Click here- Refiners applicable February 2009 expiry onwards
Contract Specifications for Silver International. Updated
as on 5 October, 2009.
(Applicable from February 2009 expiry onwards) |
| Type of Contract |
Futures Contract
Specifications |
| Name of Commodity |
Silver |
| Ticker symbol |
SLVPURINTL |
| Trading System |
NCDEX's Trading System |
| Basis |
Ex-Ahmedabad inclusive
of Customs Duty, exclusive of local Sales Tax/VAT/Octroi |
| Unit of trading |
30 Kg |
| Delivery unit |
30 kg |
| Quotation/base value |
Rs. per Kg of Silver
with 999 fineness |
| Tick size |
Re 1 |
| Quality specification
|
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
|
| Quantity variation |
+/- 10% per cent at
bar level. |
| Delivery centre |
Ahmedabad |
| Hours of trading |
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. |
| Due date/Expiry date |
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 |
| 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. |
| 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. 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.
|
| Opening of contracts |
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 |
| No. of active contracts |
As per launch calendar |
| Price Limit |
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 |
| Position limits * |
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.) |
Quality allowance
(for Delivery)
|
Silver bars of 999
fineness. No premium/ discount for other fineness. |
| Special Margin |
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. |
| 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. |
|
* The Position Limits for Silver shall be applicable to
each individual contract and all Silver contracts put together. All Silver contracts
include contracts of Silver 5 Kgs Ahmedabad (Symbol: SILVER5AHM), Silver 5 Kgs
Delhi (Symbol: SILVER5DEL), Silver 30 Kg Ahmedabad (Symbol: SLVPURAHM) and Silver
International (Symbol: SLVPURINTL). Any new contract of Silver shall also be
included for calculation within the above limits.
Annexure : Contract Launch Calendar
| Contract Launch Month |
Contract Expiry Month |
| December 29, 2008 |
February 2009 |
| December 29, 2008 |
April 2009 |
| December 29, 2008 |
June 2009 |
| April 2009 |
August 2009 |
| June 2009 |
October 2009 |
| July 2009 |
November 2009, February 2010 |
| August 2009 |
April 2010 |
| November 2009 |
June 2010 |
| February 2010 |
August 2010 |
| April 2010 |
November 2010 |
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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.
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