As a customer of ICICIdirect now, you can trade on index and stock futures on NSE. It comes with a comprehensive tracking cum risk management solution to give you enhanced leveraging on your trading limits.

In futures trading, you take buy/sell positions in index or stock(s) contracts expiring in different months. If, during the course of the contract life, the price moves in your favor (rises in case you have a buy position or falls in case you have a sell position), you make a profit. In case the price movement is adverse, you incur a loss.

To take the buy/sell position on index/stock futures, you have to place certain % of order value as margin. With futures trading, you can leverage on your trading limit by taking buy/sell positions much more than what you could have taken in cash segment. However, the risk profile of your transactions goes up.

. On which exchanges will I be able to buy and sell in futures market?
To begin with, ICICIdirect offers its customers execution capability on the National Stock Exchange of India Ltd. (NSE).

While buy/sell transactions in margin segment have to be squared off on the same day, buy/sell position in the futures segment can be continued till the expiry of the respective contract and squared off any time during the contract life.

Margin positions can even be converted to delivery if you have the requisite trading limits in case of buy positions and required number of shares in your DP in case of sell position. There is no such facility available in case of futures position, since all futures transactions are cash settled as per the current regulations. If you wish to convert your future positions into delivery position, you will have to first square off your transaction in future market and then take cash position in cash market.

Another important difference is the availability of even index contracts in futures trading. You can even buy/sell NIFTY in case of futures in NSE, whereas in case of margin, you can take positions only in stocks.

. Which stocks are eligible for futures trading? Why is the stock list restricted to specific scrips only?

At present, we have enabled selected stocks for trading in the futures segment. Only those stocks, which meet the criteria on liquidity and volume have been considered for futures trading.

. Which contracts under an underlying are enabled for Future trading? Why is the contract list restricted to specific contracts only under various underlyings?

ICICIdirect enables selected contracts under various underlyings for trading in the Futures segment. Only those contracts, which meet the criteria on liquidity and volume are considered for Futures trading. This is required as there may be a risk of lower liquidity in some contracts as compared to active contracts . As a result, your order may only be partially executed, or may be executed with relatively greater price difference or may not be executed at all. Thereby to safeguard your interest such illiquid contracts are disabled for trading on www.icicidirect.com. The list of contracts is subject to modification by ICICIdirect from time to time.

Yes, it is possible that ICICIdirect disables a contract that was enabled earlier. This could happen due to various reasons like the underlying is disabled as it reaches market wide open position limits, the contract has become illiquid or any other reason to safeguard the interest of investors.

Yes, you can square off your open positions using the square off link on the Open Positions page when the contract is disabled for trading.

. Can I modify my square off order placed in disabled contracts or Banned underlyings?

Yes. You may visit the online order book to modify details of your pending square off order under a disabled contract or banned underlying. Please note you will be able to modify the quantity downwards and upwards only upto the net open position considering the square off orders already placed for such position. Example
1) You have a position of 16000 quantity in IFCI which is under banned period and you have two pending square off orders of 8000 each. In this case you will be able to modify all the eligible details for the square off order placed provided quantity for the modified square off order does not exceed 16000 including already placed square off orders against this position. This would mean that quantity cannot be modified upward for either of the pending square off order until the other pending square off order is cancelled.
2) You have a position of 16000 quantity in IFCI which is under banned period and you have one pending square off order of 8000 quantity. You can modify all eligible details of this pending square off order and the quantity can be modified upwards only upto 16000 i.e. to the extent of net position quantity.

Only enabled contracts will be displayed for trading on the site when you select contracts either through the 'Place order' link or the Stock list page on www.icicidirect.com.

ACC future contract expiring on 27th Feb, 2002 is defined as "Fut-ACC-27-Feb-2002". Wherein "Fut" stands for Futures as derivatives product, "ACC" for underlying stock and "27-Feb-2002" for expiry date.

An index or stock enabled for trading on futures is called an "Underlying" e.g. NIFTY (index) and ACC (stock). There may be various tradable contract for the same underlying based on its different expiration period. For example Fut - ACC - 27 Feb 2002, Fut - ACC - 27 Mar 2002 and Fut - ACC - 27 Apr 2002 are "contracts" available for trading in futures having ACC as "underlying".

In the "Place Order" page, you need to define the stock code and opt for "Futures" in the "Product" drop down box. On clicking on "Select the contract", the whole list of contracts available in the given stock code expiring in different months would be displayed. Depending on your interest, you can select one of the contracts by clicking on buy / sell link. It will take you to the buy / sell page. Values like, your E-Invest account no., exchange, contract details would be auto-populated. You need to define the order type i.e. market or limit, order validity period i.e. day of GTD, limit price and stop loss trigger price if any.

. Can I short sell the shares in futures segment (i.e. sell shares which I do not hold in DP)?

Yes, you can short sell the shares in futures segment. There is no block on your holdings in the demat account.

Initially, margin is blocked at the applicable margin percentage of the order value. For market orders, margin is blocked considering the order price as the last traded price of the contract. On execution of the order, the same is suitably adjusted as per the actual execution price of the market order. The initial margin percentage can be checked from the " Stock List" link on the FNO trading page for all underlying securities. You can check the Margin obligations on your position from the "Know Your Margin" link on FNO trading page

It may not be so. Margin percentage may differ from stock to stock based on the risk involved in the stock, which depends upon the liquidity and volatility of the respective stock besides the general market conditions. Normally index futures would attract less margin than the stock futures due to comparatively less volatile in nature. But all contracts within the same underlying would attract same margin %.

Yes, margin % can be changed during the life of the contract depending on the volatility in the market. It may so happen that you have taken your position and 25% margin is taken for the same. But later on due to the increased volatility in the prices, the margin % is increased to 30%. In that scenario, you will have to allocate additional funds to continue with open position. Otherwise it may come in MTM loop and squared off because of insufficient margin. It is advisable to keep higher allocation to safeguard the open position from such events.

Squaring off a position means closing out a futures position. For example, if you have futures buy position of 500 Reliance expiring on 27^th Feb 2002, squaring off this position would mean taking sell position in 500 Reliance expiring on 27^th Feb 2002 on or prior to 27^th Feb 2002. The order placed for squaring off an open position is called a cover order.

No. Margin is blocked only on future orders, which results into increased risk exposure. For calculating the margin at order level, value of all buy orders and sell orders (in the same underlying-group) is arrived at . Margin is levied on the higher of two i.e. if buy orders value is higher than sell order value, only buy orders will be margined and vice versa. In other words, margin is levied at the maximum marginable order value in the same underlying.

As mentions above, the higher of buy and sell order value is margined. In the above given example, sell order value is greater than buy order value. Hence margin would be levied at specified margin % on Rs. 48300.

. What happens if buy or sell orders are placed when there is some open position also in the same underlying?

In such case, first the marginable buy/sell order quantity has to be arrived at. Marginable buy order qty is arrived at by deducting the open net sell position at underlying-group level from the buy order quantity at underlying-group level. Similarly marginable sell order qty is arrived at by deducting the open net buy position at underlying-group level from the sell order quantity at underlying-group level. Marginable buy / sell order value is then arrived at by multiplying the respective buy / sell order weighted average price with marginable buy / sell quantity. For order level margin, marginable buy order value and marginable sell order value would be compared and higher of two would be margined.

For example, there is an open sell position of 100 shares in "Fut - ACC- 29Apr 2002". Marginable buy and sell order quantity would be 100 and 300 respectively. Marginable buy and sell order value would be Rs. 12750 and Rs. 48300 respectively.

The same margin % applicable for orders will be levied at position level also. Position level margin is arrived at by applying the IM% on the value of net open position.

For example, you have open buy position in Fut - ACC- 26Mar 2002 for 100 shares @ 150 and IM % for ACC is 25%. In that case, margin at position level would be 15000 * 25% = 3750/-. Moreover, benefit of calendar spread margin may also be available to you in case of spread position.

Calendar spread means risk off-setting positions in contracts expiring on different dates in the same underlying. For example, you take buy position for 200 shares in Fut - ACC- 26Mar 2002 @ 150 and sell position for 100 shares in Fut - ACC- 29Apr 2002 @160. 100 buy position in Fut - ACC- 26 Mar 2002 and 100 sell position in Fut - ACC- 29Apr 2002 forms a spread against each other and hence called spread position.This spread position would be levied spread margin % for margin calculation instead of IM%. In this example, the balance 100 shares buy position in Fut - ACC- 26Mar 2002 would be non-spread position and would attract initial margin.

Spread position value is calculated by multiplying the weighted average price of position in far month contract and spread position quantity. Spread margin % is then applied to spread position value to arrive at spread margin.

In the above mentioned example margin position of 100 shares in Future - ACC- 26Mar 2002 will be subjected to IM% and 100 spread position quantity would attract spread margin %. However, you will able to view only overall margin figure on open position page. Assuming IM and spread margin at 20% and 10% respectively, overall margin to be calculated as follows:

ICICIdirect would decide the contracts, which can form spread positions against each other. Only those contracts, which meet the criteria on liquidity and volume will be considered for spread positions. Technically, the stocks having low impact cost are included in spread definition. Separate margin is maintained and displayed for spread and non-spread contracts.

Lets assume that Future - ACC- 27Feb 2002 and Future - ACC- 26Mar 2002 are included in spread definition and Future - ACC- 29 Apr 2002 is kept out of spread definition. If you take buy position for 200 in Future - ACC- 27Feb 2002 and sell position for 100 in Future - ACC- 26Mar 2002, 100 buy position and 100 sell position would form spread. If you take buy position for 200 in Future - ACC- 26 Mar 2002 and sell position for 100 in Future - ACC- 29Apr 2002, it will not form spread and margin at IM% would be levied on both 200 buy and 100 sell position.

The same rule applies even at order level. If you place buy order for 100 in Future - ACC- 27Feb 2002 and sell order for 100 in Future - ACC- 26 Mar 2002, order having larger value would be margined. If you place buy order for 100 in Future - ACC- 26 Mar 2002 and sell order for 100 in Future - ACC- 29Apr 2002, both buy order and sell order would be margined at IM%.

ICICIdirect allows the spread position between near month and middle month contract only.

1 working day prior to the expiry of the contract, ICICIdirect will remove the expiring contract from the spread benefit.
At this stage the client will have to provide complete margin required on the positions taken in the near month contract (expiring one). If limit is found insufficient then the position may come into the intra day MTM loop.

If it is an execution of a cover order (order which would result into square off of an existing open position), the following impact would be factored into the limits:

If an execution of an order resulting into building up spread position, impact on limits would be in terms of release of differential margin.

