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Upfront Margin
Upfront margins to be Collected on both buy, sell trades

To safeguard investors and traders, the market regulator SEBI has come up with a circular on maintaining upfront margins for all trades in the cash segment. We have explained this with examples further down.

The Change
  • As per this directive you are now required to maintain upfront margins to execute every trade in the cash market too.
  • This includes both 'Buy' and 'Sell' transactions.
  • The margin can be in the form of cash / stock or other acceptable forms of margins.
  • Insufficient margin can lead to penalties by the Exchange/ Squaring off of your positions.
  • To have a seamless trading experience, the shares in your Demat account will now have to be pledged in favour of Market Creators Ltd. to be treated as margin for your trades.

How this affects you

In case you had given a POA in favour of Market Creators Ltd. to consider the stocks in your demat account as margin, such securities were considered as margin for your trades. Effective August 1, 2020 these shares cannot be considered as margin.

Which trades get affected?

Along with 'buy' and 'sell' orders, trades where you sell the shares before the settlement day i.e., before the delivery of shares, will also be affected.

Here’s an example to help you understand further:

  • Available margin: Rs 60,000
  • Order value: Rs 1 lakh
  • Margin requirement: 20%
  • Margin blocked during BUY order: Rs 20,000
  • ‘Sell’ margin requirement: 20%
  • Sell on T+1 day: Rs 20,000 in cash / other acceptable margins
  • Total margin required: Rs 40,000
  • Balance margin available: Rs 20,000 (Initial Rs 60,000 minus margins blocked Rs 40,000)
  • Additional margin needed: Zero

CASE B (low available margin)
  • Available margin: Rs 30,000
  • Order value: Rs 1 lakh
  • Margin requirement: 20%
  • Margin blocked during BUY order: Rs 20,000
  • ‘Sell’ margin requirement: 20%
  • Sell on T+1 day: Rs 20,000 in cash / other acceptable margins
  • Total margin required: Rs 40,000
  • Additional margin needed: Rs 10,000 (Initial Rs 30,000 minus margins blocked Rs 40,000)

What if adequate margins are not maintained?
  • On non-adherence of adequate margins, Market Creators ltd. is authorised to report the shortfall to the Stock Exchange and / or sell part or full stocks in your demat account.
  • This means that if you buy stocks today and sell tomorrow, you may have to pay margins for both the trades.
  • Shortfall penalty will be levied from 1st August 2020.
  • Check penalty details in Annexure 4 of this PDF( SEBI 12.12.2019)

You can read the full details in the SEBI circular (No: CIR/HO/MIRSD/DOP/CIR/P/2019/139-19.11.2019) here.The exchange has also answered some frequently asked questions. You can find it here. (Read exchange clarifications here(02.03.2020) and here(11.02.2020)
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