Markets: A Rigorous Course
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Numbers that change: lot sizes, duties, rates, limits. Each carries an as-of date, a source and how far it has been checked. Treat anything older than a few months as a prompt to re-check.

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FactValueAs ofStatusSourceModules
NSE normal market hours (equity and F&O)09:15–15:30 IST (continuous trading session; pre-open before, closing auction after)6 Nov 2026verifiedNSE circular NSE/CMTR/74969 (1 Jul 2026: pre-open buffer ends 09:15, then continuous trading); SEBI circular HO/47/11/11(3)2025-MRD-POD2/I/23843/2026 (15 Oct 2026: CAS starts 15:30 at the end of continuous trading); both fetched 2026-11-06M01
Equity pre-open session structure (effective 2026-09-07)09:00–09:15; market and limit orders 09:00–09:05; limit orders only 09:05 to a random close between 09:08 and 09:10; matching to 09:12; buffer 09:12–09:15; no SL, IOC or DQ orders6 Nov 2026verifiedNSE circular NSE/CMTR/74969 (1 Jul 2026), Table A and notes, with its FAQ annexure (equilibrium-price rule, Q8); implements SEBI circular of 16 Jan 2026, para 5; fetched 2026-11-06M01 M04A
Closing Auction Session for F&O stocks (sets the official close)Live from 2026-08-03 (15:15–15:35); re-timed to 15:30–15:40 with post-close 15:50–16:00 from 2026-12-076 Nov 2026verifiedSEBI circular HO/47/11/11(3)2025-MRD-POD2/I/2765/2026 (16 Jan 2026), paras 4.2 and 6.1; SEBI circular HO/47/11/11(3)2025-MRD-POD2/I/23843/2026 (15 Oct 2026), paras 4.2 and 6.1; both fetched 2026-11-06M01 M02 M04 M04A M05
Final settlement price of equity derivatives on expiry (effective 2026-12-07)Index: index value from constituents' VWAP over the last 30 min of continuous trading; stock: VWAP of the stock over the last 30 min across all exchanges6 Nov 2026verifiedSEBI circular HO/47/11/11(3)2025-MRD-POD2/I/23843/2026 (15 Oct 2026), para 4.9 and para 6.1; fetched 2026-11-06. (The 15-minute window in some reports is the CAS reference price, para 4.3.)M01 M05 M07 M08 M09 M09A
Equity derivatives trading hours (effective 2026-12-07)Index derivatives to 15:45 except expiring index contracts on expiry day (to 15:30); stock derivatives to 15:45 on all days6 Nov 2026verifiedSEBI circular HO/47/11/11(3)2025-MRD-POD2/I/23843/2026 (15 Oct 2026), paras 4.2.4–4.2.5; fetched 2026-11-06M04A M07
Equity settlement cycleT+1 (all equities since 2023-01-27); optional T+0 for up to top 500 stocks6 Nov 2026verifiedSEBI circulars 7 Sep 2021, 21 Mar 2024, 10 Dec 2024M01
Index-based market-wide circuit breaker trigger levels10% / 15% / 20% of Nifty or Sensex1 Nov 2026verifiedSEBI circular June 2001 (in force since 2001-07-02, with later amendments). As of Nov 2026 (month only)M01 M02
SEBI retail algo framework (needed before any automated live trading)Broker is principal, algo provider its agent; API algo orders tagged with an exchange-issued identifier; no open APIs (vendor-client API key, whitelisted static IP, OAuth, 2FA); self-built algos registered above the exchange's orders-per-second threshold; empanelled providers; applicable to all brokers from 2026-04-016 Nov 2026verifiedSEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013 (4 Feb 2025); timeline circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/132 (30 Sep 2025), para 8 (all brokers from 1 Apr 2026); both fetched 2026-11-06. The orders-per-second threshold is set in the exchanges' implementation standards (not fetched)M04 M05 M14