For example, you are taking an open buy position for 100 shares in Future - ACC- 27Feb 2002 @ 150 and IM is 20%. Rs 3000/- would be blocked as an initial margin. Thereafter you take a sell position for 100 shares in Future - ACC- 26Mar 2002 @ 160 and spread margin is 10%. Hence the execution of Future - ACC- 26Mar 2002 order is resulting into spread position. As explained above, margin required would be 100*160*10% = 1600/- now. Hence the excess margin of Rs 1400/- (3000-1600) would be released and added into your trading limits.

Continuing the above example, if you place an sell order for 100 shares in Future - ACC- 27Feb 2002 @ 170, margin of Rs. 3400/- would be required to place this order. This margin would be required despite being a cover order to square off the open position in the same contract. Reason for the same is that the order now being placed by you would result into the increased risk exposure since the buy position of 100 shares in Futures - ACC - 27 Feb 2002 has already been considered as position building up spread position. If buy position of 100 shares in Futures - ACC - 27 Feb 2002 is squared off, sell position of 100 shares in Future - ACC- 26Mar 2002 @ 160 would become non-spread position and subjected to margin at 20 % IM.

. How to square off open position which is part of spread position and there is not enough trading limits to place a cover order?

In such a scenario, you will have to square off both buy as well sell position forming spread position. Facility to place such an orders is available in open futures Position page against the respective net position at underlying - group level in the form of a link called "Joint square off". This joint square off link is different than square off link available against each contract position. On clicking the same, position in all contracts within spread definition would be displayed. You can then specify the quantity for any two positions. One has to be buy and other should be sell. Your orders will go at market rate.

2L and 3L order placement allow you to place more than one order in one go. Maximum 3 orders can be placed in one attempt. All orders placed through this system are IOC orders. All orders must satisfy the risk criteria on individual basis. If any of the order fails in risk validation, none of the order will be accepted by the system.

Orders can be placed in the same underlying contract or different underlying contracts as well. Orders in the same underlying contract can be placed using the 'Place 2L & 3L orders' link. Whereas orders in different underlying contract can be placed through 'My Favorites'. The execution of orders takes place in the same ratio in which the order was placed. It can be understood by the following example.

Orders in Fut-ACC-28 Feb 2002 and Fut-Nifty-28 Feb 2002 have been placed in 3000 : 400 or 15: 2 ratio. Execution will take place only if the same ratio can be maintained on execution also. In the above example, available quantities are not sufficient to maintain the ratio. Hence both the orders will be cancelled by the exchange.

If order qty for Fut-ACC-28 Feb 2002 is 1500 instead of 3000, execution will take place for 1500 Fut-ACC-28 Feb 2002 and 200 Fut-Nifty-28 Feb 2002. Remaining 1500 Fut-ACC-28 Feb 2002 and 200 Fut-Nifty-28 Feb 2002 unexecuted orders will be cancelled by the exchange.

You can view all open futures positions by clicking on "Open Positions" and thereafter selecting "Futures" as product. The futures positions table gives details such as underlying, contract details, buy/sell position, open qty, cover order qty, base price, current market price, total margin blocked on the open position and order level margin at underlying-group level. Positions in contracts forming spread and non-spread are shown in separate groups. Contracts forming part of the same group will form spread against each other.

You can place the square off order either through the normal buy/sell page or through a hyper link "Square off" on the "Open Position" page.

. How does the profit and loss recognized on execution of square up (cover) orders?

Execution price of cover order is compared against the weighted average price at which the position was built up / previous trading day EOD MTM price (as shown in the "Open Positions - Futures" table) and profit/loss is calculated therefrom.

For example, say you have a futures position - 'Buy 200 Reliance Shares' in contract Futures - ACC- 27 Feb 2002 at an average price of Rs. 300 per share created through the execution of two orders - 'Buy 100 @ Rs. 310 per share' and 'Buy 100 @ Rs. 290 per share'. If you square off a part of the position by selling 50 Reliance Shares @ Rs. 305 per share, the profit on such square off would be calculated as:

Quantity squared off * (Square off trade price - Weighted Average price of the position)

Profit or Loss for all your trading transactions can be checked from the "Portfolio Details" link on the FNO trading page/

Minimum Margin is the margin amount, you should have available with us all the time. Once the available margin with us goes below the minimum required minimum margin, our system would block additional margin required from the limit available.

Available margin is calculated by deducting MTM loss from margin blocked at position level.

Your Available Margin will be displayed on your Open Positions Page under 'Futures' product type in the F&O section.

Minimum Margin is calculated by taking MM % instead of IM%. For spread position, Spread minimum margin % would be applied.

. How do you calculate additional margin required when the available margin is below the minimum margin required?

In that case, margin required on executed position is re-calculated by taking CMP of respective position and IM % and spread margin % as the case may be. Available margin as calculated above should now be compared with the required margin and amount for additional margin call is arrived at.

For example say you have bought 100 shares of Futures - ACC - 27 Feb 2002 at Rs.150 and IM is 20% and minimum margin is 10%. You would be having a margin of Rs.3000 blocked on this position. The current market price is now say Rs.130. This means the effective available margin Rs. 1000/- which is less than the minimum margin of Rs 1500/- and hence additional margin to be called in for. Additional margin to be calculated as follows:

. How do I check if there is a margin shortfall on any open position?

If available margin on any open position is highlighted in red colour, it indicates that the available margin on that position has fallen and is very close of breaching the minimum margin requirement. If available margin falls below the minimum margin required on that position, then such position may be squared off in the intraday MTM process, if additional margin is not allocated. This shall be considered as a margin call on that position. You are advised to allocate additional margin immediately to meet the margin shortfall else such position may be squared off by I-Sec, on best effort basis.

Further, please note that the Open Positions page does not refresh automatically. You need to frequently refresh the page by clicking on 'View' button to view latest details as the Available Margin is subject to change on every change in CMP.

Once the available margin falls below the minimum margin required, our system would block additional margin required out of the limits available, if any.

. What happens if limits are not sufficient to meet the additional margin requirements?

Our risk monitoring system/team may, at its discretion place a square off order at market rate to close the open position. However, before placing the square off order all pending futures orders in that underlying-group (contracts having same underlying and recognized in the same group for spread recognition) are cancelled by our risk monitoring system/team. Following are the sequence of actions taken by our risk monitoring system/team.

1. Cancel all pending futures orders in that underlying-group and see if limits are now sufficient to provide for additional required margin. If yes, block the additional margin, else go to step (2).

2. Square off in Lot size of the near month contract in that underlying and group and see if limits are now sufficient to provide for additional required margin. If yes, block the additional margin, else go to step (3).

3. Square off in Lot size of the next month contract in that underlying and group and see if limits are now sufficient to provide for additional required margin. If yes, block the additional margin, else carry on the process in the same way till all the positions in that underlying and group is totally squared off.

However, it is clarified that if, for any reason, the risk monitoring system/team does not square off the open position even in a situation where the limits are not sufficient to meet additional margin requirements, it is ultimately the customer's responsibility to square off the open position on his own to limit his losses.

Once a position has been created by the customer, he is solely responsible for the profits or losses emanating from such position. ICICI Securities Ltd is under no obligation to compulsorily square off any open position and in no circumstances, can be held responsible for not squaring off open positions or for resulting losses therefrom.

. What happens if the limit is insufficient to meet a margin call but there are unallocated clear funds available in the bank account?

While making an online check for available additional margin, our system would restrict itself only to the extent of trading limit and would not absorb any amount out of un-allocated funds so as to keep your normal banking operations undisturbed. It is, therefore, advisable to have adequate surplus funds allocated for trading when you have open positions.

However, ICICI Securities reserves the right to block and/or debit even unallocated clear funds available in the bank account.

Yes, you can always allocate additional margin, suo moto, on any open margin position. Since the close-out process is triggered when minimum margin required is more than available margin, having adequate margins can avoid calls for any additional margin in case the market turns unfavorably volatile with respect to your position. You can add margin to your position by clicking on "Add Margin" on the "Open Position - Futures" page by specifying the margin amount to be allocated further. However, you should keep in mind that whatever margin you add during the day will remain there only till the end of day mark to Market (EOD MTM) is run or upto the time you square off your position in that underlying and group completely. Next day if you want some more margin to be added towards the same open position, you will have to do 'Add Margin' again.

Please note there is also an additional tracking tool provided to track your positions on the basis of Trigger Price and LTP. For more details you can refer below FAQs.

What is the Trigger price displayed on Open Position page for Futures product?

Trigger price is just an additional tracking tool provided to track your positions to ascertain at what price level the position may get squared off on the basis of Trigger Price and LTP. However, you can continue to track your positions for intraday mark to market process on the basis of Available Margin and Minimum Margin accordingly you can allocate additional funds if Available Margin amount is displayed in red colour.
Trigger price is a price which indicates that your position is likely to come under the mark to market process and may get squared off if LTP breaches the indicated trigger price.

No, trigger price will not be calculated immediately on order placement. Trigger Price gets calculated only once your Futures Buy or Sell order results into an executed trade and becomes an open position.

Will Trigger Price be calculated for NON SPAN as well as SPAN based margining?

Trigger Price will be calculated only for NON SPAN based margining in Futures product

a. Trigger Price is calculated as follows in case of Buy positions:

Example: If you have Futures Buy position of 500 qty of Reliance at Rs 900 expiring on 26th December 2015 at IM of 11% and MM of 8%.
Trigger Price calculation for Future Buy Positions: WAP on Underlying level-(( Margin on Positions - ( WAP on underlying level * Open Pos Qty * Min margin percentage)/ Open Position Quantity).
900-{(49500-(900*500*8/100)))/500} = 873

b. Trigger Price is calculated as follows in case of Sell positions:

Example: If you have Futures Sell position of 1600 qty of ITC Limited at Rs 355 expiring on 26th December 2015 at IM of 14% and MM of 10%.
Trigger Price calculation for Futures Sell Positions: WAP on Underlying level+(( Margin on Positions - ( WAP on Underlying Level * Open Pos Qty * Min Margin Percentage ))/ Open Position Quantity).
355+{(79520-(355*1600*10/100))/1600) = 369.20

Please note Trigger Price will be rounded up to the tick size for Buy positions and rounded down to the Tick size for sell positions.

Will Trigger Price be recalculated on converting Future PLUS positions to Future?

Yes. Trigger Price will be recalculated on converting Future PLUS position to Future for NON SPAN based margining.

Whether Trigger Price would be displayed in case of perfect spread Futures positions ?

No. In case of perfect spread i.e. where the buy and sell quantity is the same in different contracts of the same underlying forming a spread , Trigger Price will not be applicable.

Imperfect spread positions means where Buy and Sell quantity is not the same in different contracts of the same underlying.

