NSE levies an additional margin of 15% on Vodafone Idea, SAIL and 16 other F&O stocks; effective from March

The National Stock Exchange of India (NSE) has announced an additional 15% exposure margin on 18 stocks in the futures and options (F&O) segment of the March 2026 series, while easing margin requirements for gold and silver futures.According to the NSE circular, the additional exposure margin of 15% 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 come into effect from February 25, 2026, after the expiry of the February contracts.

The 18 stocks subject to the additional margin charge 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 for which an additional supervisory margin already applies, the higher amount of the additional exposure margin or supervisory margin will be charged. The positions are identified using three-month rolling data and reviewed monthly.

Help for gold and silver futures

In a separate move, the NSE has abolished additional margins on gold and silver futures with effect from February 19, 2026. Gold futures will no longer attract the additional 3% margin, while silver futures will see a 7% margin reduction.

What is the margin requirement for 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. Because F&O contracts are leveraged instruments – allowing control of a large contract value with a relatively small upfront payment – ​​exchanges collect margins as a safety buffer against potential losses. Margins help limit systemic risk by ensuring that traders can absorb sharp price fluctuations, thus ensuring market stability.

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