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NIFTY futures margin

A NIFTY future is margined with SPAN plus exposure margin. SPAN is the worst one-day loss the clearing corporation expects across its price and volatility scenarios, set for each contract in the daily risk file. Exposure margin (ELM) is a further percentage of the contract value for index derivatives.

Open in calculator All margins

Margin for this trade

Margin data as of (NSE file)

Expiry

  • Buy 1 lot, nearest expiry NSE F&O file of 30 Oct 2026
    • Buy NIFTY future, 1 lot (65 units)
    SPAN
    ₹1,40,522
    Exposure
    ₹30,029
    Option value
    ₹0
    Premium
    ₹0
    Stocks, minimums and 5% buffer
    ₹8,528
    Total
    ₹1,79,078
  • With a bought at-the-money put NSE F&O file of 30 Oct 2026
    • Buy NIFTY future, 1 lot (65 units)
    • Buy NIFTY 23,050 PE, 1 lot (65 units)
    SPAN
    ₹28,898
    Exposure
    ₹30,029
    Option value
    −₹20,134
    Premium
    ₹20,134
    Stocks, minimums and 5% buffer
    ₹1,940
    Total
    ₹60,867

≈ approximate Per basket, at the exchange’s reference prices, on the nearest expiry all legs share. Option value is the value of sold options less the credit for bought ones. The 5% buffer rounds the estimate up.

With a bought at-the-money put needs ₹1,18,212 less.

Worked out from the margin files NSE, BSE and MCX publish each day (SPAN, VaR and exposure rates), then rounded up by 5% to stay on the safe side. Your broker can ask for more: ad hoc or delivery margins, its own intraday leverage, or a higher figure during peak-margin checks. Use it to plan a trade, and check the order window before you place it.

How this margin works

Buying and selling a future need the same margin. Carrying it overnight (NRML) or trading it intraday (MIS) does not change the exchange’s figure either, although some brokers offer extra intraday leverage of their own.

Holding a bought put with the future limits the loss on a fall. SPAN sees that in its down-move scenarios, so the combined margin drops, but you pay the put’s premium in full. The comparison row shows both effects, with the future and the put on the same expiry. Margin changes with the index level and with the exchange’s volatility estimate, which is why the figures are dated. Further-month futures need slightly more, since their contract value is higher.

The figures follow the calculator’s method: SPAN and exposure from the clearing corporation’s files, option value and premium, and a 5% buffer.

NIFTY future questions

Is the margin the same for buying and selling NIFTY futures?

Yes. A future can lose as much on a rise as on a fall, so SPAN and exposure margin are the same for a long or short lot, at the same price.

Does intraday (MIS) change the exchange margin on futures?

No. The exchange sets one margin for the contract whatever the product. Brokers may allow intraday positions with less of your own money, but that is the broker’s leverage, not a lower exchange margin.

Sources

Figures updated . Method and text reviewed by the Cirrus team on .

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