The BSE Clearing Limited (BSECL), on September 09, 2026, has issued a notification regarding the review of the categorisation of commodities and the applicable minimum margin requirements in the Commodity Derivatives Segment, in line with SEBI guidelines and in modification of its circular dated March 10, 2026.
The following has been stated:
The revised framework specifies the minimum Initial Margin (IM), Short Option Minimum Margin (SOMM), Margin Period of Risk (MPOR) and Volatility Scan Range (VSR) for commodities. Crude Oil and WTI Crude are categorised as High volatility with minimum IM and SOMM of 10%, MPOR of 3 days and VSR of 6%; Gold is categorised as Medium volatility with IM and SOMM of 8%, MPOR of 2 days and VSR of 5%; and Silver is categorised as High volatility with IM and SOMM of 10%, MPOR of 3 days and VSR of 6%.
As per the lead exchange's revised risk management framework, WTI Crude Oil and Crude Oil contracts will carry a minimum IM and SOMM of 30% and VSR of 30%. For Silver contracts, the minimum IM and SOMM will be 11.50%, with VSR of 6%.
For option contracts, MPOR shall be at least two days or the MPOR applicable to the corresponding futures contract, whichever is higher. Margins on option sellers shall be the higher of the prescribed SOMM or VaR scaled up by the applicable MPOR.
Other applicable margins, including Extreme Loss Margin, Crystallized Loss Margin, Tender Period Margin, Delivery Period Margin, Concentration Margin, Additional Margin, Additional Lean Period Margin and Special Margin, will continue unchanged.
The provisions of the circular will be applicable from the beginning of day on October 01, 2026.
Please refer to the document attached below for more details.
[Notice No.: 20260909-1]