Trigger price for Spread positions is calculated in three steps:

Example: If you take buy position for 500 qty in Fut - REILND- 26 Nov 2015 @ 925 and sell position for 1500 qty in Fut - RELIND- 31 Dec 2015 @956.40, 500 buy position in Fut - RELIND- 26 Nov 215 and 500 sell position in Fut - RELIND- 31 Dec 2015 forms a spread against each other and hence called spread position. In this example, the balance 1000 shares Sell position in Fut - RELIND- 26 Nov 2015 would be non-spread position and would attract initial margin. IM and MM for RELIND is 16.19 % and 13.69 % respectively and Spread IM and MM is 6% and 3% respectively.

Step 1: Trigger Price for Futures Naked Buy/Sell position

Trigger Price for Futures Naked Buy/Sell position: WAP on Contract level where naked position exists -/+ [(Executed Margin Blocked on naked leg - (WAP on Contract level * Contract level Naked Open Position Qty * Minimum Margin Percentage)) / Naked Position Qty] where Executed Margin Blocked on Naked qty is calculated as WAP of Contract where Naked Position Exists*Naked Position Qty*IM %

= 956.40+(154841-1000*956.40*13.69%)/1000 = 980.31

Step 2: Trigger Price for Futures Spread Buy/Sell position :

Trigger Price for Futures Spread Buy/Sell position : WAP on Contract level where naked position exists -/+ [(Executed Margin Blocked on spread - (WAP of Far month contract * Contract level spread Position Qty * Minimum spread margin percentage)) / Spread Position Qty] where Executed Margin Blocked on spread qty is calculated as WAP of Far Month Contract*Spread position Qty*Spread IM %

= 956.40+(28692-956.40*500*3%)/500 = 985.09

Step 3: WAP of Both Trigger Price

WAP of Both Trigger Price: ((Trigger Price for Naked Position*Naked Position Qty)+(Trigger Price for Spread Position*Spread Position Qty))/ Naked Position Qty+Spread Position Qty.

= ((980.31*1000)+(985.09*500))/1500 = 981.90

In the above case Trigger would be displayed as 981.90 on Future Open position page.
Please note Trigger Price will be rounded up to the tick size for Buy positions and rounded down to the Tick size for sell positions.

How Trigger Price is calculated for positions in same direction in near and mid month contracts where spread is allowed?

Trigger Price with positions in same direction in near and mid month contracts where spread is allowed is calculated as follows:

Example: If you take Buy position for 75 qty in Fut- NIFTY-26 Nov 2015 @ 8500 and Buy position for 150 qty in Fut- NIFTY-26 Dec 2015 @ 8525. IM% and MM% for NIFTY is 8% and 6% respectively.

Trigger Price for Futures Current Month Buy/Sell Position:

WAP on Contract Level -/+[( Executed Margin at Contract Level - (WAP on Contract Level*Contract Level Open Position Qty*Minimum Margin Percentage))/Contract Level Open Position Qty where Executed Margin at Contract Level will be calculated as (contract Level open position qty / total underlying open position qty) * Margin on Positions at Underlying Level.

=8500-(51100-(8500*75*6%))/75 = 8328.67

Trigger Price for Futures Mid Month Buy/Sell Position:

WAP on Contract Level -/+[( Executed Margin at Contract Level - (WAP on Contrarct Level*Contract Level Open Position Qty*Minimum Margin Percentage))/Contract Level Open Position Qty where Executed Margin at Contract Level will be calculated as (contract Level open position qty / total underlying open position qty) * Margin on Positions at Underlying Level.

=8525-(102200-(8525*150*6%))/150 = 8355.17

Please note Trigger Price will be rounded up to the tick size for Buy positions and rounded down to the Tick size for sell positions.

Yes. Trigger price may change if there is any change in existing position quantity or change in Margin value on existing Positions. Some of the events where Trigger Price may change are like increase in open position quantity in same contract, partial square off of existing position quantity, Add Margin, EOD MTM.

. In case of profit on a future position or where the Available Margin is in excess of the Margin Required, can I reduce the margin against the position to increase my limit?

No, any release of margin in excess of required margin (in profitable position) is possible when ICICIDirect runs its EOD MTM process or you square off your open position completely.

EOD MTM on daily basis is a mandatory requirement in case of futures. Every day the settlement of open futures position will take place at the closing price of the day. The base price as shown in the Open Position - Futures page is compared with the closing price and difference is cash settled. In case of profit in EOD MTM, limits are increased by the profit amount and in case of loss, limits are reduced to that extent. Next day the position would be carried forward at the previous trading day closing price at which last EOD MTM was run. Closing price for all the contracts are provided by exchange after making necessary adjustment for abnormal price fluctuations. It is different than LTP.

Yes, EOD MTM does have its impact on margin at position level. Margin is re-calculated at the closing price at which EOD MTM was run and differential margin is blocked or released as the case may be. For margin calculation, the presentsame IM% and spread margin % is taken. To provide sufficient margin on open position after EOD MTM, ensure that suffecient allocation is available under F&O segment. You must visit the allocation amount for F&O on daily basis and allocate further if present allocation is found insufficient.

Due to daily MTM and payin/payout, allocation amount for F&O may come down over a period of time and because of the same, open position may fall in MTM loop and may get squared off unless you allocate fresh amount for F&O. Payin amount is debited from allocation you make for F&O but payout credit is always given in your clear balance. . What is meant by "Split of Contract"?

One calender days prior to the expiry of contract, open position of that contract would be taken out of spread definition and subjected to normal IM margin %. Position in such separated contracts would be shown separately. Limits would be reduced appropriately to ensure the IM% on near month contract. If limits are falling short to provide the same, the margin available in a group from which the near month contract was moved will also be utilised to make good the short fall. After moving the near month contract from the existing group to separate group, margin for the existing group will be re-calculated and limits would be reduced appropriately.

For example, you take buy position for 100 shares in Future - ACC- 27 Feb 2002 @ 150 and sell position for 100 shares in Future - ACC- 26Mar 2002 @ 160. 100 buy position and 100 sell position would form spread. At 10% spread margin, margin blocked is Rs 1600/-. IM is 20%. Now position in Future - ACC- 27Feb 2002 is taken out of spread. Following would be the margin requirement.

Yes,on the expiry of near month contract, far month contract would be moved to spread group. New contract now introduced will now be non-spread contract. . Is it compulsory to square off the position within the life of contract?

No. You may not square off the position till the contract expires. In that case, ICICIDirect as well as Exchange would expire your position on the last day on contract after running EOD MTM and your position would be closed at the closing price of the spot (equity) market as per the current regulations. Margin blocked on such expired position will also be released and added into you trading limits after adjusting profit/loss on close out.

There is no "no-delivery period" concept in futures. Even if stock is in no-delivery period, trading in futures will be as usual. There will not be any no-delivery period as it is in equity market.

. What are "Good Till Day", "Good Till Date" and "Immediate or Cancel" orders?

Good Till Day (day order) orders are orders remains valid only for one trading session. Any unexecuted order pending at the end of the trading session is expired.

Good Till Date (GTD) order allows the user to specify the date till which the order should stay in the system if not executed. The maximum number of days for which the GTD order can remain in the system is notified by the Exchange from time to time after which the order is automatically cancelled by the Exchange system. The days counted are inclusive of the day/date on which the order is placed and are inclusive of holidays.

The order expiry on the last valid date of the order may take some time on account of day-end reconciliation processes. Since there is a stray possibility that the order may actually have got 'executed' though it is showing as 'ordered' on the website, modification/cancellation of the order is permitted and the order is considered as a valid order for margin calculation purposes till the order is 'expired'.

An Immediate or Cancel (IOC) order allows the user to buy or sell a security as soon as the order is released into the system, failing which the order is cancelled from the system. Partial match is possible for the order and the unmatched portion of the order is cancelled immediately.

For example, exchange allows GTD orders for 7 days. There are following three contracts available for trading in futures market.

In this example, on 17^th February 2002, you can place a GTD order for earlier of the following two dates.

Hence on 17^th Feb, GTD order in any of the three contracts can be placed maximum for 23^th Feb 2002.

1. Brokerage: Any transaction you enter into will attract brokerage. Brokerage is debited in your account at the end of the day.

You can see your obligation on cash projection page. The date on which amount is to be deducted from your account or deposited in your account can be checked from the 'Cash Projection' page. You can even see the historical obligation (already settled) by giving the respective transaction date.

All futures obligation is settled by exchange on T+1 basis. This means that any obligation arising out of transactions in futures or EOD MTM on day (t) is settled on an immediate next trading day. This further means that if you have a debit obligation on day (t), the payment will have to be made on day (t) itself. Whereas If you have a credit obligation, amount would be credited in your account on t+1 day. If t+1 days is holiday, credit would be given on subsequent day.

. According to cash projections, payin was scheduled yesterday but amount has not been deducted from my Bank Account?
If the payin amount is not significant, ICICIDirect may decide not to run the payin as scheduled. The outstanding payin amount may be clubbed with future payin amount or internally adjusted against the futures payout. Payin and payout internally adjusted will be clearly defined in cash projection.

. On t+1 day I have payout for a particular trade date and also payin for different trade date? Will payout and payin run seperately ?

No, if different payin and payout are falling on the same day, amount would be first internally adjusted against each other and only net amount would either be recoved or paid. In cash projection, distinct particulars would be given for payin/payout internally settled and settled by way of debit/credit in bank. Setting Trading Limits

. I have allocated funds for secondary market- Equity. Can I make use of those limits for F&O market also?

Allocation has to be done separately for equity and F&O market. If you have allocated some funds for secondary market- equity, you will get the corresponding trading limits also for secondary market - equity. For trading limits in F&O, you will have to do separate allocation through "Allocate Funds" page.

Yes, In case the market wide open position for an underlying reaches a particular percentage specified by NSE, the trading in that particular underlying is disabled by NSE. Accordingly ISEC would also disable the trading in that particular underlying during market hours.

Yes, you can square off the open positions in the disabled underlying through square off link available on open position page.

No. Currently ICICI Direct is not offering any hedging benefit between Futures and Options.

Orders in Futures may get freezed at the exchange end. There are two types of Freeze orders specified by exchange:

The orders in F&O that get freezed appear with a blank status in the order book and the details of freeze can be seen in the order log by clicking on the order reference hyperlink.

If your order gets freezed, you can call up the call centre number and provide the required details about the order. ICICI Securities will inform the exchange about the details of your freezed order. Exchange may at its discretion release or reject the request for releasing Freezed orders. Till the order is unfrozen, the limits are blocked to the extent of order which got frozen.

'Convert to FuturePLUS' is a newly added feature provided under Future product where one can convert his existing position under a contract in Future to FuturePLUS position of the same contract within the stipulated time prescribed by I-Sec.

You will find the link of 'Convert to FuturePLUS' in the 'Actions' column of Future open positions page against each position under a contract. Once you choose to convert the existing Future open position to FuturePLUS position, a remark will appear stating "You are requesting to convert Future position to FuturePLUS".

. Can I convert part of the open position under a contract to FuturePLUS position?

