MTF declines for first time in six months as leveraged positions ease
Outstanding margin trading positions fell 4.65 per cent to ₹1.44 trillion in October, ending five months of growth as investors moderated leveraged exposure, NSE data showed
 "MTF declines for first time in six months as leveraged positions ease")
Margin trading facility (MTF) positions declined for the first time in six months in October, indicating a moderation in the build-up of leveraged positions after sustained expansion in recent months.
The outstanding MTF book value fell 4.65 per cent month-on-month to ₹1.44 trillion as of October 30, down from ₹1.51 trillion in September end, according to data from the National Stock Exchange (NSE). This marked the first monthly contraction since March, when positions had declined 8.32 per cent.
MTF positions had risen consistently between April and September, gaining from ₹1.16 trillion to ₹1.51 trillion during the period. The facility saw particularly strong growth in May and August, when outstanding positions increased 8.75 per cent and 6.83 per cent, respectively.
October’s decline comes after a period of sustained expansion in margin-funded investing. MTF allows investors to buy shares by paying a portion of the transaction value upfront, with the broker funding the balance. A reduction in outstanding positions could indicate a pause in fresh additions to such positions.
It had crossed ₹1 trillion in September 2025 and continued to expand through the subsequent months, barring contractions in February and March this year.
As of October 30, HDFC Bank had the largest MTF position among individual stocks, at ₹3,007 crore, followed by Reliance Industries at ₹2,938 crore. BSE stood third with ₹2,386 crore, while Jio Platforms and Jio Financial Services accounted for ₹2,351 crore and ₹1,737 crore, respectively.
MARGIN TRADING FACILITY
Top 5 MTF Position overall (As on Oct 30)
Source: NSE Compiled by Business Standard Research Bureau
| As on - MONTH END | Margin Trading Position Value Rs Cr | % Chg MoM |
| Jan 2026 | 117,689 | 3.3 |
| Feb 2026 | 115,534 | (1.8) |
| Mar 2026 | 105,920 | (8.3) |
| Apr 2026 | 116,163 | 9.7 |
| May 2026 | 126,333 | 8.8 |
| Jun 2026 | 135,044 | 6.9 |
| Jul 2026 | 136,592 | 1.1 |
| Aug 2026 | 145,925 | 6.8 |
| Sep 2026 | 151,134 | 3.6 |
| Oct 2026 | 144,108 | (4.6) |
| Company | Qty in Mn | Value Rs Cr |
| HDFC Bank | 39.4 | 3,007 |
| Reliance Industries | 23.0 | 2,938 |
| BSE | 6.7 | 2,386 |
| Jio Platforms | 17.0 | 2,351 |
| Jio Fin Services | 69.7 | 1,737 |
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