Description
NSE introduces Dated Brent Crude Oil (Platts) Futures contracts in its Commodity Derivatives segment effective April 13, 2026, following SEBI approval. Contracts will trade under symbol BRCRUDEOIL with monthly expiries.
Summary
NSE has received SEBI approval to launch Dated Brent Crude Oil (Platts) Futures contracts in its Commodity Derivatives segment. Trading will commence from April 13, 2026. The underlying is the Platts Dated Brent Assessment, a globally recognized benchmark for crude oil pricing. Monthly contracts will be available under the symbol BRCRUDEOIL.
Key Points
- New futures product based on Platts Dated Brent Assessment, a key international crude oil benchmark
- Trading effective from April 13, 2026 in the NSE Commodity Derivatives segment
- Product symbol: BRCRUDEOIL (instrument type: FUTENR)
- Contract size: 100 Barrels; Maximum order size: 10,000 Barrels
- Quotation in ₹ per Barrel with a tick size of ₹1
- Trading hours: Monday–Friday, 9:00 AM to 11:30/11:55 PM (based on US daylight saving time)
- Monthly contracts with expiry on the last business day of the contract month
- Risk management and clearing/settlement details to be communicated separately by NSE Clearing Ltd.
Regulatory Changes
- SEBI has approved the introduction of Dated Brent Crude Oil (Platts) Futures on NSE’s Commodity Derivatives platform
- This adds a new internationally benchmarked energy derivative to India’s exchange-traded commodity derivatives market
Compliance Requirements
- Members must adhere to the specified position limits:
- Member-level (all clients combined): 40,00,000 Barrels or 20% of market-wide open position, whichever is higher (across all Dated Brent Crude Oil contracts)
- Individual client level: 4,00,000 Barrels or 5% of market-wide open position, whichever is higher (across all Dated Brent Crude Oil contracts)
- Daily price limits: Base limit of 6%; relaxed to 9% after a 15-minute cooling-off period if breached; further relaxable in steps of 3% beyond 9% if international markets move more than the maximum limit
- Initial margin: Higher of minimum volatility-based margin or SPAN margin
- Extreme Loss Margin: 1%
- Additional/special margin may be imposed in cases of additional volatility
Important Dates
| Date | Event |
|---|---|
| March 27, 2026 | Circular issued; effective immediately |
| April 13, 2026 | Trading in Dated Brent Crude Oil (Platts) Futures commences |
| TBA | Risk management, clearing & settlement details to be announced by NSE Clearing Ltd. |
Impact Assessment
Market Impact (High): The introduction of Dated Brent Crude Oil (Platts) Futures gives Indian market participants access to a contract benchmarked to Platts Dated Brent, one of the most widely used international crude oil price assessments. This enhances hedging options for refiners, importers, and energy-sector participants.
Operational Impact (Medium): Members and their clients will need to configure trading systems for the new BRCRUDEOIL symbol, understand new position limits, and await clearing/settlement circulars from NSE Clearing Ltd. before going live.
Competitive Impact: Expands NSE’s commodity derivatives product suite in the energy space, competing with existing crude oil futures products on Indian exchanges.
Impact Justification
Introduction of a new internationally benchmarked crude oil futures product (Platts Dated Brent) expands NSE's commodity derivatives offerings, providing traders and hedgers access to a globally recognized energy benchmark. High impact for commodity market participants and energy sector hedgers.