NSE has extended the Liquidity Enhancement Scheme (LES) on Silver (30 kgs) Options on Goods Contract for an additional period of 3 months. The scheme will remain in effect until August 26, 2026. This extension continues a series of renewals dating back to November 2023, and all terms from prior circulars remain unchanged.

Key Points

• LES on Silver (30 kgs) Options on Goods Contract is extended for 3 months
• Scheme remains in effect until August 26, 2026
• All provisions from previous circulars continue to apply without modification
• NSE reserves the right to amend or discontinue the scheme with 15 days advance notice
• This is the latest in a series of extensions since November 2023

Regulatory Changes

No new regulatory changes introduced. This circular solely extends the duration of the existing LES framework under Circular No. NSE/COM/59196 (November 1, 2023) and subsequent renewal circulars (NSE/COM/61977, NSE/COM/65040, NSE/COM/66508, NSE/COM/67948, NSE/COM/69486, NSE/COM/71237, NSE/COM/72755).

Compliance Requirements

• Members participating in the LES must continue to comply with all conditions outlined in the referenced circulars
• No new compliance obligations introduced by this circular
• Members should monitor for any future amendment or discontinuation notices, which will be provided with at least 15 days advance notice

Important Dates

• Circular Date: May 11, 2026
• Scheme Extended Until: August 26, 2026
• Notice Period for Amendment/Discontinuation: 15 days advance notice required

Impact Assessment

The extension maintains liquidity support for the Silver Options on Goods segment of NSE’s commodity derivatives market. Participants in this segment can continue to benefit from LES incentives through late August 2026. The continuity of the scheme provides stability for market makers and liquidity providers in silver options. The impact is moderate for commodity derivatives members actively trading silver options, with no disruption to existing trading strategies or incentive structures.