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Client Margin Reporting


Clearing Members (CMs) and Trading Members (TMs) are required to collect upfront initial margins and extreme loss margins from all their Trading Members/ Constituents.

CMs are required to compulsorily report, on a daily basis, details in respect of the margin amount due and collected, from the TMs/ Constituents clearing and settling through them, with respect to the trades executed/ open positions of the TMs/ Constituents, which the CMs have paid to NSE Clearing, for the purpose of meeting margin requirements.

Similarly, TMs are required to report on a daily basis details in respect of the margin amount due and collected from the constituents clearing and settling through them, with respect to the trades executed/ open positions of the constituents, which the trading members have paid to the CMs, and on which the CMs have allowed initial margin limit to the TMs.

CMs/ TMs are required to report details of initial margins and extreme loss margins collected from their TMs/ Constituents by uploading files to the /CDSFTP/X <CODE>/COLAT/UPLD directory on the Extranet Server or by uploading the files through the Collateral Interface for Members (CIM).

  • For TMs, the <CODE> specified in the directory is the 5 digit Trading Member Code allotted by NSE Clearing (e.g. 09999)
  • For CMs the <CODE> specified in the directory is the 5 digit Primary Member Code allotted by NSE Clearing (e.g. 09999 and not M12345 or C23456)

A return file is generated for all client margin reporting files uploaded by members.

Formats of files to be submitted by members and return files sent by NSE Clearing

  • Each row of the file MG 13 ('Client Margin File for Trading Members' provided to TMs) provides the details of margins for a specific constituent, as per the client code entered by the Trading members at the time of order entry.
  • Members are required to add a field (field 8) at the end of each row (for each constituent) in the file MG 13 representing the actual initial margin amount and extreme loss margin amount collected from that constituent.
  • The file should be uploaded in the Collateral Interface for Members (CIM) or the Extranet Server with the file name X_MRG_TM_<DDMMYYYY>_nn.CSV.

    Where :

    <DDMMYYYY> is the trade date

    and 'nn' is the batch number of the file.

    Members are required to provide batch number in every file they upload starting with 01. Thereafter subsequent files are required to have incremental batch numbers viz 02, 03 etc up to maximum of 99. This enables members to send multiple files for the same trade date with incremental batch numbers. Multiple files can be sent by the members till 5 working days after the trade date. Where multiple files are uploaded by members for a client for a trade day, the information of client margin collected as provided in the file with latest batch number for the trade day is considered as final by the Clearing Corporation.

    For eg. For the file to be uploaded by trading member 09999 for the trade date, the filename should be X_MRG_TM_ddmmyyyy_01.CSV.

    If the trading member has a client code 101 with margin reported as Rs.10000 in the file with batch number 01 and Rs 5000 in the file with batch number 02 then Rs.5000 reported in the latest file batch number 02 is considered by the Clearing Corporation.

  • The TM is required to append the initial margin amount and extreme loss margin amount collected from each constituent against the relevant record for the constituent in MG 13 file. This figure should not be negative.
  • The file format is comma delimited.
  • The file should be placed in the CIM or Extranet Server on or before the end of the T+5 day.
  • Members are required to ensure that no other record in the file is modified other than as detailed above. Any modification of a record results in such record being rejected by NSE Clearing.
  • Margins are required to be reported by TMs only for client positions.
  • Any variation in the file naming convention as specified above results in the file not being picked by the Clearing Corporation and this is treated as non reporting of client margin.
  • Members are required to ensure that the size of the file transferred to the CIM or extranet server is not '0' bytes. If the file size is '0' bytes, it is not picked up for processing and hence this will be treated as non reporting of client margin.
  • Each row of the file MG 12 (Detail Margin File of Clearing Members) provides the details of margins for a specific Trading member/ Constituent of the CM.
  • Members are required to add a field (field 7) at the end of each row (for each Trading member/ constituent) in the file MG 12 representing the actual initial margin amount and extreme loss margin amount collected from that Trading Member/ constituent.
  • The file should be uploaded in the CIM or the Extranet Server with the file name X_MRG_CM_<DDMMYYYY>_nn.CSV

    Where :

    <DDMMYYYY> is the trade date

    and 'nn' is the batch number of the file.

    Members are required to provide batch number in every file they upload starting with 01. Thereafter subsequent files are required to have incremental batch numbers viz 02, 03 etc up to maximum of 99. This enables members to send multiple files for the same trade date with incremental batch numbers. Multiple files can be sent by the members till 5 working days after the trade date. Where multiple files are uploaded by members for a client for a trade day, the information of client margin collected as provided in the file with latest batch number for the trade day is considered as final by the Clearing Corporation.

    For eg. For the file to be uploaded by clearing member having primary (trading) member code as 09999 for the trade date, the filename should be X_MRG_CM_ddmmyyyy_01.CSV.

    If the clearing member has a trading member 00001 with margin reported as Rs 10000 in the file with batch number 01 and Rs 5000 in the file with batch number 02, then Rs 5000 reported in the file batch number 02 is considered correct by the Clearing Corporation.

  • CMs are required to append the initial margin amount and extreme loss margin amount collected from each trading member/ constituent against the relevant record for the trading member/ constituent in MG 12 file.
  • The file is comma delimited.
  • The file should be placed in the CIM or Extranet server on or before the end of the T+5 day.
  • CMs are required to ensure that no other record in the file is modified other than as detailed above. Any modification of the record results in such record being rejected by the NSE Clearing
  • Any variation in the file naming convention as specified above results in the file not being picked by the Clearing Corporation and this is treated as non reporting of client margin.
  • Members are required to ensure that the size of the file transferred to the CIM or extranet server is not '0' bytes. If the file size is '0' bytes, it is not picked up for processing and hence this will be treated as non reporting of client margin

A return file is generated for all client margin reporting files uploaded by members. No return files are generated for the following files:

  • File with wrong naming convention: If the member has provided a file with naming convention different from that specified above, such files are not picked up by Clearing Corporation. This is treated as non reporting of client margin.
  • File with '0' bytes : If a file size is '0' bytes, it is not picked up for processing. This is treated as non- reporting of client margin.

