Futures Contract Specifications. Updated as on 18 November 2009

Type of Contract	Futures Contract Specifications
Name of Commodity	PLATINUM
Ticker symbol	PLATINUM
Trading System	NCDEX Trading System
Unit of trading	250 Grams
Delivery unit	250 Grams
Quotation/base value	Rs per 1 Gram
Tick size	Rs 0.50 (i.e. 50 paise)
Quality specification	Fine Platinum Bars of minimum 99.95% purity bearing a serial number and an identifying stamp of a supplier approved by LPPM
Quantity variation	None
Basis	Ex - Mumbai (exclusive of all taxes, sales tax / VAT as the case may be, levies and other expenses)
Delivery center	Mumbai
Trading hours	Mondays through Fridays - 10:00 AM to 11:30 PM 10:00 AM to 11:55 PM (during US day light saving period) Saturdays - 10:00AM to 02:00 PM Expiry Date - at 11:30 PM / 11:55 PM * All timings are as per Indian Standard Timings (IST) *during US day light saving period
Due date/Expiry date	Trading in the contract shall cease on the close of business on the third business day prior to the end of contract month ( excluding Saturdays or any other trading holidays)
Penalty Structure	The penalty structure for failure to meet delivery obligations will be as per Circular no. NCDEX/TRADING-091/2007/235 dated October 4, 2007
Delivery specification	The buyer and seller shall give intentions of taking/giving delivery through the delivery request window at least three trading days prior to the expiry of the contracts and such intentions can be given during 3 days which would be notified separately. This will be matched by exchange for physical delivery as per the process put in place by the Exchange.
Delivery Logic	Intention Matching
Closing of contract	All open positions for which delivery intentions have not been received or for which delivery intentions have been rendered but remain unmatched for want of counterparty to settle delivery, will be cash settled at Final settlement Price on the expiry of the contract.
Final Settlement Price	The Final settlement price will be calculated on the last trading day based on International spot price at RBI reference rate.
Opening of contracts	As per launch calendar
No. of active contracts	As per launch calendar
Price limit	Base daily price fluctuation limit is (+/-) 4%. If the trade hits the prescribed daily price limit, the price limits will be relaxed up to (+/-) 6% without any break/ cooling off period in the trade. In case the daily price limit of (+/-) 6% is 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	Client level: 100 Kgs Member level: 300 Kgs or 15% of the open market position, whichever is higher. The above limits will not apply to bonafide hedgers. For bonafide hedgers the Exchange will decide the limits on a case-to-case basis.
Special Margin	In case of additional volatility, a special margin at such other percentage, as deemed fit, will be imposed in respect of outstanding positions, which will remain in force as long as the volatility exists, after which the special margin may be relaxed
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.

Contract Launch Calendar

Launch Date	Expiry Date
19th November 2009	29th December 2009
19th November 2009	29th March 2010
19th November 2009	28th June 2010
19th November 2009	28th September 2010
10th February 2010	29th December 2010

Contract Launch Calendar of Platinum :-

Contract Launch Month	Contract Expiry Month
August 2010	March 2011
August 2010	June 2011

Members and market participants who enter into buy and sell transactions may please note that they need to be aware of all the factors that go into the mechanism of trading and clearing, as well as all provisions of the Exchange's Bye Laws, Rules, Regulations, Product Notes, circulars, directives, notifications of the Exchange as well as of the Regulators, Governments and other authorities.

Members and market participants trading on the Exchange in the commodity contracts shall be deemed to be aware of applicable laws and amendments thereof from time to time, including provisions and rates relating to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty, stamp duty, etc., applicable on the underlying commodity of any contract offered for trading.

The Exchange shall not be responsible or liable on account of non compliance by any of the members and market participants of any such applicable laws or any amendments thereof including not being aware of rates of taxes, levies, etc., on the underlying commodity of any contract offered for trading.