NSE Imposes 15% Margin Hike on 18 F&O Stocks from March Series Including Vodafone Idea, DLF and Others

The National Stock Exchange (NSE) has announced revised margin requirements for select equity derivatives contracts starting March 2026, alongside easing margins for precious metals futures. 

New Margin Rules for Concentrated F&O Stocks 

In a February 18, 2026, circular, NSE introduced a 15% additional exposure margin for equity derivatives where the top 10 clients hold over 20% of the Market Wide Position Limit (MWPL). This measure applies to 18 identified stocks from the March 2026 F&O series onward. 

The affected stocks include Vodafone Idea, DLF, RBL Bank, SAIL, Bandhan Bank, and others. These will face higher margin requirements based on 3-month rolling data reviewed monthly. 

Margin Calculation Methodology 

For securities under additional surveillance, NSE will levy the higher of either the 15% exposure margin or existing surveillance margin. This dual-margin approach aims to mitigate risks in concentrated positions. 

Precious Metals Margin Reduction 

Concurrently, NSE removed additional margins on Gold and Silver futures. Effective February 19, 2026, Gold futures no longer carry a 3% margin levy, while Silver futures see a 7% margin reduction. 

Read More: NSE Clearing Withdraws Additional Margin on Gold and Silver Futures from February 19, 2026! 

Full List of Affected F&O Stocks 

The 18 stocks facing 15% higher margins are: 1. Vodafone Idea 2. DLF 3. RBL Bank 4. SAIL 5. Bandhan Bank 6. Aurobindo Pharma 7. Glenmark Pharmaceuticals 8. NMDC 9. Manappuram Finance 10. Aditya Birla Capital 11. Concor 12. Crompton Greaves Consumer Electricals 13. JSW Energy 14. LIC Housing Finance 15. NBCC (India) 16. Patanjali Foods 17. Sammaan Capital 18. Indus Towers 

Conclusion 

NSE's margin adjustments reflect risk management priorities. The 15% margin hike on 18 concentrated F&O stocks addresses client position limits, while Gold/Silver margin reductions signal stabilized precious metals markets. These changes take effect for the March 2026 series and February 19, 2026, respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.