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What deposits does a member have to keep with the exchange and what exposure the member will get against it? |
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Security Deposit is given in two stages.
Initial Security Deposit
It is given at the initial stage when the membership is taken (and is revised from time to time) and is considered for giving the exposure to the members.
- Applicable from 01.05.2007: Rs. 30 lakhs for Trading cum Clearing Member (non deposit based) and Rs. 65 lakhs for Trading cum Clearing Member (deposit based), Professional Clearing Member and Institutional Trading cum Clearing have to pay Rs. 1 Crore each.
- Member can deposit such initial margin in the form of Cash (minimum 50%), and the balance either through Bank Guarantee and/or Fixed Deposit receipt from approved Banks.
Additional Security Deposit
- To increase the exposure limits for trading, the members may remit additional security deposit with a minimum amount of Rs.50, 000/- in the following forms:
- Cash;
- Cash Equivalent: [Bank Guarantee (BG) with approved bank, Fixed Deposit Receipt (FDR) with approved bank]
- Approved securities as defined under section 2(h) of SC(R) Act, 1956 in demat form with the approved custodian(s) of the Exchange.
- Warehouse receipt(s) of approved commodities issued by designated warehouse / vault both in physical and/or in dematerialized form.
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What is BGS? |
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| Bank Gateway System (BGS) wherein member can directly fax the request for increase to the respective banks and accordingly margin can be increased. |
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What is the Cash – Non cash ratio to be maintained by the members? When is such ratio exempted? |
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Member has to maintain the cash to other forms of deposits in the ratio of 1:3. Any collateral in excess of the permissible valuation shall not be considered for the purpose of margin.
If the member maintains Rs. 50.00 lakhs in form of cash and gives an undertaking for the same as per circular no 187/2007, then he can give the BG and/or FDR of any amount, i.e. 1: 3 ratios is not required to be maintained. |
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Which are the approved banks for the purpose of Bank Guarantee/Fixed Deposit? |
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Which are the empanelled Clearing Banks? |
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Will exposure be allowed against Initial Security Deposit? |
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| Exposure will be permitted against Initial Security Deposit. |
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How can I increase margin? |
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| The margin can be increased by giving Cash / Bank Guarantee / Fixed deposits as additional security deposit. Shares of approved companies in Demat form with the custodian and the warehouse receipts of approved commodities are also accepted as collaterals towards the additional margin requirements. (Refer relevant circulars) |
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How to release margin / Additional security deposit? |
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- The member can release only that margin which is given as an additional deposit.
- The Exchange, subject to clearance of Exchange dues, will consider the request for withdrawal of the additional security deposit only.
- Request for release can be considered only when the member has not utilized such deposit / amount for margin at the time of release.
- The request has to be sent in the format as specified by the exchange.
- Refund request would be rejected if margin utilization post refund crosses 90% of the eligible deposit.
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What valuation logic is applied to arrive at the value of eligible deposits? |
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Valuation Logic for the Member’s Collateral Deposits is as follows:
- A member below cash balance of Rs.50.00 Lacs
Limit = Cash + min (3*cash, BG+FD) + (min (Cash+min (3*cash, BG+FD)), (WR+Sec))
- A member with minimum cash balance of Rs.50.00 Lacs with undertaking for maintaining minimum Rs.50.00 Lacs in Cash
Limit = Cash+BG+FD + (min (Cash+ BG+FD), (WR+Sec))
- Margin limits are uploaded into the system based on the valuation.
- Every time an increase / release request of the member is processed, the system re-computes the eligible limits based on the above method.
- Members can take exposure in the market based on the limits uploaded.
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What is the minimum period for which a FDR/BG can be drawn? |
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The FDR should be issued for minimum period of 3 months in case of additional margin deposit and for a minimum period of 36 months in case of security deposit (Initial Margin).
In Case of a bank guarantee, instrument should be for a minimum period of 3 (three) Months plus 1 (one) month claim period in case of Additional deposit and should be for a minimum period of 12 (twelve) months plus 1 (one) month claim period in case of Security Deposit (Initial Margin). |
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In whose name should the FDR/BG be issued? |
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The FDR should be issued in the name of Multi Commodity Exchange of India Limited A/c (Name of Clearing Member) or MCX A/c Name of Clearing Member.
