Description
NSE Clearing Limited revises the list of ETFs eligible for cross margining in the Futures & Options segment, effective February 25, 2026, covering 31 ETF schemes with updated minimum quantity requirements.
Summary
NSE Clearing Limited (NCL) has issued a revised list of Exchange Traded Funds (ETFs) eligible for cross margining in the Futures & Options segment. This circular (Ref. No. 0026/2026, Download Ref: NCL/CMPT/72953) supersedes the previous list issued via circular 0012/2026 dated January 23, 2026. The revised list of 31 eligible ETFs, along with their respective minimum quantity requirements, comes into effect from February 25, 2026.
Key Points
- Revised list replaces the earlier eligible ETF list from circular 0012/2026 (NCL/CMPT/72473) dated January 23, 2026.
- 31 ETF schemes are eligible for cross margining in the F&O segment.
- Each ETF has a specified minimum quantity (and multiples thereof) required for cross margin benefit.
- ETFs span major index categories: Nifty 50, Nifty Bank, Nifty Next 50, Midcap, IT, PSU Bank, Infra, Pharma, Auto, and CPSE.
- Multiple AMCs are represented including Nippon India, SBI MF, ICICI Prudential, Kotak MF, Mirae Asset, HDFC MF, UTI MF, DSP MF, Aditya Birla Sun Life, and ABSL.
Regulatory Changes
The revised eligible ETF list updates the cross margining framework under NCL’s F&O segment rules. The cross margin facility allows members to offset margin obligations using ETF holdings against corresponding F&O positions, reducing overall capital requirements. The updated list modifies which ETFs qualify and at what minimum quantities.
Compliance Requirements
- All F&O segment members must note the revised list and updated minimum quantities effective February 25, 2026.
- Members must ensure cross margin positions are maintained using only the ETFs listed herein and in quantities that are multiples of the specified minimum.
- Positions using ETFs removed from or not present in this revised list must be reviewed and adjusted accordingly before the effective date.
Important Dates
- Circular Date: February 23, 2026
- Effective Date: February 25, 2026
- Previous Circular Reference: 0012/2026 (NCL/CMPT/72473) dated January 23, 2026
Impact Assessment
| Symbol | Scheme Name | Min. Qty |
|---|---|---|
| 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 PSU Bank ETF | 500 |
| SETFNIFBK | SBI-ETF Nifty Bank | 3,000 |
| NIFTYBETA | UTI Nifty ETF | 6,500 |
| NEXT50IETF | ICICI Prudential Nifty Next 50 ETF | 25,000 |
| BANKNIFTY1 | Kotak Banking ETF | 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 | 65,000 |
| ABSLBANETF | ABSL Bank ETF | 30,000 |
This update primarily impacts institutional and retail F&O traders who use the cross margining facility to reduce margin requirements by pledging ETF holdings. Members must verify that their cross margin portfolios comply with the revised list and updated minimum quantities before February 25, 2026. ETFs with high minimum quantities (e.g., BSLNIFTY at 65,000 units, PHARMABEES and MIDCAPETF at 25,000 units) may require larger capital commitments for cross margin eligibility.
Impact Justification
Routine revision to the cross margin eligible ETF list affecting F&O segment participants who use ETF holdings to offset margin obligations; impacts a broad set of ETF traders but is an incremental update to an existing facility.