Description

NSE Clearing continues additional margin requirements on Silver and Gold Futures contracts during their tender periods as a risk containment measure.

Summary

NSE Clearing Limited has issued a circular continuing the imposition of additional margin on Silver and Gold Futures contracts (all variants) during the tender period. This is a risk containment measure in partial modification to previous circular dated October 29, 2025. The additional margins range from 1% for Gold contracts to 4.50% for Silver contracts.

Key Points

  • Additional margin of 4.50% continues on Silver Futures (SILVERM, SILVERMIC) expiring January 30, 2026
  • Additional margin of 1% continues on Gold Futures (GOLD, GOLD1G, GOLDGUINEA, GOLDM) expiring January 30, 2026 and February 5, 2026
  • These margins apply during the Tender Period only
  • This is issued as a risk containment measure
  • Partially modifies previous circular no. 0344/2025 dated October 29, 2025

Regulatory Changes

Continuation of existing additional margin framework for commodity futures during tender period:

Silver Futures Contracts:

  • SILVERM (Expiry: 30-01-2026): 4.50% additional margin
  • SILVERMIC (Expiry: 30-01-2026): 4.50% additional margin

Gold Futures Contracts:

  • GOLD (Expiry: 05-02-2026): 1.00% additional margin
  • GOLD1G (Expiry: 05-02-2026): 1.00% additional margin
  • GOLDGUINEA (Expiry: 30-01-2026): 1.00% additional margin
  • GOLDM (Expiry: 05-02-2026): 1.00% additional margin

Compliance Requirements

  • All members trading in Silver and Gold Futures contracts must maintain the specified additional margins during tender periods
  • Members must ensure adequate collateral coverage for positions in affected contracts
  • Risk management systems should be updated to reflect these margin requirements

Important Dates

  • Circular Date: January 23, 2026
  • Silver Futures Expiry: January 30, 2026
  • Gold Futures Expiry (GOLDGUINEA): January 30, 2026
  • Gold Futures Expiry (GOLD, GOLD1G, GOLDM): February 5, 2026
  • Additional margins applicable during respective tender periods

Impact Assessment

The continuation of additional margins affects commodity derivative traders holding positions in Silver and Gold futures during tender periods. The higher 4.50% margin on Silver contracts indicates elevated risk concerns compared to 1% on Gold contracts. This may impact:

  • Increased capital requirements for position holders during tender period
  • Potential reduction in open interest as traders may close positions to avoid higher margins
  • Enhanced risk mitigation for the clearing corporation
  • Short-term liquidity impact on traders holding deliverable positions

Members should factor these additional margin requirements into their trading and risk management strategies for commodity futures positions approaching tender period.

Impact Justification

Affects commodity derivative traders holding Silver and Gold futures positions during tender period with specific margin requirements ranging from 1% to 4.50%