Description

NSE Clearing Limited issues a consolidated circular for the Commodities Derivative Segment, replacing all earlier circulars and summarising key regulatory and operational updates issued between April 1, 2025 and March 31, 2026.

Summary

NSE Clearing Limited (NCL) has issued Consolidated Circular No. 74020 (Download Ref: NCL/CMPT/0156) dated April 30, 2026, for its Commodities Derivative Segment. This circular consolidates and replaces all earlier circulars issued to members and serves as the updated master reference document. It covers all regulatory, operational, clearing, settlement, and risk management procedures applicable to the segment, incorporating circulars issued from April 1, 2025 to March 31, 2026.

Key Points

  • This consolidated circular supersedes and replaces all previously issued circulars in the Commodities Derivative Segment of NCL.
  • Covers six parts: (A) Summary of important circulars Apr 2025–Mar 2026, (B) Detailed Consolidated Circular, (C) Delivery Procedure, (D) List of Formats & Annexure, (E) List of Reports, (F) List of Unified Distilled File Formats (UDiFF).
  • Change in Collateral Timings effective January 16, 2026 (Ref: NCL/COM/72361).
  • Revision in additional delivery centres for Bullion derivatives (Ref: NCL/COM/72461, Jan 23, 2026).
  • Updated warehouse details in Commodity Derivatives Segment (Ref: NCL/COM/72809, Feb 13, 2026).
  • Storage charges revised for Base Metal and Bullion (Ref: NCL/COM/72862, Feb 18, 2026).
  • New clearing, settlement, and risk management procedures for Gold 10 gram Futures contracts (Ref: NCL/COM/72967, Feb 25, 2026).
  • Storage charges specified for Bullion – Gold 10gm (Ref: NCL/COM/72999, Feb 26, 2026).
  • Inventory Management System (IMS) extended to Trading Members and Clients (Ref: NCL/COM/73459, Mar 25, 2026).
  • Contract specification changes for Aluminium Futures, Aluminium Mini Futures, and Copper Futures (Ref: NCL/COM/68217, May 28, 2025).
  • Clearing, settlement, and risk management framework introduced for Monthly Electricity Futures (Ref: NCL/COM/69054, Jul 10, 2025).
  • Final Settlement (DDR) procedure for Monthly Electricity Futures when the last calendar day of expiry month falls on a Sunday (Ref: NCL/COM/69390, Jul 30, 2025).
  • Revision in member-wise and bank-wise limits for Bank Guarantee acceptance as collateral (Ref: NCL/COM/69641, Aug 13, 2025).
  • Quality Control Orders (QCO) from Ministry of Mines incorporated (Ref: NCL/COM/70092, Sep 8, 2025).
  • Amendment to QCO for Lead, Zinc, and Nickel (Ref: NCL/COM/70691, Oct 8, 2025).

Regulatory Changes

  • Contract specifications updated for Aluminium Futures, Aluminium Mini Futures, and Copper Futures.
  • New settlement procedures introduced for Monthly Electricity Futures, including DDR final settlement rules.
  • Quality Control Order amendments from the Ministry of Mines for Lead, Zinc, and Nickel are now incorporated into the clearing framework.
  • Collateral acceptance rules updated with revised member-wise and bank-wise Bank Guarantee limits.
  • Storage charge schedules revised for base metals and bullion, including a specific schedule for Gold 10gm contracts.

Compliance Requirements

  • All clearing members must treat this consolidated circular as the definitive operational reference, superseding all prior individual circulars.
  • Members must adhere to updated collateral timing schedules as per the revised collateral circular (NCL/COM/72361).
  • Trading members and clients must familiarise themselves with the extended Inventory Management System (IMS) functionality.
  • Members dealing in Lead, Zinc, Nickel, and other base metals must comply with updated Quality Control Orders from the Ministry of Mines.
  • Members must apply the revised Gold 10gm Futures clearing, settlement, and storage charge procedures.
  • For any operational queries, members should contact the respective departments at the contact numbers and email IDs provided.

Important Dates

  • April 30, 2026: Issue date of this consolidated circular; effective immediately as the master reference document.
  • April 1, 2025 – March 31, 2026: Period covered by the consolidated circulars in Part A.
  • January 16, 2026: Change in Collateral Timings effective date.
  • January 23, 2026: Revised additional delivery centres for Bullion derivatives.
  • February 13, 2026: Updated warehouse details.
  • February 18, 2026: Revised storage charges for Base Metal and Bullion.
  • February 25–26, 2026: Gold 10gm Futures procedures and storage charges.
  • March 25, 2026: IMS extension to trading members and clients.
  • May 28, 2025: Contract specification changes for Aluminium and Copper Futures.
  • July 10, 2025: Monthly Electricity Futures clearing and settlement framework.

Impact Assessment

This consolidated circular has broad and high operational impact across all members active in NSE’s Commodities Derivative Segment. As a master circular replacing all prior guidance, it requires members to review and update their internal processes across multiple areas: collateral management, warehouse and delivery logistics, storage charge accounting, contract specification compliance for metals and electricity futures, and inventory management. The extension of IMS to trading members and clients expands operational touchpoints. Incorporation of Ministry of Mines QCOs for Lead, Zinc, and Nickel may impose additional product eligibility or delivery standards. The new Gold 10gm Futures procedures affect a relatively new product line with distinct settlement mechanics. Overall, this circular is a mandatory operational refresh for all commodity derivatives participants on NSE.

Impact Justification

This is a comprehensive master/consolidated circular covering all operational, clearing, settlement, and risk management procedures for the entire Commodities Derivative Segment of NCL, replacing all prior circulars. It affects all clearing members and touches multiple commodity asset classes including bullion, base metals, and electricity futures.