Yes. A part quantity out of the Future position quantity under a contract can be converted to FuturePLUS position.

. Can I convert pending order / partly executed pending order from Futures to FuturePLUS order?

No. The orders placed in Futures cannot be converted to FuturePLUS orders. Only open position under a contract is allowed to be converted from Future to FuturePLUS Position.

When Futures position is converted to FuturePLUS, the excess margin amount blocked for Futures position would be released after computing the margin required for FuturePLUS positions. The excess margin to be released on conversion would be the difference of the required margin for FuturePLUS and the already blocked margin for Futures position. The limit would be accordingly increased with the differential amount of margin requirement.

In case, there is a MTM loss at the time of conversion from Futures to FuturePLUS there are two scenarios which would impact limits as below:

a) When the loss is less than or equal to the additional released Margin at the time of conversion to FuturePLUS.

In this case, when the loss is less then or equal to the additional released margin, the amount equivalent to loss would be blocked from the additional released margin.

b) When the loss is more then the additional releasable Margin at the time of conversion to FuturePLUS.

In such a case, the system will block the loss upto additional releasable margin. The entire loss would be deducted from the available Margin of the FuturePLUS position. If in such a case,the available margin falls below the minimum margin, ICICIdirect may at its discretion at a suitable time run the Intra-day Mark to Market process. In case there are no limits available to block the entire loss, system will still allow you to covert the positions to FuturePLUS without blocking any amount from free limits but the Intra-day Mark to Market process would square off the positions if the available margin falls below the minimum margin.

For Example, consider the following scenario for Future Buy case,

Particulars	Contract	Qty	Base Price	IM%	MM%
FuturePLUS	FUT-RELIND-26-April-2012	250	1000	6.00%	4.00%
Future	FUT-RELIND-26-April-2012	250	1000	11.00%	8.00%

Current limit available = Rs.50000/-
a) Margin blocked on taking Future position= 250*1000*11% = 27500.
Free Current limit available after the position taken=50000-27500=22500
b) On Convert To FuturePLUS, required Initial Margin for FuturePLUS = 250*1000*6% = 15000

Additional Margin that would be released and added to limits if no loss=27500-15000 =12500

a) When the loss is less than or equal to the additional released Margin i.e. loss is less than or equal to Rs. 12500.

When converting to Future PLUS if the LTP of the contract falls to say Rs.980, then in such a case,

Thus,on conversion to FuturePLUS the total amount that would be blocked is 15000(Required Margin for FuturePLUS position) + 5000(Loss) = Rs. 20000.

Thus in this case on 'Convert to FuturePLUS' additional margin of Rs.7500 would be added to your current limits.

b) When the loss is more than the additional releasable Margin on conversion to FuturePLUS i.e.Loss is more than Rs.12500.

When converting to Future PLUS if the LTP of the contract falls to say Rs.945, then in such a case,

Thus,on conversion to FuturePLUS the total amount that would be blocked is Rs. 15000 (Required Margin for FuturePLUS position) + 12500(Loss upto additional releasable margin) = Rs. 27500.

Thus in this case on 'Convert to FuturePLUS' no additional margin would be added to your current limits.

Is there any additional brokerage charged on Future positions converted to FuturePLUS?

No. The brokerage charge applicable would remain the same as it is in the case of Futures product.

Square Off all positions at Market feature will facilitate you to square off all open positions across all underlyings of a product at market with a few clicks. This link is available on open positions page for Future, FuturePLUS and Option products. There shall not be any pending order(s) in any of the contract of a product for using this feature. This feature cannot be used for selected positions and therefore you are advised to keep in mind the liquidity and impact cost in the open position contracts while using this feature. There can be huge differences between bid and offer prices in certain contracts due to less liquidity and squaring off those positions at market may fetch you unfavorable execution price.

. What other resources will the site offer me to help in taking smarter decisions for online futures trading?

Our site offers you a comprehensive set of resources like Derivatives School, My Index and Futures Pricing calculator to help you in making better decisions.

In "Derivatives School" you can get whole lot of information like introduction to futures and options, its application, pricing, various trading strategies etc.

"My Index" allow you to change the price of selected stocks and see its impact on index.

"Futures Pricing" facilitate you in finding the arbitrage opportunities. If futures price moves away from the fair price valuation, arbitrage opportunities will exist.

Under Price Improvement order for Futures, customer now will be able to place Futures Order with Price Improvement condition, where the Stop Loss and Limit price will change automatically w.r.t Market Price. Thereby, allowing customer with the facility of auto-updating the Stop Loss and Limit Price based on the Stop Loss update condition defined by I-Sec.

Stop Loss update condition for stocks can be seen from the 'Stock Lists' page.

You can place Price Improvement order any time in the normal session during market hours. Please note you cannot place orders in this product before or after market hours.

Only selected contracts have been enabled for trading under Price Improvement Order in Future. Only those contracts, which meet the criteria on liquidity and volume, have been enabled for trading under this product. I-Sec reserves the right to select the contracts for Price Improvement Order product and may, at its sole discretion, include or exclude any contract for trading in this product without any prior intimation.

Please visit stock list page under F&O transact where you can see the Price Improvement allowed flag will be Y for all enabled stocks and 'N' for disabled. You can also view the Minimum Trailing amount and SLTP Update Condition columns for enabled stocks.

You can place Price Improvement order by visiting the new 'Advanced Order' link under the F&O Transact section. You can also place Price Improvement order from Future buy/sell order placement page, where 'Place Futures Price Improvement Order' link is available.

Yes, you can place Price Improvement order at any time during market hours and even post market hours when the site is open for placing overnight orders.

. What will happen to my Overnight Price Improvement Order if next day's opening price is below or above SLTP Price?

If your Order (Buy/Sell) satisfies the SLTP Criteria then it will get triggered otherwise it will get trailed as per SLTP update condition. Consider the below scenarios:

a) Buy Overnight Price Improvement Order:

LTP at Overnight Order placement: 100

SLTP entered by Customer: 102

Limit Price: 104

Case 1: Now on next day if market opens at or above 102 i.e. SLTP price of your Price Improvement order then your order will get triggered immediately and execution will happen upto the Limit Price. This will help protect your losses on open positions in case of unfavorable market open on the next day. It will also help take positions at a better price for your new positions if the market starts trending in a specific direction.

Case 2: If on next day market opens below 102 i.e. SLTP price of your Price Improvement order then your order will get trailed at the next trail price as per the SLTP update condition defined by I-Sec for that underlying which is available on the Stock List page of our website.

b) Sell overnight Price Improvement Order:

LTP at Overnight Order placement: 100

SLTP entered by Customer: 98

Limit Price: 96

Case 1:

Now on next day if market opens at or below 98 i.e. SLTP price of your Price Improvement order then your order will get triggered immediately and execution will happen upto the Limit Price. This will help protect your losses on open positions in case of unfavorable market open on the next day. It will also help take positions at a better price for your new positions if the market starts trending in a specific direction.

Case 2: : If on next day market opens above 98 i.e. SLTP price of your Price Improvement order then your order will get trailed at the next trail price as per the SLTP update condition defined by I-Sec for that underlying which is available on the Stock List page of our website

You can convert your Price Improvement Order to Normal future Order using Modify link in the Order book. You can untick Price Improvement Order checkbox on the Order modification page to convert a Price Improvement order to normal Futures order. Further, if you choose to modify the order validity to IOC or Order type to Market while modifying existing Price Improvement order it will get modified to Normal Futures order. Please note once your Price Improvement order gets triggered the order becomes a normal futures order and the pending unexecuted order quantity automatically gets modified and resides as a normal Futures order in the order book.

. Can I Convert/Modify normal Future order to Price Improvement order? If yes, then how can I do so?

Yes you can convert Normal future Order to Price Improvement order using 'Convert to Price Improvement Order' link which is available in Order book against unexecuted pending Futures order. Once you convert your order it will be displayed with Y flag under the Price Improvement Order column of the order book.

You can differentiate Orders in Order Book through Price Improvement Order column , If it is 'Y' then it's a Price Improvement Order and If it is 'N' then it is Normal future Order.

. When does my Price Improvement Order become a normal Futures order i.e. Y flag becomes N in the order book under the Price Improvement Order column?

Please note that your Price Improvement Order automatically gets converted to normal Futures order in the below events:

1. If the Stop Loss is triggered for your Price improvement order and it remains pending then the pending order quantity is under N i.e. Normal Futures product. In this case you can modify your pending unexecuted order to Price Improvement Order if the underlying/contract is enabled.

2. If the Underlying/Contract gets disabled under Futures or for Price improvement order after you had placed your Price Improvement Order then it becomes N i.e. Normal Futures order after it falls under the modification process based on the next trail price. In this case the order would not be modified further and if you wish to you may cancel your order else it is likely to get executed if the last price reaches at exchange end and this order gets a match for execution.

You can visit online Order book and click the order reference number to view the order log where details like LTP, Trailing Amount entered ( difference between LTP and Stop Loss Trigger Price), initial Limit Price and initial SLTP at which the SLTP modification occurred shall be displayed.

. What is Stop Loss Update condition? Where can I see the SLTP update condition?

It is the price interval on the basis of which value of 'LTP at next SLTP update' is calculated. Once the LTP of the stock reaches or breaches this value then the Price Improvement order will trail with the updated SLTP and Limit price. You can visit the Stock List page and view the SLTP Update condition against the stocks which are enabled for Price Improvement Order.

For example, say LTP of NIFTY is 8000 and SLTP Update condition is 5.

For a sell order, this implies that if LTP moves to 8005 or above only then order will trail automatically by modifying the SLTP and Limit Price and if the LTP remains below 8005 then SLTP will remain unchanged.

For a Buy order, this implies that if the LTP moves to 7995 or below only then order will trail automatically by modifying the SLTP and Limit Price and if the LTP remains above 7995 then SLTP will remain unchanged.

You can modify order quantity, order validity, order type, SLTP, Limit Price and Trailing Amount.

. Can I place any order validity or any order type while placing Futures Price Improvement orders?

No. Futures Price Improvement orders are mandatorily limit orders with Stop Loss Trigger Price and with day validity. Hence IOC validity and or Market order type are not allowed while placing Price Improvement orders.

An order can be modified to a maximum of 96 times. Price Improvement order will not trail after effecting 96 number of modifications.

. What is Trailing amount? Is there any minimum trailing amount which must be maintained for Price Improvement order?

Trailing amount is the absolute price difference between LTP and SLTP for a Price Improvement order. You cannot keep this difference less than the minimum trailing amount defined for a stock.

Minimum trailing amount for a stock can be seen from the 'Stock list' page.

You can refer to the below example to have a better understanding of the Price Improvement order:

Assume, LTP of NIFTY is 8000 and SLTP Update condition is 10.

