The National Stock Exchange (NSE) on March 09, 2026, notified regarding review of Margin Framework for Commodity Derivatives Segment.
The following has been stated namely: -
• The circular classifies certain commodities based on risk and margin criteria for trading in the National Commodity & Derivatives Exchange Limited (NCDEX) Commodity Derivatives Segment. Commodities such as Gold, Lead, and Copper are categorized as Non-Agricultural commodities with different volatility levels that determine their applicable margin requirements.
• Gold and Copper fall under the medium volatility category, requiring a minimum Initial Margin (IM) of 8%, a Short Option Minimum Margin of 8%, a Minimum MPOR of 2, and a Minimum VSR of 5%. Lead is categorized under low volatility, with a 6% minimum IM, 2 MPOR, and no applicable Short Option Margin or VSR requirement. These classifications help determine the risk management and margin framework applied to each commodity in derivatives trading.
[Circular no. NCL/COM/73188]
