SEBI ko kyu fikar hai? 2020 se pehle, brokers 20–40× intraday leverage dete the. ₹5,000 ke account se ₹2,00,000 ka trade ho sakta tha. Ek gap-down aaya aur client ke paas woh paisa hi nahi tha jo woh utha chuka tha — broker ko loss khaana padta ya market destabilise ho jaati. SEBI ke peak-margin regime (phased Dec 2020 → Sep 2021) ne upfront margin collection ko zaroori kar diya taaki risk, capital se match kare.
Leverage ki definition se shuru karte hain — apne paison se exposure ka ratio:
Leverage L=Own MarginPosition Value
Broker ek margin percentagem maangta hai (position value ka woh fraction jo aapko lagaana padta hai). Aapka apna paisa tab m×Position Value hota hai. Substitute karte hain:
L=m×Position ValuePosition Value=m1
Margin ke do parts hote hain (yahi SEBI rule ka core hai):
m=Value-at-RiskVaR+Extreme Loss MarginELM
VaRnormal worst-case daily move ko cover karta hai (jaise 99% confidence).
ELMextreme tail events ke liye buffer hai (usually ~3–5%).
Toh equity intraday ke liye SEBI minimum upfront margin equals VaR+ELM hota hai (liquid stocks ke liye often ~20%), jisse leverage cap ho jaati hai:
Clearing corporation din ke dauran 4 random snapshots leta hai aapki positions ke. Har snapshot mein woh record karta hai ki aapko kitna margin hona chahiye tha. Aapka peak = unme se sabse zyada.
Peak Margin=max(m1,m2,m3,m4)×Position Value at that snapshot
Socho tum ek bicycle rent kar rahe ho. Tum ek chota sa deposit dete ho (margin) taaki crash hone par shop cover ho sake. Leverage aise hai jaise shop tumhe itni mehengi bicycle chalane de jo tumhare deposit se kaafi zyada value ki hai. Lekin ek strict inspector (SEBI) din mein random times par aata hai aur check karta hai: "Kya tumhara deposit abhi jo bicycle tum chala rahe ho uske liye kaafi hai?" Tum ek ghante ke liye mehengi bicycle nahi le sakte aur shaam ko wapas swap kar sakte — inspector ne tumhe pehle hi pakad liya hoga. Jis sabse badi bicycle par tum pakde gaye woh tumhara required deposit set karta hai: yahi peak margin hai.
What is leverage in terms of position value and own margin?
L=Position Value/Own Margin=1/m
SEBI ne peak margin rules kyu introduce kiye?
Upfront margin collection force karne ke liye taaki client ka risk capital se match kare aur brokers ko excessive hidden intraday leverage dene se roka ja sake.
Upfront margin m ke do components kya hain?
VaR (Value-at-Risk) + ELM (Extreme Loss Margin).
Din mein kitne random snapshots liye jaate hain aur peak margin kya hai?
4 random snapshots; peak margin = unme se observed maximum margin requirement.
Agar margin requirement 20% hai, toh max intraday leverage kya hai?
1/0.20=5×.
Close se pehle square off karna shortfall penalty se kyu nahi bachata?
Kyunki ek random snapshot ne pehle se zyada requirement record kar li hogi; peak margin end-of-day based nahi hoti.
Pehli baar ₹1 lakh se kam ke margin shortfall ki penalty kya hai?
Shortfall ka 0.5% per day.
Agar leverage L hai, toh broker effectively aapke har ₹1 capital par kitna udhaar deta hai?
(L−1) rupaye; aap ₹1 lagate ho aur ₹L control karte ho.
Pledged securities par haircut kya hota hai?
Security ki value ka ek percentage reduction usable margin mein count hone se pehle, volatile stocks par zyada hota hai.
