The National Commodity Clearing Limited (NCCL) on June 25, 2026, notified regarding the Scheme of deposit for acceptance of Mutual Fund Units and haircuts as collateral.
The following has been stated:
• It has issued a circular revising the Scheme for Acceptance of Mutual Fund Units as Collateral towards Additional Base Capital (ABC). Effective July 01, 2026, the revised framework updates the list of eligible mutual fund schemes and the applicable haircuts. Under the revised norms, the total value of mutual fund units accepted from any single Asset Management Company (AMC) is capped at ₹100 crore across all clearing members, while the exposure of an individual clearing member to a single AMC is limited to ₹50 crore (post-haircut).
• Further, the combined value of approved securities, mutual fund units, and commodities deposited as collateral cannot exceed 25% of the total effective deposits maintained with NCCL. Only mutual fund schemes included in the NSE-approved list will be accepted as collateral. Mutual fund units will be valued daily based on the AMFI-published Net Asset Value (NAV), after applying a haircut of 9% or the applicable Value-at-Risk (VaR), whichever is higher, to determine the collateral value. If any mutual fund scheme is removed from the approved list, it will immediately cease to be eligible as collateral.
• The annexure to the circular contains the revised list of eligible mutual fund schemes across various AMCs, replacing the earlier list, and these changes will come into effect from the beginning of trading on July 01, 2026.
[Notification no. - NCCL/RISK-033/2026]
