Estimate the SPAN margin, exposure margin, and total capital required for futures and options trading on NSE before you place your trade.
When you buy or sell a futures contract — or write (sell) an options contract — you are entering a leveraged position. The contract value can be many times larger than the cash you put up. To ensure you can honour your obligations if the market moves against you, NSE requires you to keep a minimum margin deposit in your trading account at all times.
This margin is split into two parts: the SPAN margin (covers the worst-case scenario loss under a range of market scenarios) and the exposure margin (an additional buffer to cover residual risks). Together they form the total initial margin you must have before your trade is accepted.
Margin is not a cost — it is collateral. If your trade is profitable, your full margin is released. If the market moves against you, losses are debited from this margin balance, and you may receive a margin call asking you to top up.
NSE uses its SPAN (Standard Portfolio Analysis of Risk) system to calculate the margin needed to cover the worst expected loss over a single trading day. It runs 16 price-volatility scenarios and takes the largest loss as the required SPAN margin. This is recalculated daily — sometimes intraday during high-volatility sessions.
Exposure margin is collected in addition to SPAN to cover risks that the SPAN model may not fully capture — such as gap openings overnight or extreme moves. For equity index F&O, it is typically 3% of the notional contract value. For individual stock F&O, it can be up to 5%. The sum of SPAN + Exposure = Total Initial Margin.
Margin requirements change daily based on market volatility. The values this calculator produces are estimates only. Always verify the exact margin for your specific contract with your broker's margin calculator or NSE's official SPAN calculator at nseindia.com before placing any trade.
Options buyers (long call or long put) pay only the premium upfront — no SPAN or exposure margin is required. Options sellers (writers) must maintain substantial margin capital throughout the trade because their potential loss is large or, in some cases, theoretically unlimited.
Select the contract type, enter the contract value and number of lots, then click Calculate
As an options buyer, you only pay the premium shown above. No SPAN or exposure margin is blocked in your account. Your maximum loss is limited to the premium paid.
Use these standard lot sizes to calculate your contract value before entering it into the calculator above. Lot sizes are reviewed periodically by NSE and may change.
| Instrument | Lot Size | Type | Example Contract Value @ ₹22,000 |
|---|---|---|---|
| Nifty 50 | 50 | Index | ₹11,00,000 |
| Bank Nifty | 15 | Index | ₹3,30,000 |
| Fin Nifty | 40 | Index | ₹8,80,000 |
| Midcap Nifty | 75 | Index | ₹16,50,000 |
| Sensex | 20 | BSE Index | ₹4,40,000 |
| Reliance Industries | 250 | Stock | — |
| HDFC Bank | 550 | Stock | — |
| Infosys | 400 | Stock | — |
| TCS | 175 | Stock | — |
| SBI | 1500 | Stock | — |
Lot sizes are subject to periodic revision by NSE. Verify the current lot size with your broker before trading.
