Framework for Intraday Position Limits Monitoring for Equity Index Derivatives

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....ntraday Net FutEq : Rs.1,000 crores Gross FutEq : Rs.2,500 crores 2. On the basis of feedback received from market participants and subsequent deliberations in Secondary Market Advisory Committee (SMAC) of SEBI as well as with Market Infrastructure Institutions (MIIs), following was stipulated for position limits for index options (Para 5.5 of SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 dated May 29, 2025):  S No. Position type Limit Implementation Timeline 1 End of day Net FutEq : Rs.1,500 crores Gross FutEq : Rs.10,000 crores Glide path : From July 01, 2025 to December 05, 2025 Normal implementation : December 06, 2025 2 Intraday No limit specifically defined however end of day position limits would b....

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....der the underlying price at the time of taking positions snapshots. 4.5. Entities shall be allowed to take additional exposure against holding of securities or cash/cash equivalent, as applicable, in line with para 5.5.3 of SEBI circular dated May 29, 2025. 4.6. For the entities breaching the aforesaid limits, Stock Exchanges shall examine trading patterns of such entities which would inter-alia include seeking rationale for such positions from the clients, examining trading in the constituents of the index by the entity and discussing such instances with SEBI in the surveillance meeting. 4.7. On the day of expiry of options contracts, the breaches of aforesaid position limits shall additionally attract penalty/additional surveillance de....