Description

NSE Clearing continues additional margin requirements of 4.5% on Silver futures and 1% on Gold futures during tender period as risk containment measure.

Summary

NSE Clearing Limited has issued a circular continuing the imposition of additional margins on Gold and Silver futures contracts during the tender period as a risk containment measure. This is a partial modification to the previous circular dated October 29, 2025. Silver futures contracts will continue to have an additional margin of 4.5%, while Gold futures contracts will have an additional margin of 1% during their respective tender periods.

Key Points

  • Additional margin of 4.5% continues on all Silver futures variants (SILVER, SILVERM, SILVERMIC) during tender period
  • Additional margin of 1% continues on all Gold futures variants (GOLD, GOLD1G, GOLDGUINEA, GOLDM) during tender period
  • This is a partial modification to circular no. 0344/2025 dated October 29, 2025
  • Measure implemented as risk containment during tender period
  • Circular issued by Chief Risk Officer Huzefa Mahuvawala
  • Applies to commodity derivatives segment

Regulatory Changes

This circular modifies the previous additional margin requirements circular (0344/2025) dated October 29, 2025. The additional margins continue to be levied in accordance with Point 7.15 of consolidated circular no. 0123/2025 dated April 30, 2025.

Compliance Requirements

  • All members must maintain additional margin of 4.5% on Silver futures contracts during tender period
  • All members must maintain additional margin of 1% on Gold futures contracts during tender period
  • Members must ensure adequate capital and collateral to meet these enhanced margin requirements
  • Applicable to all variants of the specified contracts

Important Dates

  • Silver (SILVER, SILVERM, SILVERMIC): Tender period for contracts expiring November 28, 2025 and December 5, 2025
  • Gold (GOLD, GOLDGUINEA, GOLDM): Tender period for contracts expiring November 28, 2025
  • Gold (GOLD, GOLD1G, GOLDM): Tender period for contracts expiring December 5, 2025
  • Circular Date: November 24, 2025
  • Circular Reference: 0372/2025 (Download Ref: NCL/COM/71423)

Impact Assessment

Market Impact: The continued additional margins will increase the capital requirements for members holding positions in Gold and Silver futures during tender periods. This may reduce speculative positions and increase cost of hedging for participants.

Operational Impact: Members need to ensure sufficient collateral and margin availability to meet the enhanced requirements. The 4.5% additional margin on Silver futures is particularly significant and may impact trading volumes during tender periods.

Risk Management: These measures are designed to contain risk during the delivery/tender period when volatility and settlement risks are typically higher. The differential margin rates (4.5% for Silver vs 1% for Gold) reflect different risk assessments for these commodities.

Contact: Members can reach NSE Clearing at 1800 266 0050 (IVR option 2) or risk_ops@nsccl.co.in for queries.

Impact Justification

High importance due to significant additional margin requirements (4.5% for Silver, 1% for Gold) affecting all members trading commodity futures during tender period, with immediate effect on capital requirements and risk management.