The National Commodity Clearing Limited (NCCL) on March 06, 2026, issued the Margin Framework for Commodity Derivatives Segment.
Securities and Exchange Board of India (SEBI) Master Circular dated August 04, 2023 and the earlier circular issued by NSE Clearing Limited (NCCL) on September 04, 2025 regarding the margin framework for the commodity derivatives segment are referenced in this update.
Members and market participants are informed that the minimum Initial Margin (IM) and the minimum Margin Period of Risk (MPOR) for commodity derivatives contracts have been revised based on the categorization of commodities. These revisions are intended to strengthen the risk management framework in the commodity derivatives market.
Further, for Options on Futures contracts, the Short Option Minimum Margin (SOMM) will be treated as the minimum initial margin requirement for the respective commodity contracts. The detailed revised values of Initial Margin and MPOR for various commodities are provided in the circular’s accompanying table.
[Circular No. NCCL/RISK-011/2026]
