Seems like a heavy circular. Asked chatgpt to give me a summary
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New Open Interest Calculation (FutEq OI):
Open interest will now be calculated using delta-adjusted net positions across futures and options to better reflect actual exposure. -
Revised Market-Wide Position Limit (MWPL):
MWPL for single stocks will be the lower of 15% of free-float shares or 65x the Average Daily Delivery Value (ADDV), with a minimum floor of 10%. -
Stricter Ban Period Rules:
During F&O ban periods, only trades that reduce open positions (based on delta) are allowed. Passive increases due to price movement are permitted. -
Intraday Monitoring of MWPL:
Exchanges must check MWPL usage at least four random times daily and act against high utilization, including reporting breaches to SEBI. -
Index Options Position Limits:
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Net end-of-day FutEq OI capped at ₹1,500 crore
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Gross long or short position capped at ₹10,000 crore
A glide path is in place until Dec 5, 2025, for implementation. -
Index Futures Position Limits:
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FPI Cat I / Mutual Funds / Proprietary: Higher of ₹500 crore or 15% of OI
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FPI Cat II (non-retail): Higher of ₹500 crore or 10% of OI
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FPI Cat II (retail, individuals): Higher of ₹500 crore or 5% of OI
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Additional Exposure Conditions:
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Short index positions must be backed by stock holdings
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Long index positions must be backed by cash or equivalents
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Pre-Open Session in Derivatives:
A pre-open session will be introduced for current-month futures. It will extend to next-month futures in the 5 days before expiry. -
Stricter Norms for Non-Benchmark Index Derivatives:
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Minimum 14 constituents
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Top 1 ≤ 20% weight; Top 3 ≤ 45% weight
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Descending weight structure required
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Entity-Level Position Limits for Stocks:
Revised limits as % of MWPL: -
Clients/NRIs: 10%
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Proprietary TMs: 20%
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TM + Client / FPI Cat I / MFs: 30%
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FPI Cat II (non-retail): 20%
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FPI Cat II (retail): 10%
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Phased Implementation Timeline:
Most measures roll out between July 1 and December 6, 2025, with some already in effect.
