Description

Updated list of 40 equity shares eligible for non-cash component of liquid assets with applicable haircuts and quantity limits for margin deposits.

Summary

NSE has issued a revised list of 40 equity shares that are approved for forming part of the non-cash component of liquid assets for margin requirements. These securities are subject to VAR (Value at Risk) based haircuts, with members allowed to deposit each security up to a maximum of 25% of total margins.

Key Points

  • 40 equity shares approved for non-cash liquid asset component
  • Applicable haircut is based on VAR (Value at Risk)
  • Maximum deposit limit: 25% of total margins per security
  • Overall permitted quantities specified across all segments
  • Memberwise permitted quantity for CM Segment marked as N.A for all securities
  • List includes major blue-chip stocks across sectors

Approved Securities List

The approved securities include:

Financial Services: AXISBANK, BAJAJFINSV, BAJFINANCE, HDFCBANK, HDFCLIFE, ICICIBANK, JIOFIN, KOTAKBANK, SBILIFE, SBIN, SHRIRAMFIN

Information Technology: HCLTECH, INFY

Consumer Goods: ASIANPAINT, HINDUNILVR, ITC, NESTLEIND

Automobiles: BAJAJ-AUTO, EICHERMOT, M&M, MARUTI

Energy & Utilities: COALINDIA, NTPC, ONGC, POWERGRID, RELIANCE

Healthcare: APOLLOHOSP, CIPLA, DRREDDY, MAXHEALTH

Infrastructure & Industrials: ADANIENT, ADANIPORTS, BEL, GRASIM, HINDALCO, JSWSTEEL, LT

Aviation: INDIGO

Others: BHARTIARTL, ETERNAL

Regulatory Changes

This circular provides an updated annexure replacing the previous list of approved securities for non-cash liquid assets. The composition and quantity limits may have been revised based on market conditions and risk assessments.

Compliance Requirements

  • Trading members must adhere to the 25% limit per security when depositing margins
  • VAR-based haircuts must be applied to all approved securities
  • Overall permitted quantities across all segments must be monitored
  • Members should refer to Annexures 1, 2, and 3 for complete details

Important Dates

Circular reference: CMPT70941 Date of issuance: October 23, 2025

Impact Assessment

Market Impact: Medium - affects collateral management for all trading members but is a routine regulatory update

Operational Impact: Trading members need to review their current margin deposits and ensure compliance with the revised list and quantity limits. The 25% cap per security promotes diversification in collateral portfolios and reduces concentration risk.

Impact Justification

Routine update to approved securities list affecting margin deposit eligibility for trading members, with quantity limits and VAR-based haircuts applicable