Framework for Intraday Position Limits Monitoring for Equity Index Derivatives · SEBI/HO/MRD/TPD/CIR/P/2025/ 122
SEBI circular SEBI/HO/MRD/TPD/CIR/P/2025/ 122 · 01 Sept 2025
SEBI circular SEBI/HO/MRD/TPD/CIR/P/2025/ 122 · 01 Sept 2025
Summary
Check the official recordSEBI establishes an entity-level intraday monitoring framework for index options to ensure market stability. The framework sets an intraday net position limit of ₹5,000 crore and an intraday gross position limit of ₹10,000 crore on a Future Equivalent basis. Stock Exchanges monitor these limits through at least four random snapshots daily, including one near market closing. Entities may take additional exposure against securities or cash holdings. Stock Exchanges must examine trading patterns for limit breaches and impose penalties or additional surveillance deposits on expiry days starting December 6, 2025. Market Infrastructure Institutions must create a joint Standard Operating Procedure and update their systems to support these requirements.
What you must do
Key dates
Who is affected
Thresholds
Exceptions
If you do not comply
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