Indian Exchanges - Full Margin Norm Implemented; No Major Impact On Equities: ICICI Securities
Indian Exchanges - Full Margin Norm Implemented; No Major Impact On Equities Unlike Commodities: ICICI Securities
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ICICI Securities Report
We collated the turnover of National Stock Exchange to determine the impact on turnover post the implementation of fourth phase of margin norm.
Broadly, there has been no impact on derivatives turnover in all the four phases while there has been modest impact on cash turnover in the third phase.
However, there is a decline in retail mix (estimated) in both derivatives and cash turnover.
Retail mix has gone down from 31.5% in September 2020 to 28.6% in Sept-2021 in derivatives (while retail mix has declined from 44.6% to 39% during the same time period).
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