CIRCULAR

General Manager

Derivatives and New Products Department

SEBI/DNPD/Cir-42/2008

October 20, 2008

To

The Managing Director / Executive Directorof Derivative Segment of NSE and BSE and their Clearing Houses / Corporations.

Dea Sir,

Sub: Revised Exposure Margin for Exchange Traded Equity Derivatives

This is in partial modification of SEBI Circular No. SEBI/DNPD/Cir-41/2008 dated October 15, 2008 which, inter-alia, specified that the revised exposure margin for gross open position in single stock futures and gross short open position in stock options in a particular underlying shall be applicable with effect from October 21, 2008.

Representation has been received from the Exchanges that there may be payment / settlement problems on October 21, 2008 due to a possible strike by RBI officers / staff. Therefore, it has been decided that the revised exposure margin as detailed in SEBI Circular No. SEBI/DNPD/Cir-41/2008 dated October 15, 2008 shall be applicable with effect from October 22, 2008.

This circular is being issued in exercise of powers conferred by sub-section (1) of section 11 of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

This circular is available on SEBI website at www.sebi.gov.in, under the category “Derivatives – Circulars”.

Yours faithfully,

SUJIT PRASAD

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