The Bombay Stock Exchange (BSE) on December 05, 2025, notified regarding the Standard Operating Procedure for Future Equivalent (FutEq)/(Delta) Intraday Position Limits Monitoring for Equity Index Derivatives.
The following has been stated namely: -
• As per clause 5.5.4.6 of the SEBI circular dated May 29, 2025 and BSE Notice no. 20250630-86 dated June 30, 2025, the glide path framework will be applicable till December 05, 2025 and shall cease to exist thereafter (i.e. w.e.f. December 08, 2025) and entities willing to take large delta-based positions in index options are expected to have their own delta computing / monitoring system.
• Further, as per clause 4.7 of SEBI/HO/MRD/TPD/CIR/P/2025/122 circular dated September 01, 2025 and BSE notice no. 20250930-114 dated September 30, 2025 on the day of expiry of options contracts, intraday breaches of position limits shall additionally attract Additional Surveillance Deposit (ASD). Accordingly, ASD framework shall be applicable w.e.f. December 08, 2025.
• In addition to end-of-day (EOD) breaches, if an entity breaches the Intraday Position Limits on the expiry day of options contracts, Additional Surveillance Deposit (ASD) shall be levied in accordance with Point 6.2 of BSE notice no. 20250630-86 dated June 30, 2025. The ASD will remain blocked for one month, similar to the treatment of EOD breaches.
[Circular No. 20251205-63]