The BG should be in favor of Multi Commodity Exchange of India Limited. |
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Can a member submit THIRD PARTY BANK GUARANTEE / FDR? |
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What should be the value of stamp paper on which BG is executed? |
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| The Bank Guarantee should be executed on a non-judicial stamp paper of Rs.300 or the value prevailing in the State where it is executed, whichever is higher. |
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To which address should the collateral related documents be sent? |
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Clearing & Settlement department,
Multi Commodity Exchange of India Limited,
3rd Floor Exchange Square,
Suren Road, Andheri (East),
Mumbai-400093 |
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How can a member pledge Equity Shares as Additional Security Deposit? |
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- Members are required to open a separate beneficiary demat account with the Exchange approved custodian(s) for depositing securities.
- For this purpose, Members, who are individuals, may open an account in their name if securities offered are held in their names. Members who are a partnership firm may open an account in their partners' names if shares are held in the names of the partners as the case may be, and Members who are corporate body may open an account in the corporate name or in the name of their designated directors as the case may be depending upon the beneficiary of shares. However, these accounts are required to be separate and used for the purpose of such deposit of securities only.
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Who is the approved custodian for pledge of equity shares? |
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Address
HDFC Bank Limited
Lodha - I Think Techno Campus,
Alpha Building, 8th Floor,
Next to Kanjur Marg Railway Station (East),
Kanjurmarg (E) , Mumbai – 400 042
Contact Person
Mr. Shivayogi Kubasad
Relationship Manager
Commodity Business
Contact Details
Phone No.: 022 – 30752877
Email: Shivayogi.kubasad@hdfcbank.com |
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What are the equity shares that can be pledged? |
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Members of the Exchange can deposit approved securities as defined under section 2(h) of Securities Contract (Regulations) Act, 1956 in demat form with the approved custodian(s) of the Exchange towards additional deposit.
List of Approved Equity Shares
The Exchange may issue / revise the list of approved equity shares and the margin / haircut requirements from time to time. |
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What is the maximum value of equity shares that can be pledged to the exchange towards additional margin? |
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Equity shares will be accepted from a member with the following upper limits or such amount as may be decided from time to time:
- Shares of single ISIN (one company Group 1) - upper limit of [Rs. 500 lakh]
- Shares of single ISIN (one company Group 2) - upper limit of [Rs. 200 lakh]
- Shares of all the ISINs (collectively) - upper limit of [Rs. 2500 lakh]
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What securities are not accepted / eligible for pledge? |
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The following securities shall not be accepted for the purpose of security deposit:
- Securities not as per the approved list;
- Partly paid up securities;
- Securities subject to any lock in period, buy back scheme, any charge or lien, encumbrance of any kind or whose title is questioned before a Court or any regulatory body or such other limitations.
- Securities not in the name of Clearing Member.
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What is the limit given by the Exchange on pledged securities? |
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| The securities shall be subject to a minimum margin / hair cut as specified by the Exchange (VaR-Value at Risk as of now) from time to time. The custodian does the valuation of the said shares pledged after applying the hair cut specified. The limit is given on the value so arrived after haircut subject to the Upper limit for each group and the valuation criteria of margin ratios. |
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What in case the security pledged is discontinued from the Approved list of securities by the Exchange? |
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| In case of discontinuation of a security from the list of approved securities, the members should replace such securities at the earliest or within such time as may be specified by the Exchange as the valuation of such securities will be reduced from the additional security deposit on a real time basis. |
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How can a member pledge commodities/Warehouse Receipts (WR) as Additional Security Deposit? |
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| Members can deposit warehouse receipt (WR) of approved commodities in physical form or stock de-mat form the designated warehouses/vaults approved/appointed by the Exchange in this regard. These WR(s) shall be pledged in favor of Multi Commodity Exchange of India Limited (the Exchange). |
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Which are the active approved commodities that can be pledged? |
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| Sr. No. |
Commodity |
| 1 |
Cardamom |
| 2 |
Chana |
| 3 |
Gold |
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Gold Guinea |
| 5 |
Guar Seed |
| 6 |
Mentha Oil |
| 7 |
Potato (Agra) |
| 8 |
Potato (Tarkeshwar) |
| 9 |
Rubber |
| 10 |
Silver |
| 11 |
Sugar M |
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| The Exchange may issue / revise the list of approved commodities and the margin / haircut requirements from time to time. |
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What is the maximum value of Commodities that can be pledged to the exchange towards additional margin? What is the limit given by the Exchange on pledged commodities? |
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The Commodities pledged shall be subject to a minimum margin / hair cut as specified by the Exchange from time to time. The Exchange does the valuation of the said WR(s) thus pledged after applying the haircut specified. The limit is given on the value so arrived after haircut subject to the Upper limit for each group and the valuation criteria of margin ratios.
