Description
NSE Clearing Limited revises the list of ETFs eligible for cross-margining in the Futures & Options segment, effective April 29, 2026, with updated minimum quantity requirements for each eligible ETF.
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 circular no. 0037/2026 (NCL/CMPT/73516) dated March 27, 2026. The revised list takes effect from April 29, 2026, and specifies minimum quantity requirements (and multiples thereof) for each eligible ETF.
Key Points
- Circular Reference: 046/2026 | Download Ref: NCL/CMPT/73924
- Issued by NSE Clearing Limited, Futures & Options Segment
- Supersedes circular 0037/2026 dated March 27, 2026
- Effective date for revised ETF list: April 29, 2026
- 29 ETFs listed as cross-margin eligible with specified minimum quantities
- Minimum quantities range from 500 units (INFRABEES, PSUBANK) to 65,000 units (BSLNIFTY)
Regulatory Changes
The eligible ETF universe and/or their minimum cross-margin quantities have been revised. Members must refer to the updated list exclusively from April 29, 2026. The previous list issued under circular 0037/2026 stands replaced.
Compliance Requirements
- All F&O segment members must update their cross-margining operations to reflect the revised eligible ETF list effective April 29, 2026
- Members must ensure ETF positions used for cross-margin offsets meet the specified minimum quantity thresholds
- Positions below the minimum quantity threshold will not qualify for cross-margin benefit
Important Dates
- April 27, 2026: Circular issued
- April 29, 2026: Revised cross-margin eligible ETF list becomes effective
Impact Assessment
This circular affects F&O segment members who use ETF holdings to offset margin requirements on derivative positions (cross-margining). The revised minimum quantities determine the smallest ETF holding size that qualifies for margin relief. Notable minimum quantity thresholds include:
| Symbol | Scheme Name | Min Quantity |
|---|---|---|
| BSLNIFTY | Aditya Birla Sun Life Nifty ETF | 65,000 |
| HDFCNIFBAN | HDFC AMC Nifty Bank ETF | 30,000 |
| BANKADD | DSP Bank ETF | 30,000 |
| PHARMABEES | Nippon India ETF Pharma | 25,000 |
| MIDCAPETF | Mirae Asset Midcap 150 ETF | 25,000 |
| NEXT50IETF | ICICI Pru Nifty Next 50 ETF | 25,000 |
| HDFCMID150 | HDFC Midcap 150 ETF | 25,000 |
| CPSEETF | CPSE ETF | 7,500 |
| NIFTYBEES / SETFNIF50 / NIFTYIETF / NIFTYETF / NIFTY1 / NIFTYADD / HDFCNIFTY | Various Nifty 50 ETFs | 6,500 |
| PSUBANK / INFRABEES | PSU Bank / Infra ETFs | 500 |
Members holding ETF positions for cross-margin purposes should verify their holdings meet the revised thresholds to retain margin benefits from April 29, 2026.
Impact Justification
Routine periodic revision of cross-margin eligible ETF list affecting F&O segment members who use ETF positions for margin offsets; changes minimum quantity thresholds which directly affect margin efficiency for affected traders.