Name of Commodity
|
Gold
|
Ticker symbol
|
GOLD
|
Trading System
|
NCDEX's Trading System
|
Basis
|
Ex- Ahmedabad inclusive of Customs Duty, exclusive of
Sales Tax/VAT, and any other charges or levies.
|
Unit of trading
|
1 kg
|
Delivery unit
|
1 kg
|
Quotation/base value
|
Rs per 10 Grams of Gold with 995 fineness
|
Tick size
|
Re 1
|
Quality specification
|
Not more than 999.9 fineness bearing a serial number
and identifying stamp of a refiner approved by the Exchange.
List of approved refiners is available at:
www.ncdex.com\downloads\refiners_gold.pdf
|
Quantity variation
|
None
|
Delivery center
|
Ahmedabad
|
Additional delivery centers
|
Mumbai and New Delhi
Location Premium/Discount as notified by the Exchange from time to time
|
Trading hours
|
As per directions of the Forward Markets Commission
from time to time, currently -
Monday through Friday: 10:00 AM to 11:30 PM
Saturday: 10.00 AM to 2.00 PM
On the expiry date, contracts expiring on that day will not be available
for trading after 5 PM.
The Exchange may vary the above timing with due notice.
|
Tender Period
|
Tender Date T
Tender Period:
Tender period would start from one working day other than Saturdays prior
to the last working day of the calendar month prior to the expiry date of
the contract.
Pay-in and Pay-out: on a T+1 basis. If the tender date is T then, pay-in
and pay-out would happen on T + 1 day. If such a T + 1 day happens to be
a Saturday, a Sunday or a holiday at the Exchange, clearing banks or any
of the service providers, Pay-in and Pay-out would be effected on the
next working day.
|
Due Date/ Expiry Date
|
Expiry date of the contract:
The contract expires on 3rd of the expiry month. If 3rd happens to be a
Saturday or holiday then the contract will expire on the succeeding
working day.
The settlement of contract would be by a staggered system of Pay-in and
Pay-out including the Last Pay- in and Pay-out which would be the Final
Settlement of the contract.
|
Delivery Specification
|
Upon expiry of the contracts all the outstanding open
positions should result in compulsory delivery.
The penalty structure for failure to meet delivery obligations will be as
per circular no. NCDEX/TRADING- 086/2008/216 dated September 16, 2008.
During the Tender period, if any delivery is tendered by seller, the
corresponding buyer having open position and matched as per process put
in place by the Exchange, shall be bound to settle by taking delivery on
T + 1 day from the delivery centre where the seller has delivered same.
|
Closing of contract
|
Clearing and settlement of contracts will commence
with the commencement of Tender Period by compulsory delivery of each
open position tendered by the seller on T +1 to the corresponding buyer
matched by the process put in place by the Exchange. Upon the expiry of
the contract all the outstanding open position should result in
compulsory delivery.
|
Opening of contracts
|
Trading in a new contract will open on the 1st day of
the month in which any contract is due to expire. If the 1st happens to
be a holiday, contracts would open on the succeeding working day.
|
No. of active contracts
|
As per launch calendar
|
Price limit
|
Base daily price fluctuation limit is (+/-) 3%. If the
trade hits the prescribed base daily price limit, the limit will be
relaxed up to (+/-) 6% without any break/ 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
further relaxed up to (+/-) 9%. Trade will be allowed during the cooling
off period within the price band of (+/-) 6%.
In case of price movement in International markets which is more than the
maximum daily price limit (currently 9%), the same may be further relaxed
in steps of 3% with the approval of FMC.
|
Position limits
|
Member wise : 6 MT or 15% of market wide open position
whichever is higher For all Gold contracts combined together.
Client- wise: 2 MT For all Gold contracts combined together
The above limits will not apply to bonafide hedgers. For bonafide hedgers
the Exchange will decide the limits on a case-to-case basis.
|
Quality allowance (for Delivery)
|
Gold bars of 999.9 / 995 fineness
A premium will be given for fineness above 995. The settlement price for
more than 995 fineness will be calculated at (Actual fineness/995) *
Final Settlement Price. Premium of 0.49% would be given for gold
delivered of 999.9 purity.
|
Special margin
|
In case of additional volatility, a special margin at
such other percentage, as deemed fit by the Regulator/ Exchange, may be
imposed on either the buy or the sell side in respect of all outstanding
positions. Removal of such Margins will be at the discretion of the
Regulator/Exchange.
|
Additional margin
|
In addition to the above margins the
Regulator/Exchange may impose additional margins on both long and short
side at such other percentage, as deemed fit. Removal of such Margins will
be at the discretion of the Regulator/ Exchange.
|
Final Settlement Price
|
The Final Settlement Price shall be the last spot
price of the day as polled by the Exchange on the last trading day of the
contract.
|