1) For a Sell Price Improvement order you enter SLTP as 7995 and Limit Price as 7990. Now if LTP moves to 8010 then order will trail with SLTP as 8005 and limit price as 8000. If LTP moves down to 8005 then order will get triggered and gets converted into a normal Futures order i.e. will not be trailed after it gets triggered. However, if the order remains pending i.e. unexecuted then you can again convert this Futures order to Price Improvement Orderusing 'Convert to Price Improvement Order' link against the pending order on the Order book.

2) For a Buy Price Improvement order you enter SLTP as 8005 and Limit Price as 8010. Now if LTP moves to 7990 then order will trail with SLTP as 7995 and limit price as 8000. If LTP moves up to 7995 then order will get triggered and gets converted into a normal Futures order i.e. order will not be trailed after it gets triggered. However, if the order remains pending i.e. unexecuted then you can again convert this Futures order to Price Improvement Order using 'Convert to Price Improvement Order' link against the pending order on the Order book.

. What will happen to my pending Price Improvement order if the SLTP Update condition is changed during the day?

If the SLTP update condition is changed during the day then the next trail (not immediate trail) of your pending Price Improvement order will happen according to the changed SLTP update condition.

. What will happen if my Price Improvement order gets triggered and remains pending?

Your Price Improvement Order will become a normal Future order as soon as it gets triggered. This means it will no longer have the Price Improvement feature and will not trail. However, if you want to trail the order for remaining quantity, you can convert the partly executed order in to Price Improvement order using 'Convert to Price Improvement Order' link against the pending order on the Order book.

. Will my part executed Price Improvement order trail for the remaining open quantity?

As explained above once your order gets triggered it will become a normal Future order which will not have the Price Improvement feature and hence won't trail. However, if you want to trail the order for remaining quantity, you can convert the partly executed order in to Price Improvement order.

Yes, your Price improvement Order will stop trailing and get converted into Normal future Order by System in case it does not meet any of the existing validations applicable to normal Futures product like price range, quantity or value checks etc. Also Price improvement trailing flag will become 'N' in Order Book.

. Can trailing be disabled during the day for already enabled underlying? What will happen to my existing order in such a case?

Yes, trailing can be disabled as per internal risk call by I-Sec and your Price Improvement order may stop trailing in case trailing gets disallowed for any reason during the day but your square off Price Improvement Order will continue to trail.

. What will happen if my Price Improvement order remains unexecuted during the day?

All unexecuted orders will get expired post market hours. You can place a fresh Price Improvement order for the next trading day.

Funds will be blocked as existing like Future. Margin percentage can be seen in Stock List page.

. What will happen to my Price Improvement Order if available limit is not sufficient to trail the Order?

Your Price improvement Order will stop trailing and get converted into Normal future Order by System in case, if available Limit is Insufficient to trail the order. Also Price improvement trailing flag will become 'N' in Order Book.

. Will my Price Improvement order trail when the price feeds for a stock are not received?

Your Price Improvement order will not trail for a stock whose price feeds are not received due to any reason.

. Will my Price Improvement order trail for the price feeds received when the order acknowledgement process is underway?

Your Price Improvement order will not trail for the price feeds received between the time when order modification is sent to the exchange and its acknowledgement is received.

. How will the settlement of my executed Futures Price Improvement order happen?

Once the Futures Price Improvement Order is executed it will be treated like any normal Futures trade and all the existing functionality and processes for Futures would continue for such executed Futures Price Improvement orders.

. What will be the brokerage charged on trades under Futures Price Improvement order?

Once the order is executed it will behave like normal Futures and existing brokerage plus other charges as applicable for Futures trades in your account would continue to apply to such Trades under Price Improvement Order feature.

Valid Till Cancel (VTC) Square off order is a new facility offered through ICICIdirect.com using which you can place buy and sell Square off Limit orders for open positions in Future contracts by specifying the date till which you want the order instruction to be valid, if not fully executed/cancelled/rejected . The period selected by you should be within the maximum validity date defined by ICICI Securities Ltd. (I-Sec) which will be the Expiry date of the respective contract chosen by you.

When you place a VTC Square off order, you give an order instruction to I-Sec such that if the order is not executed for the entire quantity, I-Sec will be authorised on your behalf to place fresh orders for the unexecuted quantity in your account on the subsequent trading days till the entire quantity is executed upto the net open position in that contract or till the validity expires or order is rejected or cancelled (due to any reason), whichever is earlier. The feature allows you to specify the maximum date to ensure that order is placed on your behalf by I-Sec everyday till the maximum validity date chosen by you.

Your Futures VTC Square off order will remain valid till the maximum valid date if the order remains unexecuted and if not cancelled / rejected and will be expired at the end of every trade date . At the end of day, after market hours (post order being expired), I-Sec will place overnight orders on your behalf at the same limit price and for the unexecuted quantity for the next trade date provided your validity date is less than or equal to the next trade date and your order is neither cancelled nor rejected.

For example, on trade date 13-08-2015, you can place a square off buy order with VTC order validity to square off your open position of 100 quantity of FUT-NIFTY-27-Aug-2015 at a Limit price of 8404.05 with order validity date 27-08-2015. Hence your VTC order will be valid till 27-08-2015 if not fully executed or cancelled or rejected.

No. You can place VTC Square off Orders only in Futures Product under F&O Segment.

. Can all clients of ICICI Securities Limited avail Futures VTC Square off facility?

Yes. All online existing and new clients of ICICI Securities Limited who are eligible to trade in Futures under the F&O segment can avail VTC facility for placing their Futures Square off orders.

. Can I place Buy Square off and Sell Square off orders with VTC order validity?

Yes VTC order validity is available for all square off orders under Futures product which could be both Buy as well as Sell square off orders .

No. You cannot place SLTP Futures Square off orders with VTC order validity. You can only specify the quantity to be bought or sold and the limit price at which the order needs to be placed.

No. Future Square off order with VTC order validity are allowed only with a Limit order type and you cannot place a market order with VTC order validity.

VTC Square off facility allows you to place buy/sell square off orders under Futures product for the unexecuted quantity of your Future open postion as per your limit price till your specified order validity date or till the entire quantity is executed, whichever is earlier provided your VTC order is not cancelled or rejected. With this facility if your square off order remains unexecuted on a specific trade date you are not required to login again for order placement and place the same orders repeatedly at your chosen Limit price. I-Sec provides you the flexibility of using this facility and providing the validity date, pursuant to which I-Sec will place the orders in your account on your behalf during the VTC order validity date.

. Do I need to allocate funds for placing Future Square off orders with VTC order validity?

No. Your Buy/Sell VTC Square off orders are similar to your Normal Square off orders except the validity date.

Order Validity Date means the date chosen by you while placing Future Square off orders with VTC order validity. This date has to be equal to or less than the maximum validity date defined by I-Sec (currently Expiry date of the contract) which would appear as the default date against the date field besides VTC order validity which will be the Expiry Date of the Contract. For example, if the maximum validity date defined by I-Sec is the expiry date then the order validity date can be less than or equal to the default date appearing against the date field besides VTC order validity. If the contract Expiry Date is August 27, 2015 then August 27,2015 would appear as the default date besides VTC order validity. In this case you can choose the VTC order validity date as less than or equal to August 27,2015.

You can specify the order validity date by selecting from the calendar available on the order placement page near the VTC order validity radio button. Alternatively, if the date is not selected, the default date, which is the maximum allowed validity date for such orders, will be considered by I-Sec as your validity date for the orders placed by you.

If your VTC order validity date falls on a non trading day, the order is expired by I-Sec on the last trading day which falls prior to such order valid date which is a non trading day. Post the expiry, the status of VTC order is updated as Expired (Closed).

For example:
You have placed a VTC request first on 23-07-2015 for squaring off 25 Quantity of NIFTY Future contract at a Limit price of Rs. 8600 with order validity date of 25-07-2015. In this case: Start Date = 23-07-2015 Thursday
Validity Date = 25-07-2015 Saturday i.e. Trading Holiday

Thereby, if on 23-07-2015 your order with VTC order validity date of 25-07-2015 remains unexecuted or partly executed, then I-Sec will place the same order for the unexecuted quantity as overnight order at end of day of 23-07-2015 for the next trade date i.e. 24-07-2015. If on 24-07-2015 the order still remains unexecuted then I-Sec will not place the order on subsequent trade day since the valid date 25-07-2015 is less than the next trade date (27-07-2015) this order would get Expired (Closed).

. Do I need to log in on every trade date to place the unexecuted Future Square off order having a future VTC validity date?

Once you have placed your VTC Square off order, I-Sec will place orders for the unexecuted quantity of your VTC order for all the days during the validity period or till the quantity is fully executed or canceled or rejected due to any reason. You need to login to your account only to monitor the status of such orders.

VTC Square off orders can be placed in all Future contracts that are available for trading in Futures segment.

You can place VTC orders on National Stock Exchange(NSE). Kindly note that VTC is an additional facility in the nature of a new order type offered by ICICIdirect.com to its customers and is not a product provided by Exchange.

Yes. You can place VTC Square off orders (only Limit order type) at any time during market hours and even post market hours when the site is open for placing overnight orders.

. How many VTC Square off orders can I place in a day? Is there any restriction on the number of contracts in which VTC Square off orders can be placed?

No, there are no such restrictions. You can place multiple VTC Square off orders in a day upto the open position quantity. Also, orders can be placed in different contracts as well as with different validity dates in the same contract upto the open position quantity after considering the quantity for which cover square off order already placed.

. What will happen in case there is a corporate action happening in the underlying in which I have placed VTC Square off order and order is still valid?

If a corporate action is announced in an underlying then such scrips are disabled by I-Sec for VTC overnight order placement on your behalf from Ex date - 1 day till Record date. If your VTC order in such scrip is still valid then your VTC Square off orders in such underlying contracts will get rejected during this period and orders will not be placed on subsequent days post rejection by the system. This is to safeguard your interest and avoid placement of orders at unrealistic prices due to the impact of corporate action. You are thereby requested to login into your account to see the status of orders in such contracts and place fresh Square off orders again at appropriate prices in case you wish to continue with VTC Square off orders in such scrips after corporate action has been completed.

. When would orders for the unexecuted quantity of VTC Square off orders be placed by I-Sec ?

If your VTC square off order remains unexecuted and is neither cancelled, nor rejected due to any reason, then daily orders for the unexecuted quantity will be placed as overnight orders by I-Sec during the validity period, i.e. until the order validity date is less than or equal to the next trade date.

The orders would be placed on the next trading day. Orders would be sent along with all overnight orders after market opens for trading on the next trading day. I-Sec would send these orders to Exchange post market opening on a best effort basis and cannot be held responsible for any losses incurred due to delays in sending these orders to the Exchange. You are required to monitor the status of these orders so that you can modify the VTC order price/quantity or place fresh order in case of rejection/cancellation, if you so desire.

