As per the recent circular from NSE and MCX, the initial margins for Silver contracts (Silver, SilverM, and SilverMic) have been revised from 10% to 13%, effective from 15th February 2024 onwards. This adjustment affects all clients holding open positions in Silver Futures contracts (all variants) and short positions in Silver Options (all variants), who are now required to provide the additional 3% margin from the specified date.

For example, say a silver Futures contract with a lot size of 30, trading at 70,000, the initial margin required until 14th February 2024 was 10%, amounting to ₹2,10,000. From 15th February 2024 onwards, with the revised margin of 13%, the required initial margin will be ₹2,73,000. This illustrates the impact of the margin increase on trading in Silver contracts.

For more information regarding this change, kindly refer to the official circulars issued by MCX and NSE.