F&O ban-period trigger for a stock (MWPL basis revised)Market-wide FutEq OI > 95% of MWPL; MWPL = lower of 15% of free float and 65 × average daily delivery value, floor 10% of free float; in the ban, trades must reduce end-of-day FutEq OI1 Oct 2025verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 (29 May 2025), paras 5.2–5.3; effective 1 Oct 2025 (para 6); fetched 2026-11-06M04A
Nifty 50 index review scheduleSemi-annual, effective last working day of March and September; cut-off 31 Jan / 31 Jul6 Nov 2026verifiedNSE Indices rebalancing scheduleM04A
STT on equity delivery0.1% on buy and on sell6 Nov 2026verifiedNSE circular NSE/FATAX/73524 (31 Mar 2026) reproducing the STT schedule as amended by the Finance Act, 2026 (no change for delivery); fetched 2026-11-06M01 M03 M04 M07 M14
STT on equity intraday0.025% on sell6 Nov 2026verifiedNSE circular NSE/FATAX/73524 (31 Mar 2026), STT schedule as amended by the Finance Act, 2026 (no change for non-delivery equity); fetched 2026-11-06M01
STT on futures0.05% on sell (0.02% up to 2026-03-31)6 Nov 2026verifiedFinance Act, 2026 (assent 30 Mar 2026), rates from 2026-04-01, as set out in NSE circular NSE/FATAX/73524 (31 Mar 2026); fetched 2026-11-06M01 M07 M14
STT on options0.15% of premium on sell (was 0.1%); 0.15% of intrinsic value on exercise, paid by the purchaser (was 0.125%)6 Nov 2026verifiedFinance Act, 2026 (assent 30 Mar 2026), rates from 2026-04-01, as set out in NSE circular NSE/FATAX/73524 (31 Mar 2026); fetched 2026-11-06M01 M03 M08 M09 M09A M14
NSE transaction charge, equity0.00307% of turnover (₹307 per crore each side, incl. ₹0.01 IPFT contribution)1 Mar 2026verifiedNSE circular NSE/FA/73061 (27 Feb 2026), effective 2026-03-01; fetched 2026-11-06M01 M04
NSE transaction charge, futures0.00183% of turnover (₹183 per crore each side, incl. ₹0.01 IPFT contribution)1 Mar 2026verifiedNSE circular NSE/FA/73061 (27 Feb 2026), effective 2026-03-01; fetched 2026-11-06M01
NSE transaction charge, options0.03553% of premium (₹3,553 per crore of premium each side, incl. ₹0.01 IPFT contribution)1 Mar 2026verifiedNSE circular NSE/FA/73061 (27 Feb 2026), effective 2026-03-01; fetched 2026-11-06M01 M08 M09 M09A
SEBI turnover fee₹10 per crore (0.0001% of turnover; cash and equity derivatives)1 Apr 2019verifiedSEBI (Payment of Fees) (Amendment) Regulations, 2019, No. SEBI/LAD-NRO/GN/2019/03 (22 Mar 2019, in force 2019-04-01), as reproduced in NSE circular FA40632; fetched 2026-11-06. Later amendments not re-checkedM01 M04
Nifty 50 F&O lot size655 Nov 2026verifiedNSE circular NSE/FAOP/70616 (3 Oct 2025): 75 → 65 for contracts after the 30 Dec 2025 expiry; NSE F&O UDiFF bhavcopy 20261105, NewBrdLotQty (history per M04A: 25 in June 2024; 75 from 2024-11-20)M01 M02 M03 M04A M07 M08 M09 M09A M12 M13 M13A M14
Bank Nifty F&O lot size305 Nov 2026verifiedNSE F&O UDiFF bhavcopy 20261105M01 M07 M08 M09 M13A
Stock futures lot sizes: Reliance, HDFC Bank, Infosys500, 650, 4005 Nov 2026verifiedNSE F&O UDiFF bhavcopy 20261105 (NewBrdLotQty)M14
NSE equity-derivative expiry weekday; BSE Sensex weekly expiry dayNifty/NSE Tuesday (previous trading day if holiday); Sensex (BSE) Thursday6 Nov 2026verifiedSEBI circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76 (26 May 2025: each exchange's expiries on Tuesday or Thursday); NSE circular NSE/FAOP/68589 (17 Jun 2025: Tuesday for contracts expiring on or after 1 Sep 2025); NSE/FAOP/68747 (25 Jun 2025) moves holiday expiries to the previous trading day; fetched 2026-11-06. BSE's Thursday from BSE notices (not fetched)M01 M04A M07 M08 M09 M09A M13
