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of <h1>SEBI Updates Cross Margin Benefits: New Spread Margins for Correlated Indices with Different Expiry Dates.</h1> The Securities and Exchange Board of India (SEBI) has updated its cross margin benefits policy for offsetting positions with different expiry dates. Previously, cross margin benefits applied only when correlated indices or an index and its constituents had the same expiry date. Now, a spread margin of 40% will apply for correlated indices with different expiry dates, and 35% for index and its constituents with differing expiry dates. Existing spread margins of 30% and 25% remain for positions with the same expiry date. The benefits will be revoked at the start of the first expiring position's expiry day. This circular takes effect three months from issuance.
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