The National Commodity & Derivatives Exchange Limited (NCDEX), on December 26, 2025, issued a circular on the applicability of Event based Additional Surveillance Margin (E-ASM), in continuation of earlier surveillance circulars issued between 2019 and 2021. The measure is part of NCDEX’s risk-management framework to address excessive price volatility in select commodities.
Based on the High–Low price variation formula (High–Low)/Low×100, an E-ASM of 2.5% has been re-triggered and shall be applicable on all running contracts as well as contracts yet to be launched in Guar Seed, Guar Gum and Turmeric. The E-ASM will remain in force up to January 16, 2026. The trigger for Guar Seed and Guar Gum was observed on both 5-day (10%) and 10-day (15%) movements, while Turmeric triggered on 5-day movement.
For other commodities such as Barley, Castor Seed, Coriander, and Jeera (including Jeera Mini), E-ASM is presently not applicable, except Coriander where it continues till December 31, 2025. NCDEX has clarified that all other applicable margins shall continue to be levied as per existing norms, and members are advised to take note of the enhanced surveillance requirements.
[Circular No. NCDEX/SURVEILLANCE & INVESTIGATION-084/2025]