Nifty weekly expiries moved to Monday in 2026 because Tuesday was a holiday13 Apr, 19 Oct, 9 Nov, 23 Nov 20266 Nov 2026verifiedNSE F&O bhavcopies, checked 6 Nov 2026M09A
Index contracts with weekly expiries on NSENifty only; Bank Nifty monthly/quarterly only (no weekly)5 Nov 2026verifiedNSE bhavcopy 5 Nov 2026; SEBI circular 1 Oct 2024M08 M09
Proposal to abolish weekly expiriesNo SEBI circular abolishing weekly expiries; one weekly benchmark index option per exchange remains allowed6 Nov 2026verifiedSEBI circulars list searched 2026-11-06 (no such circular); SEBI circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76 (26 May 2025), para 3.2, allows one weekly benchmark index option per exchangeM09 M09A
Nifty futures expiries listed23 Nov 2026, 29 Dec 2026, 25 Jan 20275 Nov 2026verifiedNSE F&O bhavcopyM07
Stock option exercise style and settlementEuropean (from 27 Jan 2011 expiries); physically settled (all stock derivatives by the Oct 2019 expiry); DNE facility discontinued from the Mar 2023 expiry6 Nov 2026verifiedSEBI circular CIR/DNPD/6/2010 (27 Oct 2010) permitting European-style stock options (NSE's 27 Jan 2011 switch as reported by Business Standard, 29 Oct 2010); SEBI circulars SEBI/HO/MRD/DP/CIR/P/2018/67 (11 Apr 2018) and SEBI/HO/MRD/DOPI/CIR/P/2018/161 (31 Dec 2018: phases from the Apr, Jul and Oct 2019 expiries); NSE Clearing circular NCL/CMPT/55330 (20 Jan 2023), para g (DNE discontinued); fetched 2026-11-06M08 M09A
Minimum index-derivative contract value at launch (from 2024-11-20)₹15 lakh (review band ₹15–20 lakh)1 Nov 2026verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, 1 Oct 2024, para 5.4 (fetched 2026-11-06). As of Nov 2026 (month only)M03 M07 M09
Extra ELM on short index options on expiry day (since 2024-11-20)2% of notional20 Nov 2024verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, 1 Oct 2024, para 5.6 (fetched 2026-11-06)M08 M09 M09A
Upfront collection of premium from option buyers (since 2025-02-01)Required1 Feb 2025verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, 1 Oct 2024, para 5.1 (fetched 2026-11-06)M09 M09A
Calendar-spread margin benefit on expiry dayRemoved for contracts expiring that day, since 1 Feb 20251 Feb 2025verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, 1 Oct 2024, para 5.2 (fetched 2026-11-06)M09 M09A
Intraday index-option position limits per entity (from 2025-10-01, reported)Net ₹5,000 cr, gross ₹10,000 cr FutEq1 Oct 2025verifiedNSE circular SURV70553M09
Brent 2026 physical peakEIA spot $138.21 (7 Apr 2026; $127.61 on 2 Apr); dated Brent reported at $141.37 (2 Apr) [S]6 Nov 2026verifiedEIA Brent spot series RBRTED (FRED DCOILBRENTEU, fetched 2026-11-06) for the spot; Reuters report for dated Brent (secondary)M10 M12
WTI crude spot (Cushing), latest EIA value$99.643 Nov 2026verifiedEIA WTI spot series RWTCD (FRED DCOILWTICO), fetched 2026-11-06M10
Central-bank gold purchases321 t Q3 2026; 675 t YTD; 863 t in 20253 Nov 2026verifiedWorld Gold Council, Gold Demand Trends Q3 2026M10
Global gold ETF holdingsRecord 4,256 t (Q3 2026 inflow 211 t)3 Nov 2026verifiedWorld Gold Council, Gold Demand Trends Q3 2026M10
OPEC+ production policyDec 2026 targets held at Sept levels; next meeting 29 Nov 20261 Nov 2026verifiedOPEC press release, 1 Nov 2026M10
Strait of Hormuz oil flow, normal (2024 average)~20 mb/d, ~20% of world liquids consumption1 Jan 2024verifiedEIA Today in Energy (2024 average; year only)M12
