1) 91-Day Government of India (GOI) Treasury-Bill (T-bill)

• Client and FPI Category III:
  The gross open positions of the client across all contracts should not exceed 6% of the total open interest or Rs. 300 crores whichever is higher. The Exchange will disseminate alerts through its e-BOSS system whenever the gross open position of the client exceeds 3% of the total open interest at the end of the previous day's trade.
• Trading Member Level / FII / FPI Category I & II:
  The gross open positions of the trading member across all contracts should not exceed 15% of the total open interest or Rs. 1000 crores whichever is higher.
• Clearing Member Level:
  No separate position limit is prescribed at the level of clearing member. However, the clearing member shall ensure that his own trading position and the positions of each trading member clearing through him is within the limits specified above.
• FIIs/ FPIs:
  In case of FIIs or FPIs, ( registered with Securities and Exchange Board of India) the total gross long (bought) position in cash and Interest Rate Futures markets taken together should not exceed their individual permissible limit for investment in government securities and the total gross short (sold) position, for the purpose of hedging only, should not exceed their long position in the government securities and in Interest Rate Futures, at any point in time.

2) Position limit for IRF Contracts (Government of India Security)

Position limits for 8-11 year bucket*

• Non-institutions in Category II FPIs (i.e. individuals, family offices and companies), Mutual Fund (Scheme level) and other clients:
  3% of the total open interest in the respective maturity bucket or INR 400 crore, whichever is higher.
• Trading members, institutions in Category I and II FPIs (i.e. other than individuals, family offices and companies), banks and Primary Dealers, Mutual Funds (at AMC level), Insurance Companies, Pension Funds and Housing Finance companies:
  10% of the total open interest or INR 1200 crores, whichever is higher.

Position limits each for 4-8 and 11-15 years bucket*

• Non-institutions in Category II FPIs (i.e. individuals, family offices and companies), Mutual Fund (Scheme level) and other clients:
  3% of the total open interest in the respective maturity bucket or INR 200 crore, whichever is higher.
• Trading members, institutions in Category I and II FPIs (i.e. other than individuals, family offices and companies), banks and Primary Dealers, Mutual Funds (at AMC level), Insurance Companies, Pension Funds and Housing Finance companies:
  10% of the total open interest or INR 600 crores, whichever is higher.

*Additional restriction for FPIs:

The total gross short (sold) position of each FPI in IRF shall not exceed its long position in the government securities and in Interest Rate Futures, at any point in time. The total gross long (bought) position in cash and IRF markets taken together for all FPIs shall not exceed the aggregate permissible limit for investment in government securities for FPIs.

FPIs shall ensure compliance with the above limits. Stringent action shall be taken against FPI in case of violation of the limits.

• Clearing Member Level:
  No separate position limit is prescribed at the level of clearing member. However, the clearing member shall ensure that his own trading position and the positions of each trading member clearing through him is within the limits specified above.
  
• Exchange Level Overall Position Limit:
  At any Exchange, overall open interest on IRF contracts on each underlying shall not exceed 25% of the outstanding of underlying bond.