Initial margin, exposure margin, mark to market aur margin call ki poori chain
Published by The Retail Trader · AUG 09, 2026 · Features
F&O mein sabse zyada confusion is baat par hota hai: 'maine to position band hi nahi ki, phir account se paisa kaise nikal gaya?' Jawab MTM hai, aur uske peeche poora margin system.
Futures ya short option ki position lene par aap contract ka poora value nahi dete. Aap ek deposit rakhte ho, jise margin kehte hain. Wo exchange ki guarantee hai ki agar position ulti gayi to nuksaan bharne ke liye paisa maujood hai.
Isiliye margin 'aapka investment' nahi hai. Wo block hui capital hai, aur uske upar bhi aapki zimmedari poore contract value ki hai.
Exchange ek risk model se nikaalta hai ki ek din mein position kitni ulti ja sakti hai; usse initial margin banta hai. Uske upar ek additional exposure margin hota hai, jo cushion ka kaam karta hai.
Ye percentages fix nahi hain. Volatility badhne par exchange margin badha deta hai — aur wo aksar tab badhta hai jab market pehle se gir raha ho, yaani jab aapke paas capital sabse kam hoti hai. Ye system ki khaami nahi, uska design hai.
Har din market band hone par aapki open position ko us din ke settlement price par naya hisaab milta hai. Jitna faayda hua, wo credit; jitna nuksaan hua, wo debit. Isko mark to market kehte hain.
Yahi wajah hai ki position abhi khuli hone ke baad bhi paisa aa-ja raha hota hai. Expiry tak aapka kul profit ya loss wahi rahega, par uska cash flow roz hota hai.
Chain kuch aise chalti hai:
• Position ulti gayi, MTM debit hua, available margin ghat gayi.
• Available margin required se neeche chali gayi — broker margin shortfall bata dega aur paisa daalne ko kahega.
• Paisa nahi aaya to broker position khud square off kar sakta hai, aur wo timing aapki nahi hoti.
• Shortfall par penalty bhi lag sakti hai, jo exchange ke rules se aati hai, broker ki marzi se nahi.
Poori available capital se position mat lo. Ek hissa hamesha khaali chhodo, sirf MTM ke jhatke ke liye. Jo trader poori margin use karke baithta hai, wo ek volatile din par sahi view rakhte hue bhi bahar phenka ja sakta hai — kyunki uske paas rukne ka kharcha nahi bacha tha.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.