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Type of Contract
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Futures Contract Specifications
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Name of Commodity
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Silver
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Ticker symbol
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SLVPURINTL
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Trading System
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NCDEX's Trading System
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Basis
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Ex-Ahmedabad inclusive of Customs Duty, exclusive of
local Sales Tax/VAT/Octroi
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Unit of trading
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30 Kg
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Delivery unit
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30 kg
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Quotation/base value
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Rs. per Kg of Silver with 999 fineness
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Tick size
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Re 1
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Quality specification
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Not less than 999 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_silver.pdf
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Quantity variation
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+/- 10% per cent at bar level.
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Delivery centre
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Ahmedabad
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Hours of trading
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As per directions of the Forward Markets Commission from
Time to Time, currently:
Mondays through Fridays – 10:00 AM to 11:30 PM / 11:55 PM *
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
The Exchange may change the above timing with due notice.
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Due date/Expiry date
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Last trading day of the contract month
If last day happens to be a holiday, a Saturday or a Sunday then the due
date shall be the immediately preceding trading day of the Exchange
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Delivery specification
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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.
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Closing of contract
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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.
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Final Settlement Price
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The Final settlement price
will be calculated on the last trading day based on International spot
price at RBI reference rate. The detailed calculation is as illustrated
below :
- International spot
price will be added by 5 cent as bank premium and then will be
multiplied by 32.1507425 for calculating the INR equivalent of per Kg
price from per ounce price. This is the price of 1 Kg of Silver in US$
of 0.999 purity.
- Price arrived after
step 1 will be multiplied by RBI reference rate on the day of expiry.
This gives the price of 1 Kg Silver of 0.999 purity equivalent in INR
duty unpaid.
- Price arrived after
step 2 will be added by applicable customs duty on 1 Kg Silver
- The price arrived
after step 3 is rounded-off to nearest rupee.
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Opening of contracts
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New contracts would be launched on 10th of the contract
launch months as per schedule given in contract launch calendar. If 10th
happens to be a holiday than the contract would be launched on the next
trading day
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No. of active contracts
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As per launch calendar
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Price Limit
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Base daily price fluctuation limit is (+/-)4%. 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
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Position limits *
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Member wise: 150 MT or 15% of
market-wide open position, whichever is higher.
Client-wise: 50 MT
( The above limits will not apply to bonafide hedgers. For bonafide hedgers
the Exchange will decide the limits on a case-to-case basis.)
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Quality allowance (for Delivery)
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Silver bars of 999 fineness. No premium/ discount for
other fineness.
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Special Margin
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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.
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Additional Margin
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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.
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