{"id":143723,"date":"2026-07-08T13:38:36","date_gmt":"2026-07-08T08:08:36","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=143723"},"modified":"2026-07-08T13:38:37","modified_gmt":"2026-07-08T08:08:37","slug":"fo-volumes-cool-rbi-margin-rule-vix-stt","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/","title":{"rendered":"F&#038;O Volumes Cool 20-25% as RBI Margin Rule Adds to VIX, STT Headwinds, Say Brokers"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>F&amp;O volumes cool 20-25% as RBI margin rule, effective 1 April 2026, raises cost of capital for prop desks. 100% collateral, 40% equity haircut. VIX, STT add further headwinds.<\/em><\/p>\n<p>F&amp;O volumes have cooled 20 to 25 percent in recent sessions, brokers say, as the Reserve Bank of India&#8217;s new margin norms for bank lending to capital market intermediaries raise the cost of capital for proprietary trading desks. The norms, brokers explain, are potentially reducing borrowed capital use and affecting overall market liquidity.<\/p>\n<p>The RBI&#8217;s Commercial Banks Credit Facilities Amendment Directions, effective from 1 April 2026, explicitly prohibit banks from funding proprietary trading by brokers, mandate 100 percent collateralisation of credit facilities to capital market intermediaries, and impose a minimum 40 percent haircut on equity pledged as collateral.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=fo-volumes-cool-rbi-margin-rule\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#Why_F_O_Volumes_Are_Falling_The_RBI_Margin_Rule_Explained\" title=\"Why F&amp;O Volumes Are Falling: The RBI Margin Rule Explained\">Why F&amp;O Volumes Are Falling: The RBI Margin Rule Explained<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#How_the_Margin_Rule_Compounds_VIX_and_STT_Headwinds\" title=\"How the Margin Rule Compounds VIX and STT Headwinds\">How the Margin Rule Compounds VIX and STT Headwinds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#What_Should_Investors_Watch_as_F_O_Volumes_Adjust\" title=\"What Should Investors Watch as F&amp;O Volumes Adjust\">What Should Investors Watch as F&amp;O Volumes Adjust<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#Frequently_Asked_Questions_FAQs\" title=\"Frequently Asked Questions FAQs\">Frequently Asked Questions FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#Why_have_F_O_volumes_cooled_20-25_percent\" title=\"Why have F&amp;O volumes cooled 20-25 percent?\">Why have F&amp;O volumes cooled 20-25 percent?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#What_is_the_RBI_margin_rule_affecting_F_O_volumes\" title=\"What is the RBI margin rule affecting F&amp;O volumes?\">What is the RBI margin rule affecting F&amp;O volumes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#How_does_the_RBI_rule_affect_proprietary_trading_desks\" title=\"How does the RBI rule affect proprietary trading desks?\">How does the RBI rule affect proprietary trading desks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#What_other_factors_are_adding_to_F_O_volume_headwinds\" title=\"What other factors are adding to F&amp;O volume headwinds?\">What other factors are adding to F&amp;O volume headwinds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#How_much_have_commodity_exchange_options_volumes_fallen\" title=\"How much have commodity exchange options volumes fallen?\">How much have commodity exchange options volumes fallen?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/fo-volumes-cool-rbi-margin-rule-vix-stt\/#Should_investors_be_concerned_about_falling_F_O_volumes\" title=\"Should investors be concerned about falling F&amp;O volumes?\">Should investors be concerned about falling F&amp;O volumes?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_F_O_Volumes_Are_Falling_The_RBI_Margin_Rule_Explained\"><\/span><strong>Why F&amp;O Volumes Are Falling: The RBI Margin Rule Explained<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Particulars<\/th>\n<th>Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Effective Date<\/td>\n<td>1 April 2026<\/td>\n<\/tr>\n<tr>\n<td>Key Change<\/td>\n<td>Ban on bank funding for broker proprietary trading<\/td>\n<\/tr>\n<tr>\n<td>Collateral Requirement<\/td>\n<td>100 percent collateralisation of bank credit to brokers<\/td>\n<\/tr>\n<tr>\n<td>Equity Haircut<\/td>\n<td>Minimum 40 percent, versus 12-25 percent earlier for liquid large caps<\/td>\n<\/tr>\n<tr>\n<td>Bank Guarantee Norms<\/td>\n<td>At least 50 percent collateral, of which 25 percent must be cash<\/td>\n<\/tr>\n<tr>\n<td>Reported F&amp;O Volume Decline<\/td>\n<td>20 to 25 percent, brokers say<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/sebi-registered-investment-advisor-india\"><strong>Get Broking and Capital Market Stock Guidance from a SEBI Registered Investment Advisor at Univest<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_the_Margin_Rule_Compounds_VIX_and_STT_Headwinds\"><\/span><strong>How the Margin Rule Compounds VIX and STT Headwinds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Brokers say the RBI margin rule is landing at a time when other factors are already weighing on F&amp;O volumes, including periods of elevated India VIX that raise options premiums and discourage retail participation, along with the securities transaction tax on options trades that has made high frequency strategies less economical since being revised. Together, these three headwinds, the margin rule, VIX driven cost swings and STT, are compounding the pressure on F&amp;O volumes across exchanges.<\/p>\n<p>Early data cited by market participants shows options premium average daily turnover on commodity exchanges falling by nearly 40 percent in the first few trading days after the norms kicked in, while cash and derivatives volumes on equity exchanges have also declined in the high single digit to low double digit percentage range.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Should_Investors_Watch_as_F_O_Volumes_Adjust\"><\/span><strong>What Should Investors Watch as F&amp;O Volumes Adjust<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors and traders should watch how exchange linked stocks and brokerage companies report the impact of lower F&amp;O volumes in their Q1 FY27 results, along with any further regulatory clarifications from the RBI or SEBI on margin norms. A structural decline in proprietary trading driven volumes could also affect market liquidity and bid ask spreads over time.