Hi Zerodha team,
Since some days, Vodafone futures were carrying a margin of around 3.2L per lot, up from about 2L per lot that was last month.
But yesterday, the margin required was again down to 2.2L, and today it is again up to 3.2L. Can someone check what is going on? There was no fresh increase in volatility yesterday, so why this move? Or is it something Zerodha has imposed from its own side?
The increase in margin requirements is from two factors. First, the stock has appreciated significantly, rising from ₹8.85 to ₹12.04, an increase of approximately 36%. Second, the total margin requirement itself has increased modestly, from 37% to 38.75%.
Here’s a comparison 
November 1st:
| Scrip | Rate | Lot Size | Margin % | Amount | Exposure Margin % | Exposure Amount | Total Margin % | Total Amount |
|---|---|---|---|---|---|---|---|---|
| IDEA | ₹8.85 | 71,475 | 31% | ₹1,95,126.75 | 7% | ₹44,278.76 | 38% | ₹2,39,405.51 |
Today:
| Scrip | Rate | Lot Size | Margin % | Amount | Exposure Margin % | Exposure Amount | Total Margin % | Total Amount |
|---|---|---|---|---|---|---|---|---|
| IDEA | ₹12.04 | 71,475 | 30% | ₹2,58,024.75 | 8.75% | ₹75,298.91 | 38.75% | ₹3,33,323.66 |
You can see that the margin has increased from approximately ₹2.4L to ₹3.3L per lot
We have not charged any additional margin from our end; we are simply blocking whatever the exchange requires. Yesterday’s margin was also above ₹3 lakh.
Yesterday’s Margin Requirement:
| Span Scrip | Rate | Lot Size | Margin % | Amount | Exposure Margin % | Margin Amount | Total Margin % | Total Amount |
|---|---|---|---|---|---|---|---|---|
| IDEA | ₹11.87 | 71,475 | 30% | ₹2,58,024.75 | 7% | ₹59,388.58 | 37% | ₹3,17,413.33 |
Thanks @Adarsh_Patil .
I guess it is the exposure margin going down from 8.75% to 7% just for one day (yesterday), and now back to 8.75% which caused the variation in my calculations of the margin requirement. Thanks for the explanation