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Contract Specifications - Bullion Futures


COMMODITY FUTURES
Product Parameters Gold Futures Gold Mini Futures Silver Futures
Underlying Gold Gold Silver
Instrument Type Futures Contract Futures Contract Futures Contract
Underlying Symbol GOLD GOLDM SILVER
Description GOLDYYMMM GOLDMYYMMM SILVERYYMMM
Contract Listing Bimonthly contracts. Details as per the launch calendar Monthly contracts. Details as per the launch calendar Bimonthly/trimonthly contracts. Details as per the attached launch calendar
Contract Commencement Day 6th day of contract launch month. If 6th day is a holiday then the following working day. (Expiry Day + 1)
Last Trading Day (Contract Expiry) 5th day of contract expiry month. If 5th day is a holiday then preceding working day.
On the day of expiry, the trading shall be allowed up to 11:30 pm/11:55 pm* 
*based on US daylight saving time period
Trading:
Trading Period Mondays to Fridays
Trading Session Monday - Friday 
09:00 am to 11:30 pm/11:55 pm*
*based on US daylight saving time period
Trading Unit 1 kg 100 grams 30 kg
Quotation/Base Value Rs. Per 10 grams Rs. Per 10 grams Rs. Per 1 Kg
Price Quote Ex-Ahmedabad (inclusive of all taxes and levies relating to import duty, customs but excluding all taxes and levies relating to GST, any other additional tax or surcharge on GST)
Maximum Order Size 10 Kg 10 Kg 600 Kg
Tick Size (Minimum Price Steps) Rs.1.00 Rs.1.00 Rs.1.00
Daily Price Limits 1 The base price limit shall be 3%. Whenever the base daily price limit is breached, the relaxation shall be allowed upto 6% without any cooling off period in the trade. In case the daily price limit of 6% is also breached, then after a cooling off period of 15 minutes, the daily price limit will be relaxed upto 9%. 

In case price movement in international markets is more than the maximum daily price limit (currently 9%), the same may be further relaxed in steps of 3% beyond the maximum permitted limit, and informed to the Regulator immediately.
The base price limit shall be 4%. Whenever the base daily price limit is breached, the relaxation shall be allowed upto 6% without any cooling off period in the trade. In case the daily price limit of 6% is also breached, then after a cooling off period of 15 minutes, the daily price limit will be relaxed upto 9%. 

In case price movement in international markets is more than the maximum daily price limit (currently 9%), the same may be further relaxed in steps of 3% beyond the maximum permitted limit, and informed to the Regulator immediately.
Initial Margin 2 Min. 4 % or based on SPAN whichever is higher
Extreme Loss Margin 3 1%
Additional and/ or 
Special Margin
In case of additional volatility, an additional margin (on both buy & sale position) and/ or special margin (on either buy or sale position) at such percentage, as deemed fit; will be imposed in respect of all outstanding positions.
Maximum Allowable 
Open Position 4
For a member collectively for all clients: 50 MT or 20% of the market wide open position whichever is higher, for all Gold contracts combined together.

For individual client: 5 MT for all Gold contracts combined together or 5% of the market wide open position whichever is higher, for all Gold contracts combined together.
For a member collectively for all clients: 1000 MT or 20% of the market wide open position whichever is higher, for all Silver contracts combined together.

For individual client: 100 MT or 5% of the market wide open position whichever is higher for all Silver contracts combined together.
Delivery:
Delivery Unit 1 kg 100 grams 30 kg
Delivery Period Margin 5 Delivery period margins shall be higher of: a. 3% + 5 day 99% VaR of spot price volatility 
Or
b. 20%
Delivery Centre(s) Designated clearinghouse facilities at Ahmedabad
Additional Delivery Centre(s) NIL
Quality Specifications 995 purity.

It should be serially numbered Gold bars supplied by LBMA approved suppliers or other suppliers as may be approved by the exchange to be submitted alongwith supplier's quality certificate.
Grade: 999 and Fineness: 999 
(as per IS 2112: 1981) 
 
  • No negative tolerance on the minimum fineness shall be permitted.
  • If it is below 999 purity it is rejected.

It should be serially numbered silver bars supplied by LBMA approved suppliers or other suppliers as may be approved by the exchange.
If the Seller offers 
delivery of 999 purity
Seller will get a proportionate premium and sale proceeds will be calculated as under:

Rate of delivery* 999/ 995
If the quality is less than 995, it is rejected.
NA
Due Date Rate 
(Final Settlement Price) 6
For contracts where Final Settlement Price (FSP) is determined by polling, unless specifically approved otherwise, the FSP shall be arrived at by taking the simple average of the last polled spot prices of the last three trading days viz.,E0 (expiry day), E-1 and E-2. In the event the spot price for any one or both of E-1 and E-2 is not available; the simple average of the last polled spot price of E0, E-1, E-2 and E-3, whichever available, shall be taken as FSP. Thus, the FSP under various scenarios of non-availability of polled spot prices shall be as under:
Scenario Polled spot price availability on FSP shall be simple average of last polled
spot prices on
E0 E-1 E-2 E-3
1 Yes Yes Yes Yes/No E0, E-1, E-2
2 Yes Yes No Yes E0, E-1, E-3
3 Yes No Yes Yes E0, E-2, E-3
4 Yes No No Yes E0, E-3
5 Yes Yes No No E0, E-1
6 Yes No Yes No E0, E-2
7 Yes No No No E0
In case of non-availability of polled spot price on expiry day (E0) due to sudden closure of physical market under any emergency situations noticed at the basis Centre, Exchange shall decide further course of action for determining FSP in consultation with SEBI.
Delivery Logic Compulsory delivery
Settlement of Contract On expiry all the open positions shall be marked for delivery. Delivery pay-in will be on E + 1 basis by 11.00 a.m. except Saturdays, Sundays and Trading Holidays.
Delivery and Settlement Procedure Click here for details

* w.e.f October 12, 2018

Footnotes:

  • 1. As per SEBI/HO/CDMRD/DMP/CIR/P/2016/83 dated September 07, 2016
  • 2. The provisions of Risk Management in terms of the SEBI Circulars No. CIR/CDMRD/DRMP/01/2015 dated October 01, 2015 and SEBI/HO/CDMRD/DRMP/CIR/P/2016/77 dated September 01, 2016 and / or any amendments thereto from time to time shall be applicable.
  • 3. As per SEBI Circular no CIR/CDMRD/DRMP/01/2015 dated October 1, 2015
  • 4. As per SEBI circular SEBI/HO/CDMRD/DMP/CIR/P/2016/96 dated September 27, 2016
  • 5. As per SEBI/HO/CDMRD/DRMP/CIR/P/2016/77 dated September 01, 2016
  • 6. As per SEBI Circular no SEBI/HO/CDMRD/DRMP/CIR/P/2016/90 dated Sep 21, 2016
Updated on: 06/03/2020 12:00
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