Multi Commodity Exchange trading volumes have come under pressure in the days following a recent Reserve Bank of India circular, with data showing daily options premium turnover down 38.2 percent, according to a brokerage note reviewing the exchange’s activity trends through early July.
MCX’s futures notional average daily traded value stood at Rs 54,400 crore on July 2, down 16 percent from the previous session, while options notional ADTV came in at Rs 3.25 lakh crore, also down 11 percent. Options premium ADTV, the key gauge of trading activity on the exchange, fell to Rs 5,772 crore on July 2 from Rs 6,853 crore a day earlier, a decline of 16 percent, and premium to notional ratio slipped to 1.78 percent.
The broader trend shows heightened volatility in daily volumes through the second half of June and into July. Premium ADTV had touched Rs 13,368 crore on June 24, its highest single day level in the dataset, before falling sharply through the following days to Rs 8,958 crore on June 25, Rs 7,614 crore on June 26 and Rs 6,493 crore on June 29. Futures notional ADTV followed a similarly uneven path, swinging between declines of over 50 percent and gains of over 60 percent on a day on day basis across several sessions in June.
On a monthly basis, June 2026 futures notional ADTV stood at Rs 59,088 crore, down 8 percent from May, while options notional ADTV rose 38 percent to Rs 12.19 lakh crore and options premium ADTV rose 8 percent to Rs 9,338 crore. The premium to notional ratio for the month came in at 0.77 percent, its lowest level in the dataset spanning April 2025 to June 2026, down from a peak of 2.09 percent in March 2026.
The brokerage note attributed the recent softness in daily activity to the RBI circular, though it did not specify the exact provisions of the circular driving the decline. The data suggests that while monthly options notional volumes have continued to grow through the first half of 2026, the more recent daily trend indicates a pullback in trading activity, particularly in options premium turnover, which is typically viewed as a more direct measure of retail and proprietary trading engagement on the exchange.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. The figures and securities mentioned are for analysis and illustration, not recommendations. Markets carry risk, and readers should conduct their own research or consult a registered financial adviser before making any investment decision.
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