The Nairobi Securities Exchange (NSE) has implemented new initial margin requirements and contract sizes for single stock and equity futures. The changes, outlined in Market Notice 004DER/NSE/2025, became effective on Friday, September 19, 2025.
New Initial Margin Requirements (in KES)
The updated margin requirements vary by company and contract expiry date. The table below shows the new initial margins for contracts expiring in December 2025, March 2026, June 2026, and September 2026.
| Company | 18-Dec-25 | 19-Mar-26 | 18-Jun-26 | 17-Sept-26 |
| Safaricom Plc (SCOM) | 3,700 | 4,000 | 4,300 | 4,600 |
| KCB Group Plc (KCBG) | 6,700 | 7,100 | 7,500 | 8,000 |
| Equity Group Holdings Plc (EQTY) | 6,600 | 7,000 | 7,400 | 7,900 |
| ABSA Bank Kenya Plc (ABSA) | 3,300 | 3,400 | 3,600 | 3,800 |
| East African Breweries Ltd (EABL) | 5,000 | 5,200 | 5,500 | 5,700 |
| British American Tobacco Kenya Plc (BATK) | 6,400 | 6,500 | 6,700 | 6,900 |
| NSE 25 Share Index (N251) | 25,900 | 26,600 | 29,300 | 31,800 |
| Mini NSE 25 Share Index (25MN) | 2,300 | 2,600 | 2,900 | 3,100 |
| NCBA Group Plc (NCBA) | 7,700 | 8,400 | 9,100 | 9,800 |
| The Co-operative Bank of Kenya Ltd (COOP) | 2,800 | 2,900 | 3,000 | 3,200 |
| Standard Chartered Bank Kenya Ltd (SCBK) | 4,900 | 5,200 | 5,400 | 5,600 |
| I&M Group Plc (IMHP) | 6,000 | 6,100 | 6,300 | 6,500 |
| Mini NSE 10 Share Index (10MN) | 1,000 | 1,100 | 1,200 | 1,300 |
| Kenya Power & Lighting Co Plc (KPLC) | 6,300 | 6,500 | 6,700 | 6,800 |
| Kentgen Co Plc (KEGN) | 2,400 | 2,500 | 2,500 | 2,600 |
| Kenya Re Insurance Corporation Ltd (KNRE) | 1,200 | 1,300 | 1,400 | 1,500 |
| Liberty Kenya Holdings Ltd (LBTY) | 3,100 | 3,200 | 3,400 | 3,500 |
| Britam Holdings Plc (BRIT) | 1,200 | 1,400 | 1,500 | 1,700 |
Notable changes since the last review
The notice also highlighted the specific increases or decreases in margin requirements. For example, the margin for Kenya Power & Lighting Co Plc (KPLC) increased significantly across all contract expiry dates. Meanwhile, the margin for Liberty Kenya Holdings Ltd (LBTY) saw a decrease for the March 2026 contract.
| Company | 18-Dec-25 | 19-Mar-26 | 18-Jun-26 |
| Safaricom Plc (SCOM) | 900 | 1,000 | 1,100 |
| KCB Group Plc (KCBG) | 600 | 700 | 700 |
| Equity Group Holdings Plc (EQTY) | 600 | 600 | 600 |
| ABSA Bank Kenya Plc (ABSA) | 100 | 100 | 100 |
| East African Breweries Ltd (EABL) | 300 | 300 | 400 |
| British American Tobacco Kenya Plc (BATK) | 700 | 700 | 700 |
| NSE 25 Share Index (N251) | 1,000 | 1,300 | 1,500 |
| Mini NSE 25 Share Index (25MN) | 100 | 100 | 200 |
| NCBA Group Plc (NCBA) | 600 | 700 | 800 |
| The Co-operative Bank of Kenya Ltd (COOP) | 100 | 100 | – |
| Standard Chartered Bank Kenya Ltd (SCBK) | 200 | 300 | 300 |
| I&M Group Plc (IMHP) | 600 | 500 | 600 |
| Mini NSE 10 Share Index (10MN) | 100 | 100 | 100 |
| Kenya Power & Lighting Co Plc (KPLC) | 2,200 | 2,300 | 2,400 |
| Kentgen Co Plc (KEGN) | 600 | 700 | 700 |
| Kenya Re Insurance Corporation Ltd (KNRE) | 200 | 300 | 300 |
| Liberty Kenya Holdings Ltd (LBTY) | – | (100) | – |
| Britam Holdings Plc (BRIT) | – | – | – |
What this means for traders
Clients holding existing positions in the December 2025, March 2026, and June 2026 contracts may need to adjust their accounts. Depending on the changes, they will either receive a refund of initial margin or be required to top up their accounts to meet the new requirements.
For a detailed explanation of how initial margin is calculated, the NSE has made a guide available online here nse.co.ke/operational-procedures