEL, ZINC, ZINCMINI) under the Intended Mode of Settlement (IMS) with T+1 settlement type.

Key Points

  • Settlement calendar applicable for commodity futures contracts expiring on October 27-31 and November 3-4, 2025
  • Two delivery logic categories: Additional Delivery Centre and Primary Delivery Centre
  • All contracts follow IMS (Intended Mode of Settlement) with T+1 settlement
  • Delivery intentions must be marked during specified time windows (6:00 PM - 9:00 PM for additional centres, 10:00 AM - 9:00 PM for primary centres)
  • Schedule includes timelines for delivery marking, pay-in of commodities and funds, pay-out of funds and commodities, and penalty charges
  • Contact: DL-NSCCL-COMM-CNS@nsccl.co.in, Toll Free: 1800 266 0057

Regulatory Changes

No regulatory changes introduced. This is a standard monthly notification of the settlement calendar.

Compliance Requirements

  • Members holding open positions in expiring commodity futures contracts must mark delivery intentions within specified time windows
  • Delivery marking windows: 6:00 PM - 9:00 PM for Additional Delivery Centres, 10:00 AM - 9:00 PM for Primary Delivery Centres
  • Members must ensure timely pay-in of commodities and funds as per the settlement schedule
  • Penalties will be levied for non-delivery (Dr/Cr entries)
  • Settlement dues include charges for weight differential, premium/discount, and making charges (for precious metals)

Important Dates

Gold Contracts (Additional Delivery Centre):

  • Expiry dates: October 27-31, November 3, 2025
  • Delivery marking: Same day as expiry (6:00 PM - 9:00 PM)
  • Final pay-out: October 31 - November 10, 2025

Gold Contracts (Primary Delivery Centre):

  • Expiry dates: October 31, November 3-4, 2025
  • Delivery marking: October 31 - November 4 (10:00 AM - 9:00 PM)
  • Final pay-out: November 7-11, 2025

Silver Contracts (Primary Delivery Centre):

  • Expiry dates: October 29-31, 2025
  • Delivery marking: October 29-31 (10:00 AM - 9:00 PM)
  • Final pay-out: November 4-7, 2025

Base Metals (Primary Delivery Centre):

  • Expiry dates: October 29-31, 2025
  • Delivery marking: October 29-31 (10:00 AM - 9:00 PM)
  • Final pay-out: November 4-7, 2025

Impact Assessment

Market Impact: Medium - Affects all members with open positions in commodity futures contracts expiring in November 2025. Proper awareness of delivery timelines is essential to avoid penalties.

Operational Impact: Members need to coordinate warehouse operations, fund management, and delivery logistics according to the specified schedule. The T+1 settlement cycle requires efficient operational processes to meet delivery obligations on time.

Financial Impact: Non-compliance with delivery schedules will result in penalties. Members must ensure adequate funds and commodity availability during the pay-in periods to avoid default charges.

Impact Justification

Standard monthly settlement calendar notification for commodity derivatives with compulsory delivery. Important for members holding positions in expiring contracts to plan delivery obligations.