List of Approved Commodities
WR(s) of all the commodities pledged (collectively) shall be subject to an upper limit of Rs. 50 Crores. |
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What are the Warehouse Receipts that are not eligible/not acceptable for pledge as Additional Security Deposit? |
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The following warehouse receipts shall not be accepted for the purpose of security deposit:
- WR(s) where the lien is not marked in the favor of the Exchange
- WR(s) of the commodities that are not in the list of approved commodities;
- WR(s) of the commodities whose quality certificate is not from the Exchange approved quality assayer
- WR(s) of the commodities whose quality certificate is not valid or has expired or if the expiry date is within 5 days from the date of deposit
- WR(s) that are not of the designated warehouse/vault;
- WR(s) subject to any charge or lien, encumbrance of any kind or whose title is questioned before a Court or any regulatory body or such other limitations.
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How to create a pledge on Warehouse receipts to submit them to the exchange for the Additional Security deposit? |
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Members along with joint holders, if any, may deposit the WR(s) of the approved commodities with the Exchange by marking a pledge in favour of the Exchange. Following documents are required to be provided to the Exchange:
- Warehouse Receipt (WR) of approved commodity duly pledged along with valid quality certificate.
- Deed of pledge is to be executed in the format prescribed by the Exchange on a non-judicial stamp paper of Rs.300/- or of such prescribed amount as may be applicable to an agreement if the deed of pledge is executed in the State of Maharashtra. In case the deed of pledge is executed outside the State of Maharashtra, the stamp duty payable in that particular State shall be payable, at the time of execution and the deed of pledge shall be stamped for the differential amount (if the stamp duty is higher in Maharashtra) within three months of its first receipt in the State of Maharashtra. The differential amount of stamp duty payable on such instrument shall be the amount of stamp duty in the State of Maharashtra, less the amount of stamp duty, if any, already paid under any law in force in India, when it was executed. Alternatively, the document may be stamped with stamp duty as applicable in the State of Maharashtra or as applicable in the State where document is executed, whichever is higher.
- Certified true copy of the relevant Board Resolution in case of a corporate body.
- Members and the joint holders, if any, shall give the necessary pledge instruction(s) to the Warehouse / vault for the WR(s) to be pledged in favour of the Exchange. Once duly pledged WR(s) are accepted, the Exchange will do the valuation of the WR(s) after adjusting the relevant margin percentages / haircut as stipulated by the Exchange and the same shall be considered as additional margin deposit.
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What is the process of release of Warehouse receipts pledged by the member in favor of the Exchange? |
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- Members may withdraw or replace the pledged WR(s) from time to time.
- Members are advised to submit a letter for withdrawal of the pledged WR(s) as per the format specified by the Exchange from time to time.
- The Exchange may consider the request for release provided
- such member has no outstanding obligations / positions / dues towards the Exchange if any, and that there is no other liability under the Rules, Bye-Laws and Business Rules of the Exchange, and
- Exchange is of the opinion that such release does not entail any risk.
- Upon receipt of a request from a Member for withdrawal of WR(s), the Exchange may process such request and issue a letter to the warehouse / vault to cancel the pledge marked in favour of the Exchange and release such WR(s) to the said Member.
