Description
NSE Clearing Limited has revised the list of ETFs eligible for cross margining under the Capital Market Segment, effective April 29, 2026, superseding circular 0120/2026 dated March 27, 2026.
Summary
NSE Clearing Limited (NCL) has issued Circular Ref. No. 0148/2026 (Download Ref: NCL/CMPT/73923) revising the list of Exchange Traded Funds (ETFs) eligible for cross margining in the Capital Market Segment. This update supersedes the earlier circular 0120/2026 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
- The revised cross margin eligible ETF list is effective from April 29, 2026.
- A total of 34 ETFs are included in the revised eligible list across major fund houses.
- Each ETF has a specified minimum quantity required for cross margin eligibility.
- This circular supersedes NCL/CMPT/73515 (circular 0120/2026) dated March 27, 2026.
- Minimum quantities range from 500 units (INFRABEES, PSUBANK) to 65,000 units (BSLNIFTY).
Regulatory Changes
The eligible ETF list for cross margining has been updated. The following ETFs and their minimum quantities are now applicable:
| 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 BeES | 25,000 |
| NIFTYETF | Mirae Asset Nifty 50 ETF | 6,500 |
| AUTOBEES | Nippon India ETF Auto | 2,500 |
| NIFTY1 | Kotak Nifty ETF | 6,500 |
| MIDCAPETF | Mirae Asset Midcap 150 ETF | 25,000 |
| NEXT50IETF | ICICI Prudential Nifty Next 50 ETF | 25,000 |
| PSUBANK | Kotak Mahindra Mutual Fund PSU Bank ETF | 500 |
| HDFCNIFTY | HDFC Nifty ETF | 6,500 |
| SETFNIFBK | SBI-ETF Nifty Bank | 3,000 |
| SETFNN50 | SBI-ETF Nifty Next 50 | 2,500 |
| NEXT50 | Mirae Asset Nifty Next 50 ETF | 2,500 |
| ITETF | Mirae Asset IT ETF | 10,000 |
| HDFCNIFBAN | HDFC Nifty Bank ETF | 30,000 |
| IT | Kotak IT ETF | 10,000 |
| NIFTYADD | DSP Nifty 50 ETF | 6,500 |
| INFRABEES | Nippon India ETF Infra BeES | 500 |
| BSLNIFTY | Aditya Birla Sun Life Nifty ETF - Growth | 65,000 |
| HDFCMID150 | HDFC Midcap 150 ETF | 25,000 |
| BANKADD | DSP Bank ETF | 30,000 |
| NIF100BEES | Nippon India ETF Nifty 100 | 2,500 |
| PSUBANKADD | DSP PSU Bank ETF | 5,000 |
| ABSLBANETF | Aditya Birla Sun Life Bank ETF | 30,000 |
| BFSI | Mirae Asset BFSI ETF | 60,000 |
| BANKETF | Mirae Asset Banking ETF | 3,000 |
| NEXT50BETA | (details partially available) | — |
Compliance Requirements
- All members of NSE in the Capital Market Segment must note and apply the updated eligible ETF list and corresponding minimum quantity requirements for cross margining purposes.
- Members must ensure that cross margin positions in ETFs comply with the revised minimum quantity thresholds and multiples thereof as specified.
- The previous eligible list (from circular 0120/2026) is superseded and must no longer be used from April 29, 2026.
Important Dates
- Circular Date: April 27, 2026
- Effective Date: April 29, 2026 (revised ETF list applicable from this date)
- Previous Circular Superseded: NCL/CMPT/73515 (circular 0120/2026) dated March 27, 2026
Impact Assessment
This revision affects all NSE members engaged in cross margining strategies that use ETFs as eligible collateral or positions. Members with existing cross margin positions in ETFs should verify their positions against the revised list and minimum quantity requirements before April 29, 2026. Addition or removal of specific ETFs from the eligible list may require portfolio adjustments. The wide range of minimum quantities (500 to 65,000 units) across different ETFs means margin exposure and eligibility will vary significantly by instrument. No new ETF categories have been introduced; this is an update to quantities and eligible instruments within the existing cross-margining framework.
Impact Justification
Routine revision to the cross-margin eligible ETF list affecting a broad set of ETF instruments; impacts margin requirements and trading strategies for members dealing in these ETFs but represents an operational update rather than a structural regulatory change.