NSE Clearing Limited (Circular Ref. 059/2026, dated May 19, 2026) has announced the levy of an additional exposure margin of 15% in the equity derivatives segment on 19 securities. This applies to scrips where the top 10 clients collectively account for more than 20% of the Market-Wide Position Limit (MWPL). The framework is based on 3-month rolling data and is reviewed monthly. The measure is effective from May 29, 2026.

Key Points

• Additional exposure margin of 15% will be levied in the equity derivatives segment on identified securities.
• Trigger condition: top 10 clients account for more than 20% of MWPL for the security.
• Where additional surveillance margin (ASM) is also applicable, the higher of the two margins (additional exposure margin or ASM) shall be levied — they are not additive.
• Securities are identified using 3-month rolling data and the list is reviewed monthly.
• Framework reference: NSE circular No. NSE/INVG/40472 dated March 18, 2019.
• 19 securities have been shortlisted in the current review (see Annexure 1).

Regulatory Changes

This circular operationalises the existing MWPL-linked exposure margin framework (originally established in March 2019) for the current review cycle. No new framework is introduced; however, the updated list of 19 securities now subject to the 15% additional exposure margin represents a material change in margin obligations for derivatives traders holding positions in these scrips.

Compliance Requirements

• Trading members and clearing members must ensure sufficient collateral is collected from clients holding F&O positions in the 19 listed securities to cover the additional 15% exposure margin.
• Where a security is under both ASM and this framework, only the higher of the two margins needs to be collected — double-counting should be avoided.
• Members should update their risk and margin systems to reflect these requirements before the effective date of May 29, 2026.

Important Dates

• Circular Date: May 19, 2026
• Effective Date: May 29, 2026
• Review Frequency: Monthly (based on 3-month rolling data)

Impact Assessment

The 19 securities span multiple sectors including energy (ADANIENSOL, IEX), cement (AMBUJACEM), pharma (AUROPHARMA, GLENMARK), banking and finance (BANDHANBNK, LICHSGFIN, SAMMAANCAP, MANAPPURAM, RBLBANK), heavy industry (BHEL, SAIL, NMDC, NBCC), logistics (CONCOR), real estate (DLF), telecom (IDEA), FMCG (PATANJALI), and steel (JSWSTEEL). The breadth of affected sectors means this will increase margin requirements for a significant portion of equity derivatives activity. Traders with concentrated long or short positions in these scrips will need to post additional collateral, potentially prompting position unwinding ahead of the May 29 effective date. The monthly review cadence means securities can be added or removed, requiring ongoing monitoring by risk teams.