The National Commodity & Derivatives Exchange Limited (NCDEX), on December 31, 2025, issued a circular announcing the re-triggering and applicability of Event-Based Additional Surveillance Margin (E-ASM) on select agricultural commodities, in continuation of its earlier surveillance circulars issued between 2019 and 2021. The measure is aimed at strengthening market stability during periods of abnormal price volatility.
Based on the High–Low price variation formula (High−Low)/Low×100, an E-ASM of 2.5% has been re-triggered due to significant price movements. Accordingly, this additional margin shall be applicable to all running contracts as well as contracts yet to be launched in Guar Seed and Guar Gum, effective from December 31, 2025, and will remain in force up to January 21, 2026. Other commodities such as Coriander and Turmeric are subject to applicability as per the timelines specified in the circular, while no E-ASM is currently applicable to Barley, Castor Seed, Jeera, and certain others.
NCDEX has further clarified that all other applicable margins shall continue to be levied in addition to E-ASM, and trading as well as clearing members are advised to take note of the revised margin requirements to ensure adequate risk management and compliance during the applicability period.
[Circular No. NCDEX/SURVEILLANCE & INVESTIGATION-087/2025]
