Description

NSE Clearing Limited updates the list of ETFs eligible for cross margining in the Futures & Options segment, effective April 1, 2026, with revised 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 supersedes the previous list issued on February 23, 2026 (Circular No. 0026/2026, Ref: NCL/CMPT/72953). The updated list specifies eligible ETF symbols along with their minimum quantity requirements (and multiples thereof), effective from April 1, 2026.

Key Points

  • Revised list of cross margin eligible ETFs issued under Circular Ref. No. 037/2026 (Download Ref: NCL/CMPT/73516).
  • Supersedes earlier circular no. 0026/2026 dated February 23, 2026.
  • 27+ ETFs listed as eligible for cross margining with specified minimum quantities.
  • Minimum quantity requirements range from 500 units (INFRABEES, PSUBANK) to 30,000 units (BANKBETA, HDFCNIFBAN).
  • ETFs span various indices and sectors including Nifty 50, Bank, IT, PSU Bank, Midcap, Infra, Pharma, and Auto.

Regulatory Changes

The cross margin eligible ETF list has been revised. Key changes from the prior circular (February 23, 2026) include updated minimum quantity thresholds for existing ETFs and potentially additions/removals to the eligible list. Members should compare against the prior circular (NCL/CMPT/72953) to identify specific changes.

Compliance Requirements

  • All F&O segment members must update their cross margining processes to reflect the revised ETF list and minimum quantities effective April 1, 2026.
  • Only ETFs listed in this circular are eligible for cross margin benefit from the effective date.
  • Positions must meet the minimum quantity requirements (or multiples thereof) as specified per ETF symbol to qualify for cross margin benefit.

Important Dates

  • Circular Date: March 27, 2026
  • Effective Date: April 1, 2026 (revised ETF list and minimum quantities apply)
  • Superseded Circular Date: February 23, 2026 (NCL/CMPT/72953)

Impact Assessment

This update affects F&O segment members who utilise ETF positions for cross margining benefits. Members holding ETF positions for cross margin purposes must ensure their holdings conform to the revised minimum quantity requirements per symbol by April 1, 2026. The range of eligible ETFs covers major indices (Nifty 50, Nifty Next 50, Nifty Midcap 150, Nifty Bank) and sectoral indices (IT, PSU Bank, Auto, Pharma, Infra, CPSE), providing broad coverage for margin offset opportunities. No new compliance framework is introduced; this is a periodic revision to keep the eligible list current with market conditions.

Impact Justification

Routine periodic update to cross margin eligible ETF list with revised minimum quantities; affects F&O members using ETFs for cross margining but does not introduce new regulatory requirements.