Review of Margin Framework for Commodity Derivatives Segment
NSE circular NCL/COM/76230 · 08 Sept 2026
Official record
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Check the official recordWhat changed
NSE Clearing Limited updates the margin framework for the commodity derivatives segment. The circular defines specific volatility categories, minimum initial margin percentages, short option minimum margin percentages, minimum margin period of risk, and minimum volatility scan range percentages for various non-agricultural commodities. These commodities include Gold, Lead, Copper, Aluminium, Silver, Natural Gas, Crude Oil, Brent Crude Oil, Nickel, Zinc, and Electricity. The minimum initial margin percentage does not scale by the margin period of risk. Existing margins such as extreme loss margin, tender period margin, and concentration margin remain in effect. These provisions apply to all members starting October 01, 2026.
What you must do
- Members must apply the updated margin framework for commodity derivatives starting October 01, 2026.
Key dates
- Effective from
- 01 Oct 2026
Document text
[Image omitted. See the official document.]
NSE Clearing Limited
DEPARTMENT: COMMODITY DERIVATIVES SEGMENT
Download Ref No: NCL/COM/76230
Date: September 08, 2026
Circular Ref. No: 0326/2026
All Members,
Sub: Review of Margin Framework for Commodity Derivatives Segment
This is in modification to our circular no. 0274/2025 (Download Ref no NCL/COM/70068) dated September 05, 2025, and with reference to SEBI Circular dated January 27, 2020, on Review of Margin Framework for Commodity Derivatives Segment and SEBI circular dated January 11, 2021, on Review of Volatility Scan Range (VSR) for Option contracts in Commodity Derivatives Segment.
Following shall be the categories of the commodities based on the criteria specified in abovementioned circular:
| Commodity | Commodity Type | Volatility Category | Applicable Minimum IM % | Short Option Minimum Margin % | Applicable Minimum MPOR | Applicable Minimum VSR (%) |
|---|---|---|---|---|---|---|
| GOLD | Non -Agri | Medium | 8 | 8 | 2 | 5 |
| LEAD | Non -Agri | Low | 6 | N.A. | 2 | N.A. |
| COPPER | Non -Agri | Medium | 8 | 8 | 2 | 5 |
| ALUMINIUM | Non -Agri | Medium | 8 | N.A. | 2 | N.A. |
| SILVER | Non -Agri | High | 10 | 10 | 3 | 6 |
| NATURALGAS* | Non -Agri | High | 10 | 10 | 3 | 6 |
| CRUDEOIL* | Non -Agri | High | 10 | 10 | 3 | 6 |
| BRCRUDEOIL* | Non -Agri | High | 10 | N.A. | 3 | N.A. |
| NICKEL | Non -Agri | High | 10 | N.A. | 3 | N.A. |
| ZINC | Non -Agri | Medium | 8 | 8 | 2 | 5 |
| ELECMBL | Non -Agri | High | 10 | N.A. | 3 | N.A. |
* As per NCL circular no. NCL/COM/74227 dated May 14, 2026, applicable minimum IM (%) is kept as 30% for Brent Crude Oil (Platts). As per NCL circular no. NCL/COM/74227 dated May 14, 2026, NCL/COM/63424 dated August 14, 2024, and NCL/COM/58123 dated August 28, 2023, applicable minimum IM (%), SOMM (%) and VSR (%) is kept as 30%, 30% and 30% for Crude Oil, 11.50%, 11.50% and 6% for Silver, and 13%, 13% and 6% for Natural Gas respectively.
Note:
- The Minimum IM % mentioned in the above table shall not be scaled up by MPOR.
- For options on goods, MPOR shall be at least equal to three days or MPOR of corresponding futures contracts, whichever is higher.
- All other margins inter alia Extreme Loss Margin, ICMTM Margin, Tender Period Margin, Delivery Period Margin, Concentration Margin, Additional Margin and Special Margin as currently applicable shall continue.
[Image omitted. See the official document.]
Continuation Sheet
The provisions of this circular shall be applicable from the beginning of day on October 01, 2026.
Members are requested to take note of the above.
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 |
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 08 Sept 2026
- Document number
- NCL/COM/76230
- Issuing division
- COMMODITY DERIVATIVES SEGMENT
- Effective date
- 01 Oct 2026
- Coverage area
- securities