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What are the indications given to members for renewal of their collaterals? |
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| Members are duly alerted before 15 days prior to maturity of the Bank Guarantee/FDR/WR through obligation report as well as Collateral Expiry report file named MCX_ExpiringCollateral_MemberID_YYYYMMDD.csv on SFTP on a daily basis till the date of expiration. |
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When are members suspended for requirements in Collateral deposits? |
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| If the collateral submitted for Initial Security deposit expires and no new/renewed collateral is issued to fulfill the requirement of minimum Initial Security deposit to be maintained the member is suspended on the next trading day. |
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What is the Exchange trading hours? |
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The Exchange will have trading session from Monday to Saturday for different commodities as under:
- Monday to Friday: 10.00 A.M. to 5.00 P.M. - All agricultural commodities
- Monday to Friday: 10.00 A.M. to 11.30 P.M. - All commodities except agricultural commodities as mentioned above.
- Saturday: 10.00 A.M. to 2.00 P.M. - All Commodities.
The Exchange may extend, advance or reduce trading hours by notifying the Members as and when it deems fit and necessary due to any technical or operational reasons. |
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What are different types of margins? What is the computation methodology for it? |
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| Type of Margin |
Description |
| Initial Margin |
Initial margin will be computed using SPAN®* which is portfolio based margining system |
| Additional Margin |
Margin levied as an Exchange / Regulatory RMS
Shall be applicable across all the open market positions |
| Special Margin |
Margin levied over and above the initial & additional margins
Such margins may be levied on either on long or short open positions |
| Incremental/Tender Margin |
Online margins levied during the tender period of the contract on all the open positions till the time of expiry of the contract |
| Delivery Margin |
Margins levied on all the open positions marked for delivery |
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| Ordinary (Initial) Margin |
Initial margin will be computed using SPAN®* which is portfolio based margining system. The SPAN®*identifies overall risk in a portfolio of contracts for each client of a member.
SPAN®* calculates margin requirements of a portfolio of contracts; the prime objective of SPAN®* is to determine the largest loss that a portfolio might reasonably be expected to suffer from one day to the next day |
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| Intraday and End of Day |
During the trading session, the parameters for computation of SPAN®* margin shall be updated as decided by the Exchange/ Clearing Corporation from time to time, to start with, the parameters shall be updated on following times, based on the prices calculated at 10:30 a.m., 01:30 p.m., 5:00 p.m., 7:00 p.m., 8:30 p.m. and 10.30 p.m., apart from End of the trading and Beginning of the trading.. Risk Parameters File (RPF) generated based on such updated parameters will be available to members for download in the path specified Members can apply the data contained in the Risk parameter files, to their specific portfolios of contracts, to determine their SPAN®* margin requirements.
SPAN®* will estimate risk of portfolios, and re-value the same under various scenarios of changing market conditions. |
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| Special Margin |
| Special Margin is the margin levied over and above initial margin. Special margin is levied on buy or sell or both. It is levied by exchange per se or by exchange on the instruction of FMC. |
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| Tender Period/Delivery Period Margin |
When a contract enters into tender period/delivery period towards the end of its life cycle, tender period margin is imposed. Tender margin is levied as specified in the contract specification and is applicable on both outstanding buy and sell position, which continues up to the marking of delivery obligation or expiry of the contract, whichever is earlier.
The delivery period margin is levied on the marked quantity and is calculated at the rate specified for respective commodity multiplied by the marked quantity at the expiring contract. When a seller submits delivery documents along with surveyor’s certificate, his position is treated as settled considering early pay-in and his tender period/delivery period margin to such extent is reduced. When a buyer pays money for the delivery allocated to him, his delivery period margin is reduced on such quantity for which he has paid the amount. If delivery does not happen with respect to certain open position and is finally settled by way of difference as per the Due Date Rate, the delivery period margin is released only after final settlement of difference arising out of such closing out as per the Due Date Rate. |
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What is a closing price and How is it calculated? |
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At the end of a trading day, the system calculates the Closing Price of each and every contract traded on the system. The logic for calculation of Closing Price is as follows:
- Closing Price is equal to weighted average price of all trades done during the last 30 minutes of a trading day.
- If the number of trades during last 30 minutes are less than 5, then it is based on the weighted average price of the last 5 trades executed during the day.
- If the number of trades done during the day are less than 5, then it is taken as the weighted average of all the trades executed during the day.
