Monday, October 27, 2025 1:07 pm
The Multi-Commodity Exchange of India (MCX) has launched monthly Options contracts on the MCX iCOMDEX Bullion Index (MCX BULLDEX) from 27 October 2025.
What is the MCX BULLDEX Index:
MCX BULLDEX represents India’s precious metals market, combining Gold and Silver futures into a single index.
Why this matters:
The new monthly Options will offer you a diversified and efficient way to manage risk or take positions in the bullion segment. Here’s how:
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Diversified exposure to both Gold & Silver in one contract
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Cost-effective hedging and trading opportunities
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Better transparency and liquidity in India’s bullion markets
Key details:
| Parameter | Details |
|---|---|
| Symbol | MCXBULLDEX |
| Underlying | MCX iCOMDEX Bullion Index |
| Contract Availability | Monthly index contracts |
| Trading hours | Monday - Friday 9:00 AM - 11:30/11:55 PM (based on US daylight saving) November 2025 contract expires on 26 Nov 2025. |
| Trading Unit (1 Lot) | ₹30 × MCX iCOMDEX Bullion Index (contract value not less than ₹5 lakh at introduction) |
| Strikes | 35 In-the-money, 35 Out-of-the-money, and 1 Near-the-money (71 strikes total) |
| Strike Price Interval | ₹100 |
| Tick Size (Minimum Price Movement) | ₹0.05 |
| Settlement Mechanism | Cash-settled |
| Devolvement Margin | Not applicable (since cash-settled) |
| Launch Date | 27 October 2025 |
| Max Order Size | 30 lots |
| Settlement Cycle | T+1 |
| Final Settlement Price (DDR) | VWAP of underlying constituents between 4-5 PM on expiry day, rounded to the nearest whole number |
MCX iCOMDEX Bullion Index (BULLDEX) Options
| Contract Launch Month | Contract Expiry Month |
|---|---|
| October 2025 | November 2025 |
| October 2025 | December 2025 |
| October 2025 | January 2026 |
| November 2025 | February 2026 |
| December 2025 | March 2026 |
| January 2026 | April 2026 |
| February 2026 | May 2026 |
| March 2026 | June 2026 |
| April 2026 | July 2026 |
| May 2026 | August 2026 |
| June 2026 | September 2026 |
| July 2026 | October 2026 |
| August 2026 | November 2026 |
Each launch introduces three active contracts - near, mid, and far month. When the near-month contract expires, MCX lists a new one to ensure** continuous trading availability.Key Highlights**
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Both BULLDEX Futures and Options expire on the same day, simplifying trade and hedge management
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No physical delivery, settlements happen in cash
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Combines Gold and Silver futures into one index for simplified trading and tracking
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Lot size, margins, and trading hours are the same as other MCX index contracts
For more details, refer to MCX Circular No: MCX/TRD/474/2025 (dated September 22, 2025) or visit www.mcxindia.com
Tuesday, October 28, 2025 10:36 am
Please note, the following securities will be removed from SEBI’s list of approved securities for Margin Pledge.
As a result, you will not receive margins for F&O trading against these scrips starting Friday, 31 Oct 2025: Click here for scrip details
NOTE: If you have pledged any of the above, starting 31 Oct 2025, you will not receive margins pledge benefit and you will be required to fulfil the full margin requirement. If you’re unable to pay, we will have to automatically square off your positions to recover the amount by 3 Nov 2025.
We have attached a list of these stocks for your reference.
Please review your portfolio and make necessary adjustments to avoid any inconvenience. Thank you for your understanding and cooperation.
Monday, October 20, 2025 5:28 pm
As per the SEBI mandate, physical settlement is compulsory if a trader holds a position in any Stock F&O contracts on the expiry date.
What is Physical Settlement?
In a Stock F&O contract, when an open position is not squared off by its expiry date, Physical Settlement takes place. This implies the trader has to physically give/take delivery of Stocks to settle the open transactions instead of settling them with cash.
Examples of physical settlement:Futures
Long positions of 1 lot of Reliance, 250 quantity at ₹2000, i.e. ₹5 lakh contract value.
F&O = 20% charges, i.e. ₹1,00,000. This means you are required to give ₹1 lakh. But if you opt for physical settlement, you’ll have to provide the complete contract value of ₹5 lakh.
Short positions of 1 lot Reliance 250 quantity at ₹2000, i.e. ₹5 lakh contract value.
F&O = 20% charges, i.e. ₹1,00,000. This means you are required to give ₹1 lakh. But if you opt for physical settlement, you need 250 shares of Reliance in your Holdings and ₹1 lakh margin money till the expiry date.
Options
Long - 1 lot of Reliance, 250 quantity for a strike price of ₹2000 Call (CE) Options.
