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Revision in Daily Price Limits (DPL) for Commodity Futures Contracts - SEBI - SEBI/HO/CDMRD/DNPMP/CIR/P/2021/9

Extract

..... arrow nor too wide as it will restrict fair price discovery. 2. SEBI vide Circular no. CIR/CDMRD/DMP/2/2016 dated January 15, 2016 and Circular no. SEBI/HO/CDMRD/DMP/CIR/P/2016/83 dated September 07, 2016 had issued norms for Daily Price Limits (DPL) for agricultural and non-agricultural commodity derivatives. Continuing with SEBI’s endeavor to develop the commodity derivatives market and in consultation with the stock exchanges, the norms for DPL for commodity futures contracts (excluding Index Futures and options) are being revised. The revised norms are given below. 3. Base price for DPL: The base price for fixing the DPL slabs shall be the previous day’s closing price of the underlying contract on the respective stock exchan .....

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Revision in Daily Price Limits (DPL) for Commodity Futures Contracts - SEBI

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..... ural goods 7.1. Following slabs shall be applied for DPL on futures contracts based on non-agricultural goods: Table B Category Initial Slab Enhanced Slab Aggregate DPL Trading beyond Aggregate DPL Energy 6% 3% 9% Yes Metals and Alloys 6% 3% 9% Yes Precious Metals 6% 3% 9% Yes Gems and Stone 3% 3% 6% No Other Non- agricultural goods 6% 3% 9% No 7.2. Once the initial slab limit is breached in any contract, the DPL for that contract shall be relaxed further by the ‘Enhanced Slab’ after the cooling off period of 15 minutes in the trading. 7.3. During the cooling off period trading shall continue to be permitted within the previous slab of DPL. 7.4. In case the price movement in the international markets is more than the aggregate D .....

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Revision in Daily Price Limits (DPL) for Commodity Futures Contracts - SEBI

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..... .1.3 above, as the case may be, shall be calculated by the Exchange and shall be used to determine DPL for the remaining part of the day. 8.3. However, in case there is no trade during the day or there are less than ten trades during the day, the exchange shall adopt an appropriate methodology for determining the base price and disclose the same on their website for dissemination to the stakeholders. DPL on the next trading day will be applicable on such base price. 9. Calculation of closing price or daily settlement price (DSP) 9.1. The Stock Exchange / Clearing Corporation shall determine the closing price or daily settlement price in the following order: 9.1.1 VWAP of all trades done during last half an hour of the trading day; 9.1.2 If .....

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Revision in Daily Price Limits (DPL) for Commodity Futures Contracts - SEBI

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..... ion 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 15. The Stock Exchanges are advised to: 15.1. to make necessary amendments to the relevant bye-laws, rules and regulations; 15.2. bring the provisions of this circular to the notice of the stock brokers of the Exchange and also to disseminate the same on their website; and 15.3. communicate to SEBI, the status of the implementation of the provisions of this circular. 16. This circular is available on SEBI website www.sebi.gov.in under the category “Legal - Circulars” and “Info for Commodity Derivatives”. Yours faithfully, Nave .....

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Revision in Daily Price Limits (DPL) for Commodity Futures Contracts - SEBI

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