According to the NSE circular, the additional 15% exposure margin will apply to equity derivatives where the top 10 clients together hold more than 20% of the Market Wide Position Limit (MWPL). The framework will take effect from February 25, 2026, after the expiry of the February contracts.
The 18 stocks subject to the additional margin levy are Aditya Birla Capital, Aurobindo Pharma, Bandhan Bank, Container Corporation of India (CONCOR), Crompton Greaves Consumer Electricals, Glenmark Pharmaceuticals, Vodafone Idea, JSW Energy, LIC Housing Finance, NBCC (India), NMDC, Patanjali Foods, RBL Bank, Steel Authority of India (SAIL), Sammaan Capital, DLF, Manappuram Finance, and Indus Towers.
For securities where an additional surveillance margin is already applicable, the higher of the additional exposure margin or surveillance margin will be levied. The stocks are identified using three months of rolling data and reviewed monthly.
Relief for gold and silver futures
In a separate move, the NSE has removed additional margins on gold and silver futures, effective February 19, 2026. Gold futures will no longer attract the 3% additional margin, while silver futures will see a 7% margin reduction.
What is the margin requirement in F&O?
In the derivatives segment, margin is the minimum amount traders must deposit with their broker to initiate and maintain a futures or options position. Since F&O contracts are leveraged instruments — allowing control of a large contract value with a relatively small upfront payment — exchanges collect margins as a security buffer against potential losses.Margins help contain systemic risk by ensuring traders can absorb sharp price swings, thereby safeguarding market stability.
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