SEBI may impose additional margin requirements in times of high volatility in electricity futures
'Electricity has been categorised as a high volatile commodity, thereby attracting a high initial margin requirements. This will discourage undue speculative activity. Additional margins may be imposed in times of heightened volatility,' said Mr. Pandey at the event.
Electricity futures are future contracts with electricity as the underlying commodity which was introduced in order to arrest volatility in electricity prices and intended for manufacturers, power generators and distributors to hedge losses at times of price spike. The product was introduced after consultation with a joint working group with SEBI, NSE and Central Electricity Regulation Commission(CERC). The product will b monthly expiry and 95% of the market share in this product is with NSE and the rest with MCX. Trading in the product started on Monday.
'This is a very new product and will take time for stake holders to understand. The initial liquidity is expected to come from industry participants after which the financial participants will follow,' said Anindya Banerjee , Commodities analyst at Kotak Securities.
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