NSE Clearing Limited (NCL) has issued Circular No. 0143 (NCL/COM/73863) dated April 23, 2026, in reference to the empanelment of Parker Precious Metals LLP under NSE Refiner Standards for Gold (NSE/COM/73842 dated April 22, 2026). The circular specifies that making charges levied by Parker Precious Metals LLP shall be recovered from buyer clearing members and paid to seller clearing members, settled via the supplementary settlement schedule in the monthly settlement calendar.

Key Points

• Parker Precious Metals LLP has been empanelled under NSE Refiner Standards (NRS) for Gold conforming to BIS standards, effective immediately as per NSE/COM/73842 dated April 22, 2026.
• Making charges apply only to smaller denomination gold contracts; no making charges for standard Gold Futures and GoldM Futures.
• Making charges of Rs. 300 per coin apply to Gold 10G Futures, Gold Guinea Futures, and Gold 1 Gram Futures.
• Making charges are exclusive of applicable taxes, levies, and other charges.
• Recovery flow: making charges are collected from buyer clearing members and paid out to seller clearing members.
• Settlement of making charges will follow the supplementary settlement schedule published in the monthly settlement calendar.
• Members must use the GST invoice facility in IMS (Integrated Management System) to report GST on making charges.

Regulatory Changes

This circular operationalizes the financial settlement framework for making charges arising from the empanelment of a new refiner (Parker Precious Metals LLP). It extends the existing NSE Refiner Standards framework (originally established via NSE/COM/48930 dated July 15, 2021) to include the recovery and payment mechanism for making charges in the commodity derivatives segment.

Compliance Requirements

• Buyer Clearing Members: Must pay making charges of Rs. 300 per coin for deliveries settled through Parker Precious Metals LLP in Gold 10G, Gold Guinea, and Gold 1 Gram Futures contracts.
• All Members: Must use the GST invoice facility in IMS for reporting GST on making charges—non-compliance with GST reporting obligations may attract regulatory action.
• Members should refer to the monthly settlement calendar for the supplementary settlement schedule applicable to making charges.
• Gold coins and bars delivered must strictly adhere to contract specifications and quality parameters prescribed by the Exchange.

Important Dates

• April 22, 2026: Parker Precious Metals LLP empanelment circular (NSE/COM/73842) issued; empanelment effective immediately.
• April 23, 2026: NCL circular (NCL/COM/73863) issued specifying making charge recovery mechanism; effective immediately.

Impact Assessment

Operational Impact (Medium): Buyer clearing members in the commodity derivatives segment dealing in Gold 10G, Gold Guinea, and Gold 1 Gram Futures will incur additional making charges of Rs. 300 per coin when Parker Precious Metals LLP is the delivery refiner. Standard Gold Futures and GoldM Futures members are unaffected (Nil making charges).

Financial Impact: Relatively modest per-unit charge (Rs. 300 per coin), but cumulative impact depends on delivery volumes. Seller clearing members benefit as recipients of these charges.

Administrative Impact: Members must ensure their IMS GST invoice workflows are configured to handle making charge reporting, adding a compliance step to the settlement process.

Market Impact (Low): The empanelment of an additional refiner (Parker Precious Metals LLP) increases supply-side flexibility for gold delivery settlement, which is broadly positive for market liquidity and competition in the refining space.