Bab-el-Mandeb oil flow, 2023 vs Jan–Aug 20248.7 mb/d (2023) → 4.0 mb/d1 Aug 2024verifiedEIA Today in Energy. Jan–Aug 2024 (month only)M12
Nifty 50 base value and methodology1,000 on 1995-11-03; free-float since 2009-06-266 Nov 2026verifiedNSE Indices factsheetM01
Nifty 50 close on 5 Nov 2026 (spot used in examples)24,536.605 Nov 2026verifiedNSE ind_close_all_05112026.csv (close 24,536.6, +576.0, +2.40%); NSE F&O bhavcopyM07 M08 M11 M12 M14
Nifty 50 dividend yield1.42%5 Nov 2026verifiedNSE ind_close_all_05112026.csvM07
Nifty Dec-26 futures settlement price on 5 Nov 202624,719.105 Nov 2026verifiedNSE F&O bhavcopyM07 M08
Nifty Dec-26 option settlement prices on 5 Nov 2026: 24,500 C/P; 24,700 C/P587.65/370.90; 476.90/454.955 Nov 2026verifiedNSE F&O bhavcopyM08
Nifty India Defence index level9,012.05 (−1.69% on the day)5 Nov 2026verifiedNSE index closing file ind_close_all_05112026.csvM12
AI-GPR (geopolitical risk) index data last update31 Oct 20266 Nov 2026verifiedIacoviello AI-GPR pageM12
Nifty Nov-26 futures settlement price on 5 Nov 202624,588.05 Nov 2026verifiedNSE F&O UDiFF bhavcopy 20261105M14
Nifty 23-Nov-2026 option settlement prices on 5 Nov 2026: 24000 PE / 25000 CE / 24500 CE / 24500 PE / 25500 CE105.00 / 126.75 / 334.55 / 259.05 / 40.455 Nov 2026verifiedNSE F&O UDiFF bhavcopy 20261105M14
Most recent NBER US business-cycle peak / troughFeb 2020 / Apr 2020; no later peak listed6 Nov 2026verifiedNBER business-cycle dating committeeM13
US real GDP growth, 2023 annual average (advance estimate; may since be revised)2.5%1 Jan 2024verifiedBEA, Q4 and year 2023 advance estimate. Jan 2024 release (month only)M13
arch / statsmodels versions used by the course tests8.0.0 / 0.15.06 Nov 2026verifiedLocal uv environmentM13
hmmlearn maintenance status"Limited-maintenance mode"6 Nov 2026verifiedhmmlearn project README on GitHub, read 2026-11-06M13
IIMA Indian WML momentum factor, annualised geometric return since 1 Jan 199410.65%1 Dec 2025verifiedIIMA Indian Fama-French-Momentum data library, 2025-12 release (month only), fetched 6 Nov 2026M04
IIMA Indian WML momentum factor, calendar 2025 to release date−5.53%1 Dec 2025verifiedIIMA Indian Fama-French-Momentum data library, 2025-12 release (month only)M04
Latest IIMA Indian Fama-French-Momentum factor library release2025-12 (Oct 1993 – Dec 2025)6 Nov 2026verifiedIIMA library page, fetched 6 Nov 2026 (V)M06A
Participant-wise OI: FII index futuresLong 52,037, short 189,475 contracts5 Nov 2026verifiedNSE participant-wise OI fileM04A
Median delivery percentage, NSE EQ series55.2% (2,742 stocks)5 Nov 2026verifiedNSE full bhavcopyM04A
RBI policy repo rate (used as r in pricing examples)5.50% (raised 25 bp from 5.25% by the MPC, 7 Oct 2026; SDF 5.25%, MSF and Bank Rate 5.75%)6 Nov 2026verifiedRBI, Resolution of the Monetary Policy Committee, 5–7 Oct 2026 (press release of 7 Oct 2026, prid 63742); rbi.org.in home page rates checked 2026-11-06M07 M08 M09A M10 M11
RBI SDF / MSF / Bank Rate5.25% / 5.75% / 5.75%6 Nov 2026verifiedRBI, Resolution of the Monetary Policy Committee, 7 Oct 2026 (prid 63742)M11
Cash reserve ratio / statutory liquidity ratio3.00% / 18%6 Nov 2026verifiedRBIM11
Next RBI MPC meeting2–4 Dec 20266 Nov 2026verifiedRBI monetary policy page (schedule of MPC meetings), checked 2026-11-06M04A M09A M11
US Fed funds target range (hiked 16 Sep 2026; held 28 Oct 2026)3.75–4.00%28 Oct 2026verifiedFOMC statements of 16 Sep 2026 (hike, 12–0) and 28 Oct 2026 (hold, 10–2; Cook and Hammack for a hike); FRED DFEDTARL/DFEDTARUM10 M11
