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NSE Clearing Limited levies an additional exposure margin of 15 percent on specific securities in the equity derivatives segment. This margin applies to securities where the top 10 clients hold more than 20 percent of the Market Wide Position Limit (MWPL). The authority identifies these securities using 3 months of rolling data. It reviews the list of securities every month. If a security also attracts an additional surveillance margin, the clearing house levies the higher of the two margins. This framework starts on September 30, 2026.
What you must do
Key dates
Who is affected
Thresholds
Exceptions
Ask about this circular
[Image omitted. See the official document.]
| Department: FUTURES & OPTIONS | |
|---|---|
| Download Ref No: NCL/CMPT/76356 | Date: September 16, 2026 |
| Circular Ref. No: 0106/2026 |
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 September 30, 2026. List of securities shortlisted is attached at Annexure 1.
For and on behalf of
NSE Clearing Limited
Huzefa Mahuvawala
Chief Risk Officer
| Telephone No | Email id |
|---|---|
| 1800 266 0050(Select IVR option No 2) | risk_ops@nsccl.co.in |
Non-Confidential
