SEBI circular on Clarification with respect to applicability of the benefit of early pay-in in Commodity Derivatives Segment

[secmarkupdates]

Date of Issue: 19-06-2026

Highlights of  the Circular :

Key Changes

• SEBI has revised Para 11.3.1 of the Master Circular dated August 4, 2023, following stakeholder representations and recommendations from the Working Group and Commodity Derivatives Advisory Committee (CDAC).
  
  
• Clearing Corporations (CCs) will continue to provide the Early Pay-in facility, allowing market participants to deposit certified goods in CC-accredited warehouses against relevant commodity derivative contracts.
  
  
• For positions where early pay-in has been made, Clearing Corporations may, based on their risk assessment:
  
  
  • Waive all types of margins, but
  • Must continue collecting Mark-to-Market (MTM) margins on such positions.

Effective Date

• The revised provisions will become effective from September 21, 2026.

Implementation

• Stock Exchanges and Clearing Corporations are required to:
  
  
  • Modify their systems accordingly,
    
    
  • Inform their members, and
    
    
  • Publish the circular on their websites.