US 10-year Treasury yield4.90% (4 Nov 2026); 2026 closing high 5.31% (5 Oct)4 Nov 2026verifiedUS Treasury par yield curve via FRED DGS10, fetched 2026-11-06M11
US 10-year TIPS real yield / breakeven inflation2.64% / 2.32% (22 Oct); 2.64% / 2.26% (4 Nov); 2026 real-yield high 2.95% (5 Oct), above every daily value since 20084 Nov 2026verifiedUS Treasury data via FRED DFII10 and T10YIE, fetched 2026-11-06M10 M11
US CPI and core CPI (Sep 2026) / core PCE (Aug and Sep 2026), year on year3.7% and 2.6% / 3.0% (Aug), 3.1% (Sep)1 Oct 2026verifiedBLS CPI-U (not seasonally adjusted) and BEA PCE price index, computed from FRED CPIAUCNS, CPILFENS, PCEPILFE on 2026-11-06. Oct 2026 releases (month only)M11
US output gap (CBO-based), 2026Q3+1.70%1 Jul 2026verifiedComputed from FRED GDPC1, GDPPOT. 2026Q3 (quarter only; first day of quarter used)M11
US neutral real rate r* (Holston-Laubach-Williams / Laubach-Williams), 2026Q21.01% / 1.65%1 Aug 2026verifiedNew York Fed, released Aug 2026 (month only)M11
DXY currency weights (current methodology)EUR 57.6, JPY 13.6, GBP 11.9, CAD 9.1, SEK 4.2, CHF 3.61 Nov 2026verifiedICE methodology PDF, read Nov 2026 (month only)M11
USD/INR exchange rateFBIL reference rate 94.3996 (market about 94.47)5 Nov 2026verifiedFBIL reference rate as published on the RBI homepage (archive: rbi.org.in Reference Rate Archive); market rate secondaryM10 M11
USD/INR 2026 record (rupee's weakest level)96.82 on 20 May 2026 (March high 94.83; previous record 91.03 on 16 Dec 2025)5 Nov 2026verifiedFederal Reserve H.10 noon buying rates via FRED DEXINUS (the 'about 99.82 in March' figure in one secondary source is not supported by this series and is withdrawn; an aggregator's intraday series peaks at about 97.05 on 19 May)M10 M11 M12
India FX reservesUS$717,056 mn (30 Oct 2026); record US$785,706 mn as on 4 Sep 2026 after a one-week rise of US$44,903 mn (FCA +US$47,498 mn, gold −US$2,594 mn)30 Oct 2026verifiedRBI Weekly Statistical Supplement extracts of 6 Nov 2026 (prid 63939) and 11 Sep 2026 (prid 63581)M10 M11 M12
US CPI / NFP release time (US standard time, from 2026-11-01)08:30 US Eastern = 19:00 IST6 Nov 2026verifiedBLS release scheduleM04A
SEBI FY23 equity intraday study (individuals)71% lost (80% of those with >500 trades); costs added 57% to losses of loss-makers24 Jul 2024verifiedSEBI PR 13/2024, released 2024-07-24M01 M05 M14
SEBI v Jane Street matter (see M08 §8.12 Case B for timeline conflicts)Interim order 3 Jul 2025 (WTM/AN/MRD/MRD-SEC-3/31516/2025-26) impounding ₹4,843.58 cr (₹4,843,57,70,168); escrow credited (SEBI PR 40/2025, 14 Jul 2025); listed restrictions ceased to apply (PR 45/2025, 21 Jul 2025); SAT reserved order on the disclosure plea 21 Oct 2026 (secondary); no final order reported6 Nov 2026verifiedSEBI interim order of 3 Jul 2025 and SEBI press releases 40/2025 and 45/2025, all fetched 2026-11-06; SAT steps from press reports (NewsBytes, Business Standard)M05 M08 M09
Disclosure of outcome of board meeting (SEBI LODR Reg. 30)Within 30 minutes of the meeting ending6 Nov 2026verifiedSEBI LODR, checked 6 Nov 2026M06A
Small-shareholder reservation in tender-offer buyback (holders up to ₹2 lakh)15%6 Nov 2026verifiedSEBI Buy-back Regulations 2018M06A
SEBI SAST 2011 open-offer trigger / minimum offer size25% / at least 26%6 Nov 2026verifiedSEBI SAST Regulations 2011M06A
Margin trading facility (MTF): eligible securities (text in force before the June 2026 proposals)Group I equity shares and equity ETF units18 Jun 2026verifiedSEBI consultation paper, 18 Jun 2026 (reproducing master circular para 4.2–4.3)M14
