The Bombay Stock Exchange (BSE) on December 03, 2025, issued the notification regarding the Measures for Enhancing Trading Convenience and Strengthening Risk Monitoring in Equity Derivatives.
The following has been stated namely: -
• Every order placed during the equity derivatives pre-open session must undergo margin sufficiency verification before being accepted.
• Incoming orders are evaluated using prevailing SPAN + ELM margins and the maximum possible execution price, ensuring adequate risk controls at the contract level.
• Margin on incoming orders is assessed together with the client’s existing portfolio margins to confirm overall margin sufficiency at the clearing member level.
• Orders accepted during the pre-open session cannot be netted against the client’s existing positions or other pre-open orders, even if they offset each other.
• Margin benefits such as calendar spread or cross-margining will not be permitted for pre-open session orders; for offsetting orders, the higher SPAN+ELM requirement (long or short) must be applied.
[Notification No. 20251203-48]