In the CIM the return file can be viewed in Client margin Reporting>File download. The return file for Clearing members/ Trading members is placed in the directory CDSFTP/X<CODE>/COLAT/DNLD. The file naming convention and structure are detailed below:

Return files for Members:

In case of files uploaded through the CIM as well as the extranet, the return file is provided on the same day within an hour of file upload. In case of any errors in the file, the member can correct the same and upload on the CIM or the extranet server with incremental batch number anytime prior to Trade Date+5 days.

Two types of return files are generated for the members.

  • Rejected Files - where the whole file has been rejected.
  • Processed File Records - some or all records in the file have been rejected.

Rejected Files

File Naming convention for trading members:
X_MRG_TMF_TMCODE_<DDMMYYYY>_nn.CSV.

File Naming convention for clearing members:
X_MRG_CMF_CMCODE_<DDMMYYYY>_nn.CSV.

  • File loaded after the sign off date - Members are allowed to load the margin reporting file up to T+5 days. Accordingly, if a member does not upload the margin reporting file till the T+5 date, the same is treated as non reporting of client margin and such files are rejected with the reason 'File is not being processed as file upload date is greater than sign off date'.
  • File loaded for future date - If the member uploads the file for a future date, then the return file indicates the rejection reason as 'File is not being processed as file date is greater than system current date'. This is treated as non reporting of client margin.
  • Member uploads file for an invalid day - If a member is not required to report the client margin file for a day (say Saturday, Sunday, holiday etc.) and he still uploads the same, then the return file is rejected with the message 'File is not being processed as the member code is invalid for the file date'. This is treated as non reporting of client margin.
  • Member uses non-serial batch number in file name - If the batch number provided by the member for a trade date is not in sequence, for example if the member has uploaded two files for the trade date with file names X_MRG_TM_ddmmyyyy_01.CSV and X_MRG_TM_ddmmyyyy_03.CSV, the second file will be rejected with error message 'File is not being processed as file batch number is not proper. Last successful batch no for the day was 01'. This is treated as non reporting of client margin.
  • File in wrong format - If the member has provided a file which cannot be read by the system for example. a non csv file, then return file is rejected with the message 'File is not being processed as the file is not in format'. This is treated as non reporting of client margin.

Processed File Records

File Naming Convention for trading members:
X_MRG_TMR_TMCODE_<DDMMYYYY>_nn.CSV.

File Naming Convention for clearing members:
X_MRG_CMR_CMCODE_<DDMMYYYY>_nn.CSV.

After processing of client margin file, each record has a reason code indicating acceptance/ rejection, as the case may be. The details of reason codes are as follows:

Code Message description
01 Record size does not match for e.g. extra comma in the record
02 Date in record does not match with file date
03 Record is altered i.e. matching record does not exist in MG-13 file. Possible error in date/ client code/ margin amount.
04 Record pertains to proprietary position for trading member.
05 Record pertains to proprietary position for clearing member.
06 Margin amount collected is negative or non numeric.
07 Insufficient Margin
08 Sufficient Margin
  • For reason codes 1 to 6, the difference amount, represented by the difference between the margin reported and the margin payable, is not indicated in the return file. However for reason codes 7 and 8, the difference amount is indicated.
  • If the record contains multiple errors for e.g. reason code 1 as well as 6, the reason code which is the lowest in number appears against the record i.e. reason code 1.
  • If the member uploads the file in a different naming convention than as specified above, the file is not picked up by the Clearing Corporation and is treated as non-reporting of margin by the member and accordingly it invites suitable action as specified from time to time.

Penalty report for TMs/CMs

Penalty reports for Trading Members

  • Detail penalty for short/ non-reporting by trading members

Naming convention: X_PNL01_<MEMBER CODE>_DDMMYYYY.CSV 
Location: CDSFTP/X<MEMBER CODE>/ REPORTS/DNLD/PNL01 
File details and format:
Trade Date
Client Code
Shortfall Amount
Penalty Amount

Penalty reports for Clearing Members

  • Detail penalty for short/non reporting by clearing member

Naming convention: X_PNL02_<MEMBER CODE>_DDMMYYYY.CSV 
Location: CDSFTP/X<MEMBER CODE>/ REPORTS/DNLD/PNL02 
File details and format:
Trade Date
TM Code/CP Code
Shortfall Amount
Penalty Amount

  • Penalty for short/ non-reporting by trading members affiliated to clearing member

Naming convention: X_PNL03_<MEMBER CODE>_DDMMYYYY.CSV 
Location: CDSFTP/X<MEMBER CODE>/ REPORTS/DNLD/PNL03 
File details and format:
Trade Date
TM Code
Penalty Amount


Due date for Margin Reporting

The cut off day upto which a member may report client margin details to NSE Clearing is referred to as the sign off date. It is 5 working days after the trade day.

Short reporting of margins in Client Margin Reporting Files

Penalty is levied in case of short reporting by trading/clearing member as specified by SEBI. The penalty structure for the same is available in circular

Download circular for penalty structure (.pdf)

Download circular for Client Margin Reporting (.pdf)

Updated on: 05/03/2020
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