General Queries

What is the additional exposure margin on securities under MWPL?

A security is shortlisted for Additional Exposure Margin when:

The top 10 clients collectively hold more than 20% of the MWPL in that security, based on 3-month rolling data, which indicates position concentration risk.

If securities meet specific concentration criteria, an Additional Exposure Margin of 15% is levied. This is applicable in the equity derivatives segment only.

However, if the security already attracts an Additional Surveillance Margin (ASM),

Whichever is higher of either, ASM or 15% AEM will apply.

Securities which are currently Identified Under the Framework

This framework will apply immediately after the expiry of January 2026 derivative contracts. The list of securities is as follows:

Note: Clearing corporations publish a list of impacted securities through official circulars and annexures. Since the list is dynamic and reviewed monthly, we recommend checking the latest circular updates available on Exchange websites.

Recommendations for a Trader:

• Monitor margin requirements before initiating large derivative positions
• Track MWPL levels in highly traded F&O stocks
• Avoid over-leveraging in concentrated counters
• Review circular updates periodically