You can view the details of VTC orders in your account under the normal F&O online order book.

To view further details of orders placed by I-Sec for the unexecuted quantity during the validity period, you can visit the Order placement log on the F&O Order Book. The Log is displayed on clicking the order reference hyperlink of your respective order. The Remarks column under the order log displays the "VTC Order" rejection/cancelation remarks, if any.

. How would I know that orders for the unexecuted quantity of VTC orders will no longer be placed by I-Sec?

You can view the status of your VTC orders by visiting the order book of your F&O trading page.

On clicking the order valid date against the respective order, if the 'Status' column displays as 'Rejected (Closed)' or 'Expired (Closed)'then the order would not be further placed by I-Sec as the same has been closed either due to rejection or expiry of the validity period.

If the same 'Status' column displays status as 'Expired' under the valid date hyperlink and valid date is more than the current trade date then the order is still valid and such expired orders would be placed by I-Sec for the unexecuted quantity.

. How can I differentiate between VTC order validity and other Future orders?

VTC orders will have a validity date as defined by you and will be displayed under the Valid Date/Order Ref. column in the order book. You can also view 'VTC order' remarks in F&O ORDER LOG to identify VTC order.

Yes. You can login to your account and visit the F&O order book to modify the quantity, limit price or Validity Date of your VTC orders. Please note that you will be able to modify the order only when the order is in 'Ordered status' (during market hours) or 'Requested status' (after market hours).

Yes. You can login to your account and visit the F&O order book to cancel your VTC orders any time when the order is in 'Ordered status' (during market hours) or 'Requested status' (after market hours).
Once you have cancelled your VTC order, your order would stand cancelled and thereafter no such VTC orders would be placed by I-Sec on your behalf.

. Is the brokerage rate different for normal Future transactions and VTC orders?

No. There is no change in the brokerage rates for your normal Future transactions and Futures VTC orders. The Brokerage rates and applicable charges are same for your normal Future transactions and VTC orders under the Futures product.

. If my VTC square off order quantity is greater than the available net open position quantity in that particular contract then will it be placed at exchange on the next trading day?

No. I-sec will place the VTC square off order (for unexecuted quantity) on the next day only if the VTC order quantity is less than or equal to the available net open position quantity in a particular contract.

The settlement of your VTC orders will be done in the same manner as that of normal Future transactions. Please click here to know more about settlement related FAQs.

. Would my rejected VTC orders be re-triggered /placed by I-sec for placing orders on my behalf ?

If your order is rejected due to the 'Price range reason' then only it will be re-triggered / placed by I-sec on next trading day.

Please note your VTC orders rejected due to any other rejection reason will be not be re-triggered / placed by I-sec.

For e.g. If Customer placed Future VTC order on 27 Nov 2017 and if it is unexecuted for the day. Then system will place VTC order for next trade date i.e. 28th Nov 2017 and if it is rejected due to Price range on that day i.e. 28th Nov 2017, then only system will place VTC Order for 29th Nov 2017. For any other rejection reason this rejected VTC order will not be placed for the next trade date i.e. 29th Nov 2017 onwards.

. Can I to cancel or stop VTC order which are rejected everyday due to price range ?

Yes, you can stop or cancel such orders which are rejected everyday using the facility 'Stop VTC' available on Order book. This link will appear only against the VTC orders rejected due to 'Price range' as they are resent by I-sec on your behalf. Such VTC orders will not be resent on next trading day.

Rollover is an additional facility which will help you to square-off your near month position and take a fresh position in the same direction in Middle/Far month contract of your choice. Rollover order will be 2 L(you may refer above FAQ on 2L) IOC(Immediate or cancel) order and both orders to have same number of lots.

No. Currently, rollover facility will be provided only for your Futures positions

No. Rollover order can be placed only for your Futures positions in the Near month expiry contracts.

Rollover facility will be provided only on National Stock Exchange of India (NSE).

A link named 'Rollover' will appear against your near month future positions on the open position page. You can click on this Rollover link to place rollover orders.

Once you click on Rollover link from your open positions page, a 2 Leg order placement page would open. From the same page you can place 2 orders, first being the square off order for your near month Future position against which Rollover link was selected and second order would be to create a fresh position in the same direction as that of the existing near month position. You can choose to select the second order in either middle month or far month contract. For both the orders under rollover, you can enter the quantity upto position quantity, select the order type as (Limit or Market) and enter appropriate price in case of limit orders. You can place same number of lots in both orders forming part of rollover and either both will get immediately executed or cancelled for the same number of lots depending on the match available at exchange end.

Yes. It is possible to place both Market and Limit orders under the Rollover facility. However, it is preferable to choose both the order type as market for smooth Rollover. You are requested to note that in case of market orders if the scrip is liquid and less volatile then execution may take place close to the current market price prevailing but in case of illiquid scrips and volatile market your execution price may vary from the current market price which was prevailing at the time of Rollover order placement.

No, Rollover order can be placed only upto the net open position quantity. You would need to consider the cover orders already placed against such positions for which the rollover facility is being used and Rollover only the balance open position quantity.

Yes, you can place part Rollover order against the open position quantity in multiple of the lot size.

For example: If you have buy position of 150 quantity in Nifty Futures February contract and lot size is 50, then you can place rollover orders for 50 or 100 or 150 quantity of your choice.

You cannot place rollover order, to the extent of a cover square off order quantity, which is already placed by you but you can still continue to place Rollover orders to the extent of remaining net open position quantity.

For example: If you have buy position of 150 quantity in Nifty Futures February contract and you have already placed cover square-off order for 50 quantity then you can place rollover orders only upto the remaining position i.e.100 Quantity.

Yes. Rollover facility will be available against both buy as well as sell open positions, if they are in the near month Future contract.

In order book, under the "Order Ref." column, a caption that "This is a Rollover Order" is provided to help you easily identify your rollover orders.

Rollover orders are 2L IOC orders and like other orders will get executed at exchange end, only if they get a suitable match. Since these orders are 2L IOC orders, if there is no match they stand cancelled on immediate basis. Thereby, it is preferable that you visit the online order book to check the status of your rollover orders and in case they are not executed you may choose to place rollover again.

. Will Rollover facility be available if I am mapped to SPAN or Non-SPAN margining?

Yes, Rollover facility would be available to you under both SPAN as well as Non-SPAN margining system.

No, You cannot place Rollover orders after market hours. Rollover facility is available only during market hours.

You will be able to rollover only contracts which are enabled for trading under Future product. You may visit the 'Select Contract' page displayed after clicking 'Place Order' page to know the list of contracts enabled for trading. In case all future month contracts are disabled due to liquidity then Rollover will not be allowed in that particular underlying.

. Will I be able to place Rollover order on the date of expiry of Futures contract?

Yes, you will be able to use the rollover facility till the date of expiry of the Futures contract provided that particular underlying is enabled for Rollover and contract is enabled for trading.

At the time of Rollover order placement, additional differential margin required will be computed after giving the effect of rollover trades in both the months as follows:

Additional margin required on Rollover = Margin required to take position in the new month contract - Existing margin blocked on near month position + Notional Loss/Profit of Near Month Futures contract

If you do not have sufficient limit to bring additional margin required on Rollover, then you will not be allowed to place Rollover order.

For Example: You have a near month position of 50 quantity Buy in NIFTY say Fut-Nifty- 28-Feb-2013 at Rs. 6080 and IM% is 8%. You now want to Rollover this entire position in Fut-Nifty-28-Mar-2013 at Rs. 6100 and the LTP of Fut-Nifty-28-Feb-2013 is 6075 at the time of rollover.

Then in the above example;

Existing Margin blocked = 6080*50*8% = 24320
New Margin required = 6100*50*8% = 24400
Notional Profit/(Loss) = (6075-6080)*50 = 250 Loss

Additional Margin required to Rollover = 24400 - 24320 + 250 = 330

Rollover link will be available if one of the spread contract positions is in the near month. Please note that if you place rollover orders in the same contracts as that of the existing spread position it may result into square off of the entire spread position and no rollover will happen. Thereby, you are requested to to use the rollover facility only in case of non spread positions and if you wish to square off your spread position it is preferable that you use the existing joint square off facility under Non SPAN or use the Rollover facility but this will result in square off of both the contract positions forming spread.

No. There are no additional charges for rollover and the existing brokerage and applicable statutory charges would be levied even on the Rollover transactions depending on the brokerage plan availed by you.

"FuturePLUS with normal margin" is a product under the exisitng F&O segment. In "FuturePLUS", customers would take buy/sell positions in future contracts with the intention of squaring off the position on the very same day before close of market hours. If, during the day, the price moves in favour (rises in case of a buy position or falls in case of a sell position), then customers would make a profit and vice versa.

To trade in FuturesPLUS, you have to deposit lesser margin as compared to that required for Futures. Thereby you can trade more in FuturePLUS than you can in Futures with the same limit.

With "FuturePLUS" you will be able to leverage more on your trading limit by taking buy/sell positions of higher value than what you are currently able to take in Futures.

To start trading in FuturePLUS you can accept the Terms & Conditions online for FuturePLUS by logging into your trading account.

. Where will I find the Terms & Conditions for FuturePLUS on logging into my account?

Once you are logged into your trading account with your user id and password, you can go to the F&O section and place order in FuturePLUS product type where you will be requested to accept the Terms & Conditions as a onetime activity before placing the first order.

Once you have accepted the Terms & Conditions you can start trading in FuturePLUS.

. Can I place transaction in FuturePLUS while I am mapped to SPAN margining?

Yes. You can place transactions in FuturePlus while mapped to SPAN margining but the margining for FuturePLUS is independent and will be done as per normal scrip wise margining system instead of portfoilo based margining system.

ICICIdirect offers you execution capability on the National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange (BSE). Please refer the last section on Specific FAQs with regards to BSE to know the main differences with regards to F&O trading on BSE.

Yes. Similar to Future & Options, you can also place transactions in FuturePLUS through Call Centre.

. Which stocks are eligible for FuturePLUS trading? Why is the stock list restricted to specific scrips only?

At present, selected stocks have been enabled for trading in FuturePLUS. Only those stocks which meet the criteria on liquidity and volume as decided by ICICIdirectare considered for FuturePLUS trading. The list of stocks is subject to change from time to time by ICICIdirect.

. Which contracts under an underlying are enabled for FuturePLUS trading? Why is the contract list restricted to specific contracts only under various underlyings?

ICICIdirect enables selected contracts under various underlyings for trading in the FuturePLUS segment. Only those contracts, which meet the criteria on liquidity and volume are considered for FuturePLUS trading. This is required as there may be a risk of lower liquidity in some contracts as compared to active contracts . As a result, your order may only be partially executed, or may be executed with relatively greater price difference or may not be executed at all. Thereby to safeguard your interest such illiquid contracts are disabled for trading on www.icicidirect.com. The list of contracts is subject to modification by ICICIdirect from time to time.