MTF margin, F&O Group I stocks (cash-segment rates)VaR + 3 × ELM18 Jun 2026verifiedSEBI consultation paper, 18 Jun 2026; original circular CIR/MRD/DP/54/2017, 13 Jun 2017M14
MTF margin, other Group I stocks and ETFsVaR + 5 × ELM18 Jun 2026verifiedSEBI consultation paper, 18 Jun 2026; original circular CIR/MRD/DP/54/2017, 13 Jun 2017M14
Basel FRTB market-risk measure (standing rule)97.5% expected shortfall1 Jan 2019verifiedBCBS, Minimum capital requirements for market risk (2019; year only)M14
ITC Hotels demerger: cost-of-acquisition splitITC 86.49%, ITC Hotels 13.51%28 Jan 2025verifiedNSE filing, 28 Jan 2025 (V)M06A
NSE USDINR futures and options: unit of trading, quotation and tickUSD 1,000 per lot; ₹ per USD to four decimals; tick ₹0.0025 (₹2.50 per lot)6 Nov 2026verifiedNSE circular NSE/CD/49814 (4 Oct 2021); NSE specification page timed out, check before trading (M11 §11.17.1)M11
NSE currency derivatives trading hours09:00–17:00 IST, Monday–Friday6 Nov 2026verifiedNSE circular NSE/CD/49814 (4 Oct 2021) (M11 §11.17.1)M11
USDINR futures and options final settlement price and settlement cycleFBIL USD/INR reference rate on the last trading day; cash-settled in INR, MTM T+1, final T+26 Nov 2026verifiedNSE circular NSE/CD/49814 (4 Oct 2021) (M11 §11.17.1)M11
Threshold for INR-pair positions on exchanges (and OTC hedges of contracted exposure) without documentary evidence of underlying exposureUSD 5 million outstanding notional combined across exchanges (from USD 100 million), effective immediately10 Oct 2026verifiedRBI A.P. (DIR Series) Circular No. 25 (RBI/2026-27/291), 10 Oct 2026, read 6 Nov 2026 (M11 §11.17.2)M11
Foreign Exchange Risk Reserve on INR FX derivatives hedging foreign-currency purchases (notional above USD 2 million)Authorised Dealer keeps 20% of the INR notional as cash with the RBI until the contract ends; applies to contracts after the circular; reach to exchange-traded contracts not verified10 Oct 2026verifiedRBI A.P. (DIR Series) Circular No. 26 (RBI/2026-27/292), 10 Oct 2026, read 6 Nov 2026; extension to dealers' own hedges per secondary reports of Circular No. 27 (12 Oct) and FAQs (15 Oct) (M11 §11.17.2)M11
CFTC Commitments of Traders report timingPositions as of Tuesday close; released Friday 15:30 US Eastern time6 Nov 2026verifiedCFTC, About the COT Reports, read 6 Nov 2026 (M10 §10.12.1)M10
Commodities Transaction Tax (CTT) on non-agricultural commodity derivativesFutures 0.01% on the sell side; options 0.05% of premium on sale, 0.0001% of settlement price on exercise (paid by purchaser); agricultural commodities exempt6 Nov 2026verifiedFinance Act, 2013, Chapter VII, s.117 (table substituted by the Finance Act, 2020, s.149, from 1 Apr 2020); no change found in the Finance Acts 2025–2026 (M10 §10.14)M01 M10 M15
Minimum staggered-delivery (tender) period for commodity futuresThree working days24 May 2024verifiedSEBI circular SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/57 of 24 May 2024 (M10 §10.15); MCX's own bullion tender notices conflict on the actual periodM10
SEBI (Mutual Funds) Regulations, 2026Notified 14 Jan 2026 (F. No. SEBI/LAD-NRO/GN/2026/294); in force 1 Apr 2026; 1996 Regulations repealed (Regs 1(2), 85)1 Apr 2026verifiedGazette of India notification, text read from a hosted copy of the Gazette PDF on 2026-11-06 (M06B §6B.1)M06B M00