- If no trades have been executed in a contract on a day, then the official closing price of the last day is taken as the official Closing Price.
Provided that in such cases, the Exchange will have the right to modify the Closing Price for the purpose of marking to market and making the open positions closer to the market. |
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What is Due Date Rate (DDR)? |
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| Due Date Rate is the rate at which contract settled at the expiry. The methodology / procedure for calculation of DDR is different for each commodity & has been pre specified in Contract specification. |
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What is the procedure for change in Settlement Account? |
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Member desirous of shifting settlement and client accounts from one Clearing Bank to another Clearing Bank, shall inform MCX in writing in the format specified in the Circular No 173/2005, along-with the following documents:
- Request Letter for change of Clearing Bank.
- No Objection Certificate (NOC) from the existing Clearing Bank
- Letter from the new clearing bank confirming the settlement account number and the client account number of the member.
- Letter from the member intimating the New bank Accounts opened with New Clearing bank ( Both Settlement & Client A/c details needs to be mentioned, and both the A/c’s should be on the name of MCX Settlement A/c (name of the member) and MCX Client A/c (name of the member).
- Letter from the member stating the effective date from which he wants to shift/change the clearing bank.
On receipt of the above said documents, MCX will accord consent and update its records and any subsequent funds pay-in / pay-out will take place through the new settlement account of the member. |
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What is settlement? |
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C&S defines the member’s daily obligation and settles it on daily basis. Settlement on MCX takes place on a T+1 (Bank working day) basis i.e. daily settlement or daily Mark to Market Settlement
There shall be a daily settlement price in respect of each future contract.
Positions can be settled either by way of closing it out at daily settlement price on each day and due date rate on expiry of contract and/or by way of delivery.
Delivery settlement is effected only when delivery is given or taken during contract maturity month and closing out of residual open position at DDR depending on the delivery option. |
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What is Marked-To-Market (MTM) Settlement? |
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| MTM Settlement means that any notional and/or booked losses or profits of the members based on outstanding position at the end of a trading day and loss / gain on T + 1 day is either debited or credited to Member’s settlement account. Notional gain / loss on open positions, at the end of the trading day, are computed with reference to the closing price of the said contract with the traded price of the contract. |
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What if members default in daily MTM Loss? |
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If any member doesn’t honor pay-in obligation, the amount shall be blocked from the total deposits of the member by 11.00 AM on the pay-in date. Such reduced deposits shall be subsequently available to the member for his exposure purpose / further trading.
Amount outstanding at the end of the day on account of the member’s obligation shall be closed out from the available cash deposit. If in the process of closing out the shortage, the cash balance of the member falls below the minimum security deposit requirement; such member shall be suspended from trading on the subsequent day. Suspended members are required to make good the shortfall in the security deposit and other pending obligations, if any, prior to his re-activation. |
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When does pay-in and payout occur? |
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Pay in & payout of funds for Mark to Market Settlements is affected on T+1 basis. It means that any booked losses or profit of the members are debited or credited in their bank settlement account on the next day of its trading.
Pay in & payout of funds for delivery-based settlements is affected on E+2 / E + 3 (E stands for expiry of contract) basis for delivery of good delivery by the seller or as prescribed in the contract specification. |
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What is maximum level of mark to market loss allowed by member? |
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| The maximum level of mark to market loss allowed to a member is 75% of his total eligible deposit. The moment a member crosses this limit the trading terminal is automatically put in square off mode. |
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What should a member do if he has utilized 100% of his margin? |
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When a member utilizes 100% margins, he has the following options:
- Deposit additional margin in his settlement account & inform the exchange to debit it, thereby increasing his exposure.
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- Square off existing positions thereby liquidating and hence releasing margins. Members can square off their positions from their terminals as, on utilizing 100 % margins, the member is put in square off mode.
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Can my Mark-to-Market Profit be added to my Margin account? |
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| No. Mark-to-Market Profit is credited to Member’s Settlement Account. A separate Instruction is to be submitted by the member in specified format to Increase the margin. |
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How will various charges (viz. user id charges, transaction charges etc) be collected from me? |
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- The charges are reflected in daily obligation report of the members.