Yes, you can square off your open positions using the square off link on the Open Positions page when the contract is disabled for trading.

. Can I modify my square off order placed in disabled contracts or Banned underlyings?

Only enabled contracts will be displayed for trading on the site when you select contracts either through the 'Place order' link or the Stock list page on www.icicidirect.com.

In the "Place Order" page, you need to define the stock code and choose "FuturePLUS" available in the "Product" drop down box. On clicking on "Select contract", the whole list of contracts available for given stock code expiring in different months would be displayed. Depending on your interest, you can select one of the contracts by clicking on buy / sell link. It will take you to the buy / sell page. Here you may choose Fresh Order "With Normal Margin" radio button for placing normal FuturePLUS orders alternatively you may choose with Stop Loss Limit Margin option (click here to know FAQs on FuturePLUS with Stop Loss Limit Margin option). Values like, your E-Invest account no., exchange, contract details would be auto-populated. You need to define the required quantity, order type i.e. market or limit, order validity period i.e. day, limit price and stop loss trigger price if any.

. Can I short sell the shares in FuturesPLUS (i.e. sell shares which I do not hold in DP)?

Yes similar to Futures, you can short sell the shares in FuturesPLUS segment. There is no block on your holdings in the demat account.

. Can I buy in Futures and Sell the same contract in FuturePLUS? How will this be treated?

Yes. In this case the position gets squared off if you buy in Futures and Sell the same quantity in the same contract in FuturePLUS or vice versa. There is no difference between Future and FuturePLUS transactions for Exchange.But at ICICIdirect the two transactions would appear as open positions in Future Open Positions Page and FuturePLUS Open Positions page respectively.

. How do I differentiate between FuturePLUS orders and Futures Orders in the Order book?

There are different order books for Future and FuturePLUS orders respectively. The difference in these order books is the appearance of background colour in FuturePLUS order.

Initially, margin is blocked at the applicable margin percentage of the order value. For market orders, margin is blocked considering the order price as the last traded price of the contract. On execution of the order, the same is suitably adjusted as per the actual execution price of the market order. The initial margin percentage can be checked from the "Stock List" link on the FNO trading page for all underlying securities enabled under FuturesPLUS. You can check the Margin obligations on your FuturesPLUS position from the "Know Your Margin" link on FNO trading page.

. Would SPAN margin be charged to customers mapped to SPAN margining for FuturPLUS orders?

No. FuturePLUS margining is independent and would work under normal scrip wise margining system instead of portfoilo based margining system. Same margins would be charged for FuturePLUS to SPAN as well as Non SPAN customers.

. No. Margin percentage may differ from stock to stock based on the liquidity and volatility of the respective stock besides the general market conditions. Normally index futures would attract less margin than the stock futures due to being comparatively less volatile in nature. But all FuturesPLUS contracts within the same underlying would attract same margin %.

. Yes, margin % can be changed during the life of the contract depending on the volatility in the market. It may so happen that you have taken your position and 25% margin is taken for the same. But later on due to the increased volatility in the prices, the margin % is increased to 30%. In that scenario, you will have to allocate additional funds to continue with your open FuturePLUS position. Otherwise it may come in Intra Day Mark to Market (MTM) loop and squared off because of insufficient margin. It is advisable to keep higher allocation to safeguard the open position from such events.

. No. Margin is blocked only on FuturePLUS orders, which result into increased risk exposure. For calculating the margin at order level, value of all buy orders and sell orders (in the same Contract) is arrived at. Margin is levied on the higher of two i.e. if buy orders value is higher than sell order value in the same contract, only buy orders will be margined and vice versa. In other words, margin is levied at the maximum marginable order value in the same contract for FuturesPLUS.

As mentioned above, the higher of buy and sell order value in the same contract is margined. In the above given example, for ACC Jun contract Buy order value is greater since there is no sell order, hence Margin @ 10% would be levied on Rs.142880/-. For the ACC Jul 2008 contract sell order value is greater than buy order value. Hence margin would be levied at specified margin % of 10% on Rs. 143444

. What happens if buy or sell orders are placed when there is some open position also in the same underlying?

In such case, first the marginable buy/sell order quantity has to be arrived at. Marginable buy order qty is arrived at by deducting the open net sell position at contractlevel from the buy order quantity at contractlevel. Similarly marginable sell order qty is arrived at by deducting the open net buy position at contract level from the sell order quantity at contract level. Marginable buy / sell order value is then arrived at by multiplying the respective buy / sell order weighted average price with marginable buy / sell quantity. For order level margin, marginable buy order value and marginable sell order value would be compared and higher of two would be margined.
For example, if there was an open buy position of 188 shares in "Fut-ACC-31-Jul-2008".

Marginable buy and sell order quantity would be 188 and 188 respectively. Marginable buy and sell order value would be Rs. 141940 and Rs. 143444 respectively.

The same margin % applicable for orders will be levied at position level also. Position level margin is arrived at by applying the IM% on the value of net open position. For example, you have open buy position in Fut - ACC- 26 Jun 2008 for 100 shares @ 150 and IM % for ACC is 25%. In that case, margin at position level would be 15000 * 25% = 3750/-.

The margin is released after the FuturePLUS positions are squared off. The margin released is net off Margin blocked on Positions +/- Profit/Loss incurred on Square off.

Squaring off a position means closing out your FuturePLUS position. For example, if you have FuturePLUS buy position of 500 Reliance expiring on 26th June 2008, squaring off this position would mean taking sell position in 500 Reliance expiring on 26th June 2008. The order placed for squaring off an open position is called a cover order.

. How do I place a square off (Cover) order in FuturePLUS to cover my open positions?

You can place the square off order either through the normal buy/sell page or through a hyper link "Square off" on the "Open Position" page for FuturePLUS product.

. Is there any impact on the limit, on execution of a buy/sell order in FuturePLUS?

If it is an execution of a fresh order (i.e. an order which would result into building up an open position), the margin blocked gets appropriately adjusted for the difference, if any, in the order price at which the margin was blocked and the execution price. Accordingly the limits are adjusted for differential margin. If it is an execution of a cover order (order which would result into square off of an existing open position), the following impact would be factored into the limits:

. How is the profit and loss recognized on execution of square up (cover) orders?

Execution price of cover order is compared against the weighted average price at which the position was built up as shown in the "Open Positions for FuturePLUS" and profit/loss is calculated therefrom. For example, say you have a FuturePLUS position - 'Buy 200 Reliance Shares' in contract Futures - ACC- 26 Jun 2008 at an average price of Rs. 300 per share created through the execution of two orders - 'Buy 100 @ Rs. 310 per share' and 'Buy 100 @ Rs. 290 per share'. If you square off a part of the position by selling 50 Reliance Shares @ Rs. 305 per share, the profit on such square off would be calculated as: Quantity squared off * (Square off trade price - Weighted Average price of the position) 50 * (305 - 300) = 250
Profit or Loss for all your trading transactions can be checked from the "Portfolio Details" link on the FNO trading page for FuturePLUS product.

You can view all open FuturePLUS positions by clicking on "Open Positions" and thereafter selecting "FuturePLUS" under the product dropdown. The FuturePLUS positions table gives details such as underlying, contract details, buy/sell position, open qty, cover order qty, base price, current market price, total margin blocked on the open position and order level margin at underlying-group level.

'Convert to Future' (CTF) is an added feature provided under FuturePLUS product where one can convert his existing position under a contract in FuturePLUS to Future position of the same contract within the stipulated time prescribed by I-Sec. You will find the link of 'Convert to Future' in open positions page against each position under a contract in the column of 'Actions'. Once you choose to convert the existing open position to Future, following remark will appear "You are requesting to convert FuturePLUS position to Future".

. Can I choose not to square off a FuturePLUS position on the same trading day?

FuturePLUS is an intraday product wherein any position taken needs to be squared off on the same trading day or Convert to Future (CTF) till the end of the day by the customer itself. If customer doesn't place square off or does CTF for his position by the end of the day before the stipulated time, then following possibilities may arise, viz:
1) ICICI Securities may run End of settlement Square off process which will square off the open FuturePLUS position generally 3:15 pm onwards on best effort basis.However, I-Sec reserves the right to change the square off timing , if required, especially during volatile days.
OR
2) The FuturePLUS position may be compulsorily converted to future position by the system at the end of the day.

. How do I convert my FuturePLUS position into a Future position?

You will find the link of 'Convert to Future' in the 'Actions' column of FuturePLUS open positions page against each position under a contract. Once you choose to convert the existing FuturePLUS open position to Future position, a remark will appear stating "You are requesting to convert FuturePLUS position to Future".

. Can I convert part of the open position under a contract to Future position?

Yes. A part quantity out of the FuturePLUS position quantity under a contract can be converted to Futures position provided sufficient margin is available.

. Can I convert pending order / partly executed pending order from FuturePLUS to Futures order?

No. The orders placed in FuturePLUS cannot be converted to Futures orders. Only full open position under a contract is allowed to be converted from FuturePLUS to Future Position provided sufficient margin is available.

When FuturePLUS position is converted to a Futures position, the additional margin amount is required as applicable for Futures positions. The additional margin to be blocked on conversion would be the difference of the required margin for Futures and the already blocked margin for FuturePLUS position. The limit would be accordingly reduced with the differential amount of margin requirement. On conversion of FuturePLUS position to Future position the condition of Available Margin(AM)* and Minimum Margin(MM)* for the proposed Future position would be checked before blocking the additional margin amount required as follows:

1. If AM>=MM,of proposed Future position then additional margin required will be,

Initial Margin % required for Future position on Base price i.e.weighted average price of existing FuturePLUS position - Blocked Margin for existing FuturePLUS position.

2. If AM<MM, of proposed Future position then additional margin required will be,

Initial Margin required for future position on Base price i.e.weighted average price of existing FuturePLUS position - Available Margin for existing FuturePLUS position.

* Please refer below FAQs to know Available Margin and Minimum Margin

For both the above scenarios, if current limit is more than or equal to the additional margin required, only then you would be allowed to convert your existing FuturePLUS position to Future position.

