Synopsis: 18 F&O stocks with top 10 clients exceeding 20% MWPL will see 15% extra margin from March, NSE says, to reduce concentration risk in derivatives trading.
The National Stock Exchange (NSE) has announced key changes to margin requirements to manage risk and improve market stability. From March, these F&O stocks with high client concentration will see an additional margin, while margins on Gold and Silver futures are being reduced, making trading in precious metals more accessible.
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The National Stock Exchange (NSE) has introduced a new framework imposing an additional 15% margin requirement on select stocks that show high concentration among top clients.
This measure targets stocks where the top 10 clients hold over 20% of the market-wide position limit (MWPL), aiming to reduce concentration risk in derivatives trading. By enforcing this, the exchange seeks to promote a more balanced market and prevent excessive exposure that could amplify volatility.
List of Stocks that fall under the framework
For the March derivatives series, NSE has identified 18 stocks that will fall under this additional margin framework. Key names include Aditya Birla Capital, Aurobindo Pharma, Bandhan Bank, Container Corporation of India (CONCOR), Crompton Greaves Consumer Electricals, Glenmark Pharmaceuticals, Vodafone Idea, JSW Energy, LIC Housing Finance, NBCC, NMDC, Patanjali Foods, RBL Bank, Steel Authority of India (SAIL), Sammaan Capital, DLF, Manappuram Finance, and Indus Towers. Stocks already under the Additional Surveillance Measure (ASM) will also be subject to this extra margin.
The NSE plans to monitor client concentration using three-month rolling data, and the list of affected stocks will be reviewed every month. This dynamic monitoring ensures that any stock exhibiting high concentration risk can be promptly subjected to higher margin requirements, maintaining market stability. For example, LIC Housing Finance, which has an exposure margin of Rs. 97,329, will see an additional requirement of around Rs. 14,599 under the new 15% margin rule, bringing the total exposure margin to approximately Rs. 1.11 lakh from March.
The latest data highlights significant concentration in some stocks. SAIL tops the list with 74.36% exposure among the top 10 clients, followed by Sammaan Capital (66.63%), CONCOR (52.33%), and LIC Housing Finance (48.61%). Other notable stocks include Patanjali Foods (46.5%), Aurobindo Pharma (42.64%), NMDC (40.34%), RBL Bank (38.36%), Aditya Birla Capital (36.91%), and Vodafone Idea (36.84%). These figures reflect the potential risk if a concentrated group of clients were to unwind positions simultaneously.
By implementing this additional margin, the NSE aims to strengthen risk management in derivatives markets, curbing excessive exposure and safeguarding against market disruptions.
Additionally, the NSE has reduced margins on precious metals futures. Effective February 19, 2026, the additional 3% margin on Gold futures has been removed, and Silver futures will see a 7% reduction in margin requirements, making trading these metals more accessible.
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