Description
NSE Clearing Limited revises the list of Exchange Traded Funds (ETFs) eligible for cross-margining in the Capital Market Segment, effective February 25, 2026, superseding circular 0037/2026 dated January 23, 2026.
Summary
NSE Clearing Limited (NCL), via Circular Ref. No. 0081/2026 (Download Ref No: NCL/CMPT/72952), has issued a revised list of Exchange Traded Funds (ETFs) eligible for cross-margining in the Capital Market Segment. This supersedes the previous circular 0037/2026 dated January 23, 2026. The updated list takes effect from February 25, 2026 and specifies the minimum quantity requirements for each eligible ETF.
Key Points
- This circular updates the cross-margin eligible ETF list, effective February 25, 2026.
- The revision supersedes circular no. 0037/2026 (NCL/CMPT/72472) dated January 23, 2026.
- A total of 31 ETF symbols are included in the revised eligible list.
- Each ETF has a specified minimum quantity (and multiples thereof) required to avail cross-margin benefits.
- ETFs span across indices including Nifty 50, Nifty Bank, Nifty IT, Nifty PSU Bank, Nifty Midcap, Nifty Next 50, Nifty Infra, and Nifty Pharma.
- Fund houses covered include Nippon India, SBI, ICICI Prudential, Kotak Mahindra, Mirae Asset, UTI, HDFC, DSP, Aditya Birla Sun Life, and CPSE.
Regulatory Changes
The list of ETFs eligible for cross-margining has been revised. The updated eligible ETFs and their minimum quantity requirements (in multiples) are as follows:
| Symbol | Scheme Name | Min. Quantity |
|---|---|---|
| NIFTYBEES | Nippon India ETF Nifty BeES | 6,500 |
| ITBEES | Nippon India ETF IT | 10,000 |
| BANKBEES | Nippon India ETF Bank BeES | 3,000 |
| PSUBNKBEES | Nippon India ETF PSU Bank BeES | 5,000 |
| JUNIORBEES | Nippon India ETF Junior BeES | 2,500 |
| SETFNIF50 | SBI-ETF Nifty 50 | 6,500 |
| NIFTYIETF | ICICI Prudential Nifty ETF | 6,500 |
| MID150BEES | Nippon India ETF Midcap 150 | 2,500 |
| CPSEETF | CPSE ETF | 7,500 |
| PHARMABEES | Nippon India ETF Pharma | 25,000 |
| AUTOBEES | Nippon India ETF Auto | 2,500 |
| NIFTY1 | Kotak Nifty ETF | 6,500 |
| MIDCAPETF | Mirae Asset Midcap 150 ETF | 25,000 |
| NIFTYETF | Mirae Asset Nifty 50 ETF | 6,500 |
| PSUBANK | Kotak Mahindra MF PSU Bank ETF | 500 |
| SETFNIFBK | SBI-ETF Nifty Bank | 3,000 |
| NIFTYBETA | UTI Nifty Exchange Traded Fund | 6,500 |
| NEXT50IETF | ICICI Prudential Nifty Next 50 ETF | 25,000 |
| BANKNIFTY1 | Kotak Banking ETF - Dividend Payout | 3,000 |
| HDFCNIFTY | HDFC Nifty ETF | 6,500 |
| BANKBETA | UTI Bank ETF | 30,000 |
| SETFNN50 | SBI-ETF Nifty Next 50 | 2,500 |
| IT | Kotak IT ETF | 10,000 |
| NIFTYADD | DSP Nifty 50 ETF | 6,500 |
| NEXT50 | Mirae Asset Nifty Next 50 ETF | 2,500 |
| ITETF | Mirae Asset IT ETF | 10,000 |
| HDFCNIFBAN | HDFC Nifty Bank ETF | 30,000 |
| PSUBANKADD | DSP PSU Bank ETF | 5,000 |
| INFRABEES | Nippon India ETF Infra BeES | 500 |
| BSLNIFTY | Aditya Birla Sun Life Nifty ETF - Growth | 65,000 |
| ABSLBANETF | Aditya Birla Sun Life Bank ETF | 30,000 |
Compliance Requirements
- All members of NSE Clearing Limited dealing in the listed ETFs must refer to the updated minimum quantity thresholds when computing and availing cross-margin benefits.
- Members should update their internal systems and risk frameworks to reflect the revised eligible ETF list and associated minimum quantities effective February 25, 2026.
- The previous circular 0037/2026 is superseded and should no longer be used as reference.
Important Dates
- Circular Date: February 23, 2026
- Effective Date: February 25, 2026
- Superseded Circular: 0037/2026 dated January 23, 2026 (NCL/CMPT/72472)
Impact Assessment
This revision directly affects trading members who use ETF positions for cross-margining against Futures & Options or other segment positions. Changes in minimum quantity thresholds can alter the margin offsets available to members, impacting capital efficiency. Members holding positions in newly added or removed ETFs, or those with altered minimum quantities, will need to reassess their margin utilization from February 25, 2026. The broad coverage across major indices (Nifty 50, Bank Nifty, Midcap, PSU Bank, IT, Pharma, Infra) and multiple fund houses ensures wide market participation. No immediate trading disruption is expected; this is a standard periodic update to maintain alignment with market liquidity and risk parameters.
Impact Justification
Routine periodic update to the cross-margin eligible ETF list affecting margin requirements for trading members; impacts hedging and margin efficiency for a broad set of ETF positions but does not introduce new regulatory obligations.