- The Exchange debits these charges to the settlement accounts of the members periodically.
- Bills for the same is also provided in the members SFTP folders.
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What are the applicable transaction charges for trade volume on MCX? |
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| The Exchange levies a transaction fee on the transactions registered with the Exchange on monthly basis. Such transaction fee is computed on total turnover value basis. The charges and turnover slabs are as follows. |
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| Average daily turnover |
Transaction fee rates |
| Upto Rs. 250 crore |
Rs. 2.50 |
| On incremental turnover above Rs. 250.00 crore to Rs. 1000 crore |
Rs. 1.25 |
| On incremental turnover above Rs. 1000.00 crore |
Rs. 1.00 |
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How is Transaction charge calculated? |
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Transaction charge is calculated based on the Average daily turnover.
Average daily turnover in all the futures contracts in all the commodities will be calculated at the end of every month by way of dividing the total turnover of the Member of the Exchange (including Saturdays) by the total number of trading days (excluding Saturdays). Accordingly the slab of TC will be decided as mentioned by the Exchange in circular from time to time and accordingly the charge will be levied. |
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What are Minimum Usage Fees? Is it Compulsory to pay if the member is non active? |
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| Yes, all the members of the Exchange whether active/non active has to pay Minimum Usage fees every quarter as per Circular No MCX/MEM/400/2008 & MCX/MEM/277/2010. |
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What are the stamp duty charges? |
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| The Stamp duty shall be payable on all futures contracts by the members directly to the Government. The schedule of stamp duty applicable on futures contracts in various commodities, as per the Bombay Stamp Act. This is subject to change as and when intimated by the government. The same will be informed to the members from time to time by the exchange. |
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When can a member access the extranet (SFTP server)? |
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| A member can access extranet (SFTP) server anytime during a day through internet and during non-trading period through the leased line and VSAT. |
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What end of day reports are sent to members? |
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Exchange is providing the following reports to the members at the end of the trading day on Extranet (SFTP Server)
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| Reports made available to members |
Under Common Folder
- Market Statistics
- Contract Master
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Member specific folder
A separate folder is generated on a daily basis for the following files / reports under the member folder
- Trade file (for the trades executed during the day)
- Margin (.csv) (client wise commodity wise margin)
- Position file (.pos) (client wise position file in system upload able format)
- Position file (.csv) (client wise position file in system in .csv format)
- EXDI file (end client wise delivery statement)
- JV for close-out (JV for shortage closed-out against margin deposit)
- Additional Margin report client wise (client wise additional margin report)
- Obligation report (.txt) (client wise commodity wise obligation summary)
- Delivery Obligation report (.txt) (client wise commodity wise obligation summary)
- Bank Transaction Details
- All types of Invoices
- Debit/Credit Note Collateral receipt / return (acknowledgement for collateral inward / outward for the day)
In addition to the above, the obligation report also provides the members with a reminder in relation to the expiration of the collaterals placed with the exchange 15 days prior to the expiry date of the collateral on a daily basis till the date of expiration. |
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Who maintains the Settlement Guarantee Fund? |
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| Settlement guarantee fund is maintained and managed by the Exchange. |
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What are the different types of Non Compliance Charges levied by the Exchange? |
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| Compliance |
Violation |
Charges |
| MTM Settlement |
Default in completing pay-in obligation on T+1, in full or in part, which is adjusted from the cash margins available with the Exchange at the end of T+1 day |
Charges @ 0.50% shall be levied on the amount of pay-in shortfall (subject to a minimum of Rs. 100/- and maximum Rs. 10,000/-) |
| Initial Security Deposit |
Margin deposit is reduced below the initial security deposit, to be maintained with the MCX. |
Charges of Rs. 5000/- and deactivation / suspension of the member
In case the default continues, in addition to the above charges, interest @ 18% per annum shall be levied for the default period, on the shortage amount, required to build the initial security deposit. |
| Margin Settlement |
Default in the payment of deficit margin, (margins over-utilized on trading day), before close of the banking hours on T+1 working day |
Charges @ 0.50% shall be levied on the deficit margin amount (subject to a minimum of Rs. 100/- and maximum Rs. 10,000/-) |
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