Futures Contract Specifications

Silver

SLVPURINTL

NCDEX's Trading System

Ex-Ahmedabad inclusive of Customs Duty, exclusive of local Sales Tax/VAT/Octroi

30 Kg

30 kg

Rs. per Kg of Silver with 999 fineness

Re 1

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

+/- 10% per cent at bar level.

Ahmedabad

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.

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

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.

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.

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 :

1. 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.
2. 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.
3. Price arrived after step 2 will be added by applicable customs duty on 1 Kg Silver
4. The price arrived after step 3 is rounded-off to nearest rupee.

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

As per launch calendar

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

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.)

Silver bars of 999 fineness. No premium/ discount for other fineness.

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.

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.