Maximum base expense ratio, open-ended equity-oriented schemes (by slab of daily net assets)2.10% first ₹500 cr; 1.90% next ₹250 cr; 1.60% next ₹1,250 cr; 1.50% next ₹3,000 cr; 1.40% next ₹5,000 cr; −0.05% per ₹5,000 cr on next ₹40,000 cr; 0.95% on the balance1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 66(7)(c), Gazette text (M06B §6B.3, Table 6B.1)M06B M00
Maximum base expense ratio, open-ended schemes other than equity-oriented1.85%, 1.65%, 1.40%, 1.25%, 1.15% on the same slabs; −0.05% per ₹5,000 cr on next ₹40,000 cr; 0.70% on the balance1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 66(7)(c), Gazette text (M06B §6B.3)M06B
Base expense ratio caps for index funds, ETFs, FoFs and close-ended schemesIndex funds and ETFs 0.90%; FoFs in liquid/index/ETF schemes 0.90%; equity FoFs (≥65% equity schemes) 2.10%; other FoFs 1.85%; close-ended equity 1.00%, other close-ended 0.80% (FoF caps include underlying schemes' weighted expense ratio); statutory levies excluded1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 66(7)(a)-(b), Gazette text (M06B §6B.3)M06B M00
Composition of a scheme's total expense ratioTER = base expense ratio + brokerage (up to 0.06% cash, 0.02% derivatives of trade value) + transaction costs + statutory levies; no other charges except exit load1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Regs 66(9)-(10) and 67, Gazette text (M06B §6B.3)M06B
Exit load on open-ended schemesAt most 3% of NAV; credited to the scheme1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 44(3)-(4), Gazette textM06B
Interest payable by an AMC for late redemption or IDCW payment15% a year for the period of delay1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 46(2), Gazette textM06B
Specialized Investment Fund minimum investment₹10 lakh across all of an AMC's SIF strategies (accredited investors exempt)1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 49(1), Gazette text; framework first set by SEBI circular of 27 Feb 2025M06B
HDFC AMC FY26 (standalone)Revenue from operations ₹4,118.53 cr; total expenses ₹907.08 cr; PAT ₹2,859.36 cr; operating revenue/opex/margin 45/10/35 bp of AAUM; Q4 FY26 QAAUM ₹9.28 lakh cr (65.2% equity); 1,713 permanent employees31 Mar 2026verifiedHDFC AMC Reg. 33 results filing of 15 Jul 2026 (FY26 audited column) and Q4 FY26 shareholder presentationM06B
HDFC AMC Q2 FY27Revenue from operations ₹1,168.9 cr; PAT ₹749.9 cr; QAAUM ₹9.69 lakh cr; equity:non-equity 67:3330 Sep 2026verifiedHDFC AMC press release of 15 Oct 2026M06B
Nippon Life India Asset Management FY26PAT ₹1,529 cr; Q4 FY26 MF QAAUM ₹7.25 lakh cr; equity QAAUM ₹3.30 lakh cr; ETF QAAUM ₹2.42 lakh cr31 Mar 2026verifiedNippon Life India AM Q4 FY26 media release, 27 Apr 2026M06B
Mutual fund industry, September 2026AUM ₹82.64 lakh cr; SIP inflow ₹32,490 cr; 10.06 cr contributing SIP accounts; folios 28.62 cr; index funds + ETFs ₹14.70 lakh cr (17.8% of AUM)30 Sep 2026verifiedAMFI Monthly Note, September 2026M06B
Example direct-versus-regular expense ratio gap, large flexi-cap schemes0.75% direct vs 1.36% regular (one scheme, AMC page, 6 Nov 2026); BER 0.53% vs 1.05% (another scheme, September 2026 factsheet)6 Nov 2026verifiedAMC scheme pages and factsheet (M06B Worked example 6B.3)M06B
AMC institutional mechanism against market abuse (front-running)Required by the MF (Second Amendment) Regulations, 2024 (1 Aug 2024) and carried into the 2026 Regulations; CEO/MD and CCO accountable1 Apr 2026verified2026 Gazette text (V); 2024 amendment as summarised by SCC Online and TaxmannM06B

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