Description

NSE Clearing revises market-wide position limits, trading member limits, and FII/FPI & mutual fund limits for MCX effective January 02, 2026.

Summary

NSE Clearing Limited has revised the market-wide position limits (MWPL), trading member (TM) limits, FII/FPI and mutual fund (MF) position limits for Multi Commodity Exchange of India Limited (MCX). This circular partially modifies previous circular 166/2025 dated December 22, 2025 and follows circular 043/2025 dated April 29, 2025. The revised limits are effective from trade date January 02, 2026.

Key Points

  • Market-wide position limit for MCX: 38,177,110 shares
  • Overall stock limit for client positions: 3,817,500 shares
  • Overall stock limit for proprietary positions: 7,635,000 shares
  • Combined limit for TM (client + proprietary), FPI Category I & MF: 11,453,125 shares
  • FPI Category II limit (other than individuals, family offices, corporates): 7,635,000 shares
  • FPI Category II limit (individuals, family offices, corporates): 3,817,500 shares
  • Circular issued by Futures & Options Department

Regulatory Changes

This circular represents a partial modification of the position limits framework established in circular 166/2025 dated December 22, 2025. The revised limits apply specifically to MCX and differentiate between various categories of market participants including trading members, clients, proprietary traders, and different FPI categories.

Compliance Requirements

  • All members must adhere to the revised position limits effective from January 02, 2026
  • Trading members must ensure client positions do not exceed 3,817,500 shares
  • Proprietary positions must be maintained within 7,635,000 shares limit
  • Combined trading member positions (client + proprietary), FPI Category I, and mutual fund positions must not exceed 11,453,125 shares
  • FPI Category II participants must comply with applicable limits based on their classification

Important Dates

  • Circular Date: January 01, 2026
  • Effective Date: January 02, 2026 (trade date)

Impact Assessment

The revised position limits impact all market participants trading in MCX derivatives including trading members, institutional investors (FIIs/FPIs), and mutual funds. The differentiated limits for FPI Category II based on entity type (individuals/family offices/corporates vs. others) provides granular risk management. Members must adjust their positions and risk management systems to comply with the new limits before the effective date. For queries, members can contact NSE Clearing at 1800 266 0050 or email fao_clearing_ops@nsccl.co.in.

Impact Justification

Moderate impact circular updating position limits for MCX across various market participant categories. Affects trading members, FIIs/FPIs, and mutual funds dealing in MCX derivatives.