If the underlying price of Reliance is greater than the strike price of ₹2000, then the contract is said to be ITM (In-The-Money). If you wish to go for physical settlement, you need to maintain a free ledger balance of ₹5 Lakh in your account; otherwise, physical settlement will not be done.
Long - 1 lot of Reliance, 250 quantity for Strike price of ₹2000 Put (PE) Options.
If the underlying price of Reliance is less than the strike price of ₹2000, then the contract is said to be ITM (In-The-Money). If you wish to go for physical settlement, you need to provide the Stocks (shares) equal to the lot quantity positioned to be available in the Demat account; otherwise, physical settlement will not be done.
Please note --
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Short ITM PE Options would be treated the same as Long ITM CE Options. A free ledger balance equal to the contract value is to be maintained.
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Short ITM CE Options would be treated the same as Long ITM PE options. Your Holdings should have the lot quantity needed for physical settlement in your Demat account.
What is the process for Physical Settlement on Upstox?
To opt for physical settlement on Upstox, you need to provide your consent first and here are the details for the same:
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To provide your consent for physical settlement of open Stock F&O contract(s) with October 2025 expiry, visit the ‘Profile’ section on your Upstox account on our App / Web and consent from here before EOD on Sunday, 26 October 2025.
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Based on your consent, Upstox will evaluate whether your position qualifies for physical settlements and if there are sufficient ledger balances/holdings (whichever is applicable) available.
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Kindly plan your trades, keeping in mind that you will not be able to trade in fresh positions in the current October 2025 expiry of F&O contracts from Monday, 27 October 2025 onwards.
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Correspondingly, position conversion(s) on carry forward of any stock futures positions shall also not be permitted.
What other impact could this have on your positions? Your position will automatically be squared off on expiry day at 12:00 PM in case:
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You have not provided your consent for physical settlement
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You provided your consent for physical settlement and do not have Ledger Value (equal to contract value) / holdings available for the physical settlement of your positions.
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In case of funds/holdings are not available for all the open positions, we will execute square-offs for all the positions. Thus, no partial funds/holdings evaluation for the expiring positions will be considered by our team.
What else to keep in mind? Delivery margins would be applicable as per Exchange norms on all the existing long ITM (In The Money) stock option positions in a staggered manner as explained below:
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10% of delivery margins computed on expiry -4 days EOD (Wednesday)
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25% of delivery margins computed on expiry -3 days EOD (Thursday)
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45% of delivery margins computed on expiry -2 days EOD (Friday)*
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70% of delivery margins computed on expiry -1 day EOD (Monday)*
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To avoid margin shortages, Upstox would be blocking such (above-mentioned) delivery margin from the Beginning of the Day (BOD) instead of the End of the Day (EOD).
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If the positions are not squared off for any reason (e.g. non-liquidity), then the contract would have to be settled physically, and you would be liable to pay the entire settlement amount.
*If you have opted for physical settlement, you would be required to fulfil the entire funds (contract value) / holdings requirement by EOD on Sunday, 26 October 2025.
In the case of spread contracts, you are advised to provide margins for both legs since the risk of one leg being squared off by you at any time would result in the physical settlement of the other leg.
Brokerage in Physical settlement:
Since there is a substantial increase in effort and risk to settle these F&O positions resulting in physical delivery, if F&O positions result in physical delivery, brokerage will be 0.25% of the physically settled value. For all the netted-off positions, brokerage will be 0.1% of the physically settled value. All physically settled contracts (Futures & Options) will also carry an applicable Exchange charge.
And that’s all. Keep a watchful eye on this page for more updates from Upstox!
Thursday, October 16, 2025 3:41 pm
Starting Friday, October 17, 2025 (Beginning of the Day), an additional margin of 2% will be applied to all the variants of Silver Near Month Futures contracts.
| Symbol | Expiry | Additional Margin (%) |
|---|---|---|
| SILVER | 05-12-2025 | 2% |
| SILVERM | 28-11-2025 | 2% |
| SILVERMIC | 28-11-2025 | 2% |
This change is part of regular risk management measures by MCX to ensure market stability and reduce systemic risk.
Please keep this in mind before carrying out your trades.
You can check the MCX circular here.
Wednesday, October 15, 2025 5:45 pm
On account of Diwali (Balipratipada), Wednesday, 22 October 2025, is a trading holiday.
Due to this, keep the following impact in mind:
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Equity and Derivative Markets will be closed on Wed, 22 Oct
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Trading will resume on Thur, 23 Oct
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Commodity Markets will be open only for the evening session
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Standard Fund Withdrawal requests placed after 8 AM on 20 October will be processed on 23 October
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Trades executed on 20 and 21 Oct will be settled on 23 October
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Instant Fund Withdrawal facility will not be available on 21 and 22 October