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NSE16 Aug 2026circularPrepared by Complied AI

Additional Exposure Margin on Securities under MWPL

NSE circular NCL/CMPT/75771 · 16 Aug 2026

NSE Clearing Limited introduces an additional exposure margin of 15 percent for securities in the equity derivatives segment. This margin applies when the top 10 clients account for more than 20 percent of the Market Wide Position Limit (MWPL). If a security also attracts an additional surveillance margin, the clearing house levies the higher of the two rates. NSE Clearing Limited identifies the relevant securities using 3 months of rolling data. The authority reviews the list of securities every month. This framework takes effect on August 28, 2026.

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Summary

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What changed

NSE Clearing Limited introduces an additional exposure margin of 15 percent for securities in the equity derivatives segment. This margin applies when the top 10 clients account for more than 20 percent of the Market Wide Position Limit (MWPL). If a security also attracts an additional surveillance margin, the clearing house levies the higher of the two rates. NSE Clearing Limited identifies the relevant securities using 3 months of rolling data. The authority reviews the list of securities every month. This framework takes effect on August 28, 2026.

Who is affected
  • All members of the equity derivatives segment
Required action
  • Members must comply with the additional exposure margin requirements for identified securities.
Key dates
  • Effective date of the framework — 27 Aug 2026
Thresholds
  • Additional exposure margin rate of 15 percent
  • Top 10 clients account for more than 20 percent of MWPL
Exceptions
  • If additional surveillance margin applies, the higher of the two margins is levied.

Prepared automatically from the captured official document and checked against source evidence. This is not an independent professional review. See how briefs are prepared. Verify material decisions against the official record.

Source details

Source
National Stock Exchange of India
Type
circular
Published by source
16 Aug 2026
Document number
NCL/CMPT/75771
Issuing division
FUTURES & OPTIONS
Effective date
27 Aug 2026
Coverage area
securities

Document text

Prepared for reading; wording retained from the source.

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NSE Clearing Limited

Department: FUTURES & OPTIONS
Download Ref No: NCL/CMPT/75771Date: August 17, 2026
Circular Ref. No: 099/2026

To All Members,

Sub: Additional Exposure Margin on Securities under MWPL

This is with reference to NSE circular No. NSE/INVG/40472 dated March 18,2019 on Exposure margin of security under MWPL.

Additional exposure margin @15% in equity derivatives segment shall be levied on securities in which top 10 clients account for more than 20% of MWPL. However, for securities wherein additional surveillance margin is applicable, the higher of additional exposure margin as stated above or additional surveillance margin shall be levied. Scripts shall be identified under this framework based on 3 months rolling data and shall be reviewed on a monthly basis.

This framework shall be effective from August 28, 2026. List of securities shortlisted is attached at Annexure 1.

For and on behalf of
NSE Clearing Limited

Huzefa Mahuvawala
Chief Risk Officer

Telephone NoEmail id
1800 266 0050(Select IVR option No 2)risk_ops@nsccl.co.in

Non-Confidential

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