For, example, consider the following scenario,

Particulars	Contract	Trade Flow	Qty	Base Price	IM%
FuturePLUS	FUT-RELIND-26-April-2012	Buy	250	1000	6.00%

Current limit available = Rs.50000/-

a) Margin blocked on taking Future PLUS position= 250*1000*6% = 15000.
    Current limit available after the position taken=50000-15000=35000
b) On Convert To Future, required Initial Margin for Futures = 250*1000*11% = 27500

1. If on conversion Available Margin is more than or equal to Minimum Margin for Future position.
    For the above mentioned scenario,in this case 1. CMP of the contract is considered as Rs.990 at the time of conversion

The calculations will be done for the proposed Future Position and following values will be checked:
    a. Required Initial Margin for proposed Futures position on Base Price = 250*1000*11% = 27500
    b. Required Minimum Margin for proposed Futures position = 250*1000*8% = 20000
    c. MTM Loss on existing FuturePLUS position = (990-1000)*250 = -2500
    d. Available Margin = 27500-2500 = 25000

In this case, Available Margin > Minimum Margin i.e. c > b,

Hence ,On "Convert to Future",
Additional Margin required = Initial Margin required for Future position - Blocked Margin for existing FuturePLUS position taken
= 27500 - 15000 (FuturePlus Margin Blocked)
= 12500 .
Thus, on "Convert to Future", Additional margin of Rs.12500 would be required. If current limit is not available to block the additional margin of Rs. 12500 then you will not be allowed to convert your FuturePLUS position to Futures position.

2. If on conversion Available Margin is less than Minimum Margin.

For the above mentioned scenario, in this case 2. CMP of the contract is considered as Rs.950 at the time of conversion

The calculations will be done for the proposed Future Position and following values will be checked::

    a. Required Initial Margin for proposed Futures position on Base price= 250*1000*11% = 27500
    b. Required Minimum Margin for proposed Futures position = 250*1000*8% = 20000
    c. MTM Loss = (950-1000)*250 = -12500
    d. Available Margin of proposed Future Position= 27500-12500 = 15000

In this case proposed Future Positions, Available Margin < Minimum Margin,

FuturePLUS Available Margin = 15000-12500 = 2500.

Hence ,On "Convert to Future",
Additional Margin required = Initial Margin required for Future position - Available Margin for existing FuturePLUS position.
= 27500 - 2500 (FuturePlus Available Margin)
= 25000

Thus, on "Convert to Future", Additional margin of Rs.25000 would be required. If current limit is not available to block the additional margin of Rs.25000 then you will not be allowed to convert your FuturePLUS position.

. What is Intra -Day Mark to Market? How does ICICIdirect call for additional margin during the Intra-day MTM process?

Once the available margin falls below the minimum margin, ICICIdirect may at its discretion at a suitable time run the Intra-day Mark to Market process. Through this process the system would block additional margin required out of the limits available, if any. In case there are no limits available the Intra-day Mark to Market process would square off the positions if the available margin falls below the minimum margin.

Minimum Margin is the margin amount, you need to keep available with us all the time for your FuturePLUS positions. Once the available margin with us goes below the minimum required minimum margin, ICICIdirect system would block additional margin required from the limit available.

Minimum Margin is calculated by taking MM % instead of IM% displayed on site for FuturePLUS.

Available margin is calculated by deducting MTM loss from margin blocked at position level.

.How do you calculate additional margin required for FuturePLUS positions when the available margin is below the minimum margin required?

In that case, margin required on executed position is re-calculated by taking CMP of respective FuturePLUS position(s) and the FuturePLUS IM % . Available margin as calculated above should now be compared with the required margin and amount for additional margin call is arrived at.
For example say you have bought 100 shares of Futures- ACC-26-Jun-2008 at Rs.150 and FuturePLUS IM is 20% and minimum margin is 10%. You would be having a margin of Rs.3000 blocked on this position. The current market price is now say Rs.130. This means the effective available margin Rs. 1000/- which is less than the minimum margin of Rs 1500/- and hence additional margin to be called in for. Additional margin to be calculated as follows:
(a) Margin available
Rs.3000
(b) Less : MTM Loss
(150-130)*100
Rs.2000
(c) Effective available margin
(a-b)
Rs.1000
(d) Minimum Margin
100*150*10%
Rs.1500
(e) Re-calculated margin
100*130*20%
Rs. 2600
a. Additional margin Call
(e-c)
Rs. 1600

. How do I check if there is a margin shortfall on any open position?

. What happens if limits are not sufficient to meet the additional margin requirements?

Our risk monitoring system/team may, at its discretion place a square off order at market rate to close the open FuturePLUS position. However, before placing the square off order all pending FuturePLUS orders in that underlying-group (contracts having same underlying) are cancelled by our risk monitoring system/team. Following are the sequence of actions taken by our risk monitoring system/team.
1. Cancel all pending FuturePLUS orders in that underlying-group and see if limits are now sufficient to provide for additional required margin. If yes, block the additional margin, else go to step (2).
2. Square off in Lot size of the near month contract in that underlying and group and see if limits are now sufficient to provide for additional required margin. If yes, block the additional margin, else go to step (3).
3. Square off in Lot size of the next month contract in that underlying and group and see if limits are now sufficient to provide for additional required margin. If yes, block the additional margin, else carry on the process in the same way till all the positions in that underlying and group is totally squared off.
However, it is clarified that if, for any reason, the risk monitoring system/team does not square off the open position even in a situation where the limits are not sufficient to meet additional margin requirements, it is ultimately the customer's responsibility to square off the open position on his own to limit his losses. Once a position has been created by the customer, he is solely responsible for the profits or losses emanating from such position. ICICI Securities Ltd is under no obligation to compulsorily square off any open position and in no circumstances, can be held responsible for not squaring off open positions or for resulting losses therefrom.

. What happens if the limit is insufficient to meet a margin call but there are unallocated clear funds available in the bank account?

. Can I do anything to safeguard the positions from being squared off during the Intra-day MTM process?

Yes, you can always allocate additional margin, on any open position. Since the Intraday MTM process is triggered when minimum margin required is more than available margin, having adequate margins can avoid calls for any additional margin in case the market turns unfavorably volatile with respect to your position. You can add margin to your position by clicking on "Add Margin" on the "Open Position - FuturesPLUS" page by specifying the margin amount to be allocated further. time you square off your position in that underlying.
Please note there is also an additional tracking tool provided to track your positions on the basis of Trigger Price and LTP. For more details you can refer below FAQs.

. What is the Trigger price displayed on Open Position page for FuturePLUS product?

Trigger price is just an additional tracking tool provided to track your positions to ascertain at what price level the position may get squared off on the basis of Trigger Price and LTP. However, you can continue to track your positions for intraday mark to market process on the basis of Available Margin and Minimum Margin accordingly you can allocate additional funds if Availabe Margin amount is displayed in red colour.
Trigger price is a price which indicates that your position may get squared off if LTP breaches the indicated trigger price.

No, trigger price will not be calculated immediately on order placement. Trigger Price gets calculated only once your Buy or Sell order in FuturePLUS product results into an executed trade and becomes an open position.

. Will Tigger Price be calculated for NON SPAN as well as SPAN based margining?

Trigger Price will be calculated for NON SPAN as well as SPAN based margining in Future PLUS product.

a. Trigger Price is calculated as follows in case of Buy positions:

Example: If you have Future PLUS buy position of 500 qty of Reliance at Rs 900 expiring on 26th December 2015 at IM of 11% and MM of 8%.
Trigger Price calculation for Future PLUS Buy Positions: WAP on Underlying level-(( Margin on Positions - ( WAP on Underlying Level * Open Pos Qty * Min margin percentage)))/ Open Position Quantity).
900-(49500-(900*500*8/100 ))/500) = 873

b. Trigger Price is calculated as follows in case of Sell positions:

Example: If you have Future PLUS Sell position of 1600 qty of ITC Limited at Rs 355 expiring on 26th December 2015 at IM of 14% and MM of 10%.
Trigger Price calculation for Future PLUS Sell Positions: WAP on Underlying level+(( Margin on Positions - ( WAP on Underlying Level * Open Pos Qty * Min margin percentage)) )/ Open Position Quantity).
355+(79520-(355*1600*10/100 ))/1600) = 369.20

Please note Trigger Price will be rounded up to the tick size for Buy positions and rounded down to the Tick size for sell positions.

. Will Trigger Price be recalculated on converting Futures positions to Future PLUS?

Yes. Trigger Price will be recalculated on converting Futures position to Future PLUS.

. In case of profit on a FuturePLUS position or where the Available Margin is in excess of the Margin Required, can I reduce the margin against the position to increase my limit?

No, any release of margin in excess of required margin (in profitable position) is possible on square off your open position completely.

. Is there EOD MTM (End of Day - Mark To Market) process in case of FuturePLUS

No. FuturePLUS being an intra-day product (i.e. the positions are squared off on the same trading day) there is no requirement of EOD MTM. The FuturePLUS positions converted to futures will go through all Futures EOD processes including EOD MTM.

Similar to Futures there is no "no-delivery period" concept in FuturePLUS. Even if stock is in no-delivery period, trading in futures will be as usual. There will not be any no-delivery period as it is in equity market

. Is it compulsory to square off the open FuturePLUS position within the same trading day?

Yes. It is compulsory to square off all your open FuturePLUS positions (net of what has already been converted to Future) within the same trading day.

. What is the stipulated time limit up to which the FuturePLUS positions need to be compulsorily squared off? What will happen if the FuturePLUS positions are not squared off within the stipulated time?

The stipulated time for compulsory square off will be displayed on the FuturePLUS open positions page of our site everyday. After the stipulated time, if your FuturePLUS positions remain open, the risk monitoring system will cancel all pending orders and square off the open FuturePLUS positions through the End of settlement Square off process on random basis anytime after the stipulated period on a best effort basis. The End of settlement Square off process would be run solely at the discretion of ISEC, we may also compulsorily convert FuturePLUS open position (if any) at the end of the day to Future positions and all the end of day obligations under Futures would be required to be fulfilled by you in cash for such converted positions.

. Can I do convert my FuturePLUS position to Future position instead of squaring up the position before the time limit expires?

. What happens if for some reason a FuturePLUS position remains open at the end of the day?

ICICIdirect's risk monitoring system would square off the positions but the onus lies on you to close out all open positions. If for some reason, the position remains open at the end of the day,it would be converted to futures and you will have to make all the necessary arrangements for funds for the daily settlement of the position and shall be fully liable for the consequences of the same.

Yes, In case the market wide open position for an underlying reaches a particular percentage specified by exchanges (NSE or BSE), the trading in that particular underlying is disabled by the exchanges. Accordingly ISEC would also disable the trading in that particular underlying during market hours. Further ISEC at it sole discretion may disable an underlying or any contract.

Yes. You can square off the open positions in the disabled underlying through 'Square off' link available on open positions page.

No. Currently ICICIdirect is not offering any hedging benefit between Futures and Options.

Yes. Shares as Margin facility is available for FuturePLUS. For more details you can refer FAQs on Shares as Margin.

Orders in Futures may get freezed at the exchange end. There are two types of Freeze orders specified by exchange:

The orders in F&O that get freezed appear with a blank status in the order book and the details of freeze can be seen in the order log by clicking on the order reference hyperlink.

The brokerage charge structure applicable for FuturePLUS is the same as prevailing for Futures.

. Is there any additional brokerage charged on FuturePLUS positions converted to Future?