What's exposure margin?

An additional margin charged over SPAN to absorb 2-3% price moves. Index futures: ~3% of contract value. Stock futures: ~5%. Total margin = SPAN + Exposure.

Why did F&O margins go up in 2020?

SEBI's peak margin rules (phased 2020–21) require brokers to collect full margin upfront for both buy and sell sides. Earlier, delivery margin was collected in stages. This ended the 'intraday leverage' discount brokers used to offer.

Is this calculator exact?

It's a working estimate. Actual SPAN margins are computed 6 times a day by NSE using live volatility. For exact numbers, use your broker's margin calculator — Zerodha, Sensibull, and Upstox all have official ones.

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F&O Margin Calculator — SPAN + Exposure margin required

Calculate margin required to trade index and stock futures & options. SPAN + Exposure margin breakdown with leverage.

Inputs

Lot size (shares/units)75

110000

Current price₹25,000

₹1₹1.00 L

Instrument (0=Index, 1=Stock)0

Result

Total margin required

₹2.81 L

Contract value

₹18.75 L

Leverage

6.7

SPAN margin

₹2.25 L

Exposure margin

₹56,250

About the F&O Margin Calculator

Trading index/stock futures and options requires margin to be blocked upfront. Margin = SPAN (risk-based) + Exposure (buffer). Exchange margins are recalculated six times daily; we use representative mid-day values for index and stock derivatives.

Leverage = contract value ÷ margin. Index futures typically give 6–8x, stock futures 4–5x. Options buyers only pay premium (no margin); options sellers pay full margin like futures.

New SEBI peak margin rules enforced from 2021: brokers must collect full upfront margin for both legs; no more intraday-only leverage boost. Short margin call = 5x penalty.

F&O Margin — Frequently asked questions

SPAN (Standard Portfolio Analysis of Risk) is the main margin calculated by the exchange using a worst-case scenario risk model across 16 different market scenarios. It's the minimum margin you must keep.

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