Description

NSE Clearing imposes additional margins of 2.50% on Silver futures and 1.00% on Gold futures contracts across various expiries effective October 23, 2025.

Summary

NSE Clearing Limited has announced the imposition of additional margins on Gold and Silver futures contracts as a risk containment measure. An Additional Margin of 2.50% will be levied on all variants of Silver Futures contracts, and 1.00% on all variants of Gold Futures contracts for specified expiries, effective from October 23, 2025 (Begin of Day). This circular is issued in continuation of previous risk management measures.

Key Points

  • Additional Margin of 2.50% imposed on Silver Futures (SILVER, SILVERM, SILVERMIC) for October, November, and December 2025 expiries
  • Additional Margin of 1.00% imposed on Gold Futures (GOLD, GOLD1G, GOLDM, GOLDGUINEA) for October, November, and December 2025 expiries
  • Applies to all variants of Silver and Gold futures contracts
  • Measure taken as risk containment in pursuance to consolidated circular 0123/2025 dated April 30, 2025
  • Continuation of earlier circular 0332/2025 dated October 16, 2025

Regulatory Changes

This circular implements enhanced margin requirements for commodity derivatives trading in precious metals. The additional margins are being levied under the risk management framework outlined in Point 7.15 of consolidated circular no. 0123/2025 (NCL/COM/67788).

Compliance Requirements

  • Members must ensure adequate margin coverage for Silver and Gold futures positions in specified contracts
  • Members need to maintain the additional margin percentages over and above existing margin requirements
  • Contact risk operations team at risk_ops@nsccl.co.in or call 1800 266 0050 (IVR option 2) for queries

Important Dates

  • Effective Date: October 23, 2025 (Begin of Day)
  • Circular Issue Date: October 22, 2025
  • Affected Expiries: October 31, 2025; November 4, 28, 2025; December 5, 2025

Impact Assessment

The additional margin requirements will significantly impact traders and members holding positions in Gold and Silver futures contracts. Members will need to arrange for additional capital to meet the enhanced margin obligations. The 2.50% increase on Silver contracts and 1.00% on Gold contracts represent substantial increases in capital requirements, particularly for large position holders. This may lead to reduced leverage, position adjustments, or increased funding costs for market participants in the commodity derivatives segment. The measure indicates heightened volatility or risk concerns in precious metals markets.

Impact Justification

Significant margin increases on precious metals futures requiring immediate capital adjustments for all members trading these contracts