Description

NSE Clearing imposes 2% additional margin on Silver futures contracts (SILVER, SILVERM, SILVERMIC) effective October 17, 2025 as a risk containment measure.

Summary

NSE Clearing Limited has imposed an additional margin of 2% on Silver Near Month Futures contracts across all variants (SILVER, SILVERM, SILVERMIC) effective from October 17, 2025 (Begin of Day). This measure is implemented under Point 7.15 of consolidated circular no 0123/2025 dated April 30, 2025 as a risk containment measure.

Key Points

  • Additional margin of 2% levied on all Silver futures variants
  • Applies to SILVER (expiry: 05-12-2025), SILVERM (expiry: 28-11-2025), and SILVERMIC (expiry: 28-11-2025)
  • Effective from October 17, 2025 (Begin of Day)
  • Implemented as a risk containment measure
  • Issued by Chief Risk Officer, NSE Clearing Limited

Regulatory Changes

The margin requirement change is implemented pursuant to Point 7.15 of consolidated circular no 0123/2025 (Download reference no NCL/COM/67788) dated April 30, 2025. This framework allows NSE Clearing to impose additional margins as risk management measures.

Compliance Requirements

  • All members must ensure compliance with the additional 2% margin requirement
  • Members need to update their margin calculations for Silver futures positions
  • Adequate funds/collateral must be maintained to meet the enhanced margin obligations
  • Members should inform their clients trading in Silver futures about the increased margin requirements

Important Dates

  • Circular Date: October 16, 2025
  • Effective Date: October 17, 2025 (Begin of Day)
  • Contract Expiry Dates:
    • SILVER: December 05, 2025
    • SILVERM: November 28, 2025
    • SILVERMIC: November 28, 2025

Impact Assessment

The 2% additional margin will increase the capital requirements for traders holding Silver futures positions. This affects all three variants of Silver contracts (standard, mini, and micro). The measure aims to contain risk in the commodity derivatives segment during periods of potential volatility. Traders will need to maintain higher margins, which may impact leverage and position sizing strategies. The timing suggests heightened risk assessment by NSE Clearing for near-month Silver contracts approaching their expiry dates.

Impact Justification

Additional margin requirement affects silver futures traders but is a standard risk management measure. 2% increase is moderate and applied to near-month contracts only.