Expiry-Day ELM Calculator
Short index options that expire today carry an additional 2% Extreme Loss Margin. Work out how much before the session, not at 9:15.
Strikes step by 50
- ADDITIONAL ELM
- ₹32,500
- NOTIONAL
- ₹16,25,000
- LOT SIZE
- 65
- NEXT EXPIRY
- 03 Nov 2026
Additional ELM = strike × lot size × lots × 0.02. It applies only to short positions in index options that expire that day, on top of SPAN and exposure margin. The calendar-spread margin benefit on the expiring leg is also withdrawn that day, which this figure doesn't include. Your broker's margin calculator is the final number.
Who pays it
Since SEBI's October 2024 measures, short positions in index options that expire on a given day attract an extra 2% ELM on their notional value for that day. Long options and contracts that expire later aren't affected. On the same day, the margin offset for calendar spreads is withdrawn on the expiring leg.
The expiry calendar shows which days that applies to, and the weekly expiry guide covers the rules in full.