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Click here- Refiners applicable March 2009 expiry onward
Contract Specification of Gold 1 Kg contracts.(Applicable
for contracts expiring in November 2009 and thereafter)
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| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
Gold |
| Ticker symbol |
GLDPURAHM |
| Trading System |
NCDEX's Trading System |
| Basis |
Ex- Ahmedabad inclusive
of Customs Duty, exclusive of Sales Tax/VAT, and any other charges
or levies. |
| Unit of trading |
1 kg |
| Delivery unit |
1 kg |
| Quotation/base value |
Rs per 10 Grams of
Gold with 995 fineness |
| Tick size |
Re 1 |
| Quality specification
|
Not more than 999.9
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_gold.pdf
|
| Quantity variation |
None |
| Delivery center |
Ahmedabad |
| Additional Delivery centre |
Mumbai and New Delhi
Location Premium/Discount as notified by the Exchange from time to
time |
| Trading hours |
As per directions
of the Forward Markets Commission from time to time, currently -
Mondays through Fridays:10:00 AM to 11:30 PM
Saturdays: 10:00 AM to 02:00 PM
On the expiry date, contracts expiring on that day will not be available
for trading after 5 PM.
The Exchange may vary the above timing with due notice. |
| Tender Period |
Tender Date –T
Tender Period:
Tender period would be of 5 working days during trading hours
prior to and including the expiry date of the contract.
Pay-in and Pay-out: on a T+1 basis. If the tender date is
T then, pay-in and pay-out would happen on T + 1 day. If such a T
+ 1 day happens to be a Saturday, a Sunday or a holiday at the Exchange,
clearing banks or any of the service providers, Pay-in and Pay-out
would be effected on the next working day.
There would be 5 pay-in & pay-outs starting T +1 the
5th being the Final Settlement. |
| Due date / Expiry
Date |
Expiry date of the
contract:
20th day of the delivery month. If 20th happens to be a holiday, a
Saturday or a Sunday then the due date shall be the immediately preceding
trading day of the Exchange, which is other than a Saturday.
The settlement of contract would be by a staggered system of 5 Pay-ins
and Pay-outs including the 5th Pay-in and Pay-out which would be the
Final Settlement of the contract. |
| Delivery specification |
Upon expiry of the
contracts all the outstanding open positions should result in compulsory
delivery.
The penalty structure for failure to meet delivery obligations will
be as per circular no. NCDEX/TRADING-086/2008/216 dated September
16, 2008.
During the Tender period, if any delivery is tendered by seller, the
corresponding buyer having open position and matched as per process
put in place by the Exchange, shall be bound to settle by taking delivery
on T + 1 day from the delivery centre where the seller has delivered
same. |
| Closing of Contracts |
Clearing and settlement
of contracts will commence with the commencement of Tender Period
by compulsory delivery of each open position tendered by the seller
on T +1 to the corresponding buyer matched by the process put in place
by the Exchange. Upon the expiry of the contract all the outstanding
open position should result in compulsory delivery. |
| Opening of Contracts |
Trading in the far month contract
will open on the 10th day of the month in which the near month contract
is due to expire. If the 10th happens to be a non-trading day, contracts
would open on the next trading day. |
| No. of active contracts |
As per launch calendar |
| Price limit |
Base daily price fluctuation
limit is (+/-)3%. 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 : 6 MT or 15% of market
wide open position whichever is higher – For all Gold contracts
combined together.
Client- wise : 2 MT – For all Gold contracts combined together.
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) |
Gold bars of 999.9 / 995 fineness
A premium will be given for fineness above 995. The settlement price
for more than 995 fineness will be calculated at (Actual fineness/995)
* Final Settlement Price. Premium of 0.49% would be given for gold
delivered of 999.9 purity. |
| 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.
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Contract Launch Calendar
| Opening Month |
Expiry Month |
| August 2009 |
November 2009 |
| September 2009 |
December 2009 |
| October 2009 |
January 2010 |
| November 2009 |
February 2010 |
| December 2009 |
March 2010 |
| January 2010 |
April 2010 |
| February 2010 |
May 2010 |
| March 2010 |
June 2010 |
| April 2010 |
July 2010 |
| May 2010 |
August 2010 |
| June 2010 |
September 2010 |
| July 2010 |
October 2010 |
| August 2010 |
November 2010 |
| September 2010 |
December 2010 |
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Contract Launch Calendar of Gold 1 kg ( GLDPURAHM ) :-
| Contract Launch Month |
Contract Expiry Month |
|
October 2010 |
January 2011 |
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November 2010 |
February 2011 |
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December 2010 |
March 2011 |
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January 2011 |
April 2011 |
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February 2011 |
May 2011 |
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March 2011 |
June 2011 |
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April 2011 |
July 2011 |
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May 2011 |
August 2011 |
|
June 2011 |
September 2011 |
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July 2011 |
October 2011 |
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August 2011 |
November 2011 |
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September 2011 |
December 2011 |
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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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