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track market volumes and exchange stocks with daily research updates.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>F&amp;O volumes have cooled 20 to 25 percent as the RBI&#8217;s new margin rule raises the cost of capital for proprietary trading desks, compounding existing VIX and STT related headwinds, brokers say. Investors should track Q1 FY27 commentary from exchanges and brokerages, and consult a SEBI registered advisor before making trading decisions.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs\"><\/span><strong>Frequently Asked Questions FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_have_F_O_volumes_cooled_20-25_percent\"><\/span><strong>Why have F&amp;O volumes cooled 20-25 percent?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> F&amp;O volumes have cooled 20 to 25 percent as the RBI&#8217;s new margin rule, effective from 1 April 2026, raises the cost of capital for proprietary trading desks by requiring 100 percent collateralisation and a minimum 40 percent haircut on equity collateral.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_RBI_margin_rule_affecting_F_O_volumes\"><\/span><strong>What is the RBI margin rule affecting F&amp;O volumes?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The RBI&#8217;s Commercial Banks Credit Facilities Amendment Directions bar banks from funding broker proprietary trading, require full collateralisation of credit facilities, and mandate stricter bank guarantee norms with at least 25 percent cash collateral.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_does_the_RBI_rule_affect_proprietary_trading_desks\"><\/span><strong>How does the RBI rule affect proprietary trading desks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The rule prevents proprietary trading desks from using low cost, partially secured bank borrowing, forcing them to fund trading with their own equity capital, which raises costs and can reduce trading volumes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_other_factors_are_adding_to_F_O_volume_headwinds\"><\/span><strong>What other factors are adding to F&amp;O volume headwinds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Besides the RBI margin rule, brokers cite elevated India VIX, which raises options premiums, and the securities transaction tax on options trades as additional headwinds weighing on F&amp;O volumes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_have_commodity_exchange_options_volumes_fallen\"><\/span><strong>How much have commodity exchange options volumes fallen?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Options premium average daily turnover on commodity exchanges has fallen by nearly 40 percent in the first few trading days after the RBI norms took effect, according to market data.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_investors_be_concerned_about_falling_F_O_volumes\"><\/span><strong>Should investors be concerned about falling F&amp;O volumes?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Falling F&amp;O volumes primarily affect brokers, exchanges and proprietary trading desks rather than long term investors directly, though liquidity and spreads could be affected. Investors should consult a SEBI registered investment advisor for portfolio specific guidance.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why have F&O volumes cooled 20-25 percent?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"F&O volumes have cooled 20 to 25 percent as the RBI's new margin rule, effective from 1 April 2026, raises the cost of capital for proprietary trading desks by requiring 100 percent collateralisation and a minimum 40 percent haircut on equity collateral.\"}},{\"@type\":\"Question\",\"name\":\"What is the RBI margin rule affecting F&O volumes?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The RBI's Commercial Banks Credit Facilities Amendment Directions bar banks from funding broker proprietary trading, require full collateralisation of credit facilities, and mandate stricter bank guarantee norms with at least 25 percent cash collateral.\"}},{\"@type\":\"Question\",\"name\":\"How does the RBI rule affect proprietary trading desks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The rule prevents proprietary trading desks from using low cost, partially secured bank borrowing, forcing them to fund trading with their own equity capital, which raises costs and can reduce trading volumes.\"}},{\"@type\":\"Question\",\"name\":\"What other factors are adding to F&O volume headwinds?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Besides the RBI margin rule, brokers cite elevated India VIX, which raises options premiums, and the securities transaction tax on options trades as additional headwinds weighing on F&O volumes.\"}},{\"@type\":\"Question\",\"name\":\"How much have commodity exchange options volumes fallen?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Options premium average daily turnover on commodity exchanges has fallen by nearly 40 percent in the first few trading days after the RBI norms took effect, according to market data.\"}},{\"@type\":\"Question\",\"name\":\"Should investors be concerned about falling F&O volumes?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Falling F&O volumes primarily affect brokers, exchanges and proprietary trading desks rather than long term investors directly, though liquidity and spreads could be affected. Investors should consult a SEBI registered investment advisor for portfolio specific guidance.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>F&#038;O volumes have cooled 20-25% as the RBI&#8217;s new margin rule raises the cost of capital for proprietary desks, brokers say, adding to existing VIX and STT related headwinds.<\/p>\n","protected":false},"author":34,"featured_media":143787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[5007],"class_list":["post-143723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-fo-volumes"],"metadata":{"rank_math_internal_links_processed":["1"],"_edit_lock":["1783498120:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["842"],"rank_math_seo_score":["75"],"rank_math_title":["F&amp;O Volumes Cool 20-25% as RBI Margin Rule Adds 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