Margin Limits Enhanced for ETFs that are Pledged on Dhan

Hi Everyone,

Few weeks back we launched pledging of shares and equivalent scrips (Introducing: Pledge Shares for Margin Benefit) to extend more margin benefit to traders on Dhan. This pledge margin benefit helps traders a lot in risk and money management, and of course reduces the requirement of upfront capital when one has Shares & ETFs in their portfolio holdings…

We haven’t communicated much on this earlier, Dhan provides best in class pledge experience to its users - unmatched in the industry.

Some key highlights -

  • Margin benefit from Pledge is available on all segments - Equity, ETF, Futures & Options (Buying & Selling), Commodities and Currency.
  • Pledge Benefit you get across all exchanges - BSE, NSE and even MCX.
  • Pledged shares always appear in your portfolio, and hence your portfolio will show your true value always.
  • Pledge on Dhan is instant, and the pledge benefit is available for you through the entire trading week.
  • In-line unpledge, when you sell a pledged stock - it is unpledged in the sell request itself automatically. There is no need to first unpledge, and then pledge it again.
  • Pledge benefit is always available in real-time, and you can see hair-cut on every scrip in real-time as well.

Users can also pledge Exchange Traded Funds (ETF) & Sovereign Gold Bond (SGB) and get margin benefit, both in cash equivalent and non-cash category.

Following are the list of top pledged ETFs & SGBs, (as of April 2022).

Please note that Dhan Haircut is subject to change as per the exchange haircuts and our RMS policy. Please check this sheet for current haircut %

Cash Equivalent ETFs-

Name NSE Symbol BSE VAR NSE VAR Dhan HairCut
ICICI Prudential Liquid ETF ICICILIQ 8% 8% 8%
DSP liquid ETF LIQUIDETF 8% 8% 8%
Nippon India ETF Liquid BeES LIQUIDBEES 8% 8% 8%
Motilal oswal 5Y G-Sec ETF MOGSEC 12.5% 12.5% 12.5%
Nippon India ETF Long term Gilt NETFLTGILT 8% 8% 8%
LIC MF G-Sec Long Term ETF LICNETFGSC 8% 8% 8%
SBI ETF 10Y Gilt SETF10GILT 12.5% 12.5% 12.5%
Nippon India 5Y Gilt ETF NETFGILT5Y 12.5% 12.5% 12.5%

Top Non-Cash ETFs-

Name NSE Symbol BSE VAR NSE VAR Dhan HairCut
Bharat Bond April 2023 ETF EBBETF0423 8% 8% 8%
Bharat Bond April 2025 ETF EBBETF0425 8% 8% 8%
Bharat Bond April 2030 ETF EBBETF0430 8% 8% 8%
Bharat Bond April 2031 ETF EBBETF0431 8% 8% 8%
ICICIPrudential Nifty ETF ICICINIFTY 9.25% 9.27% 9.27%
Nippon India ETF Juinor BeEs JUNIORBEES 9.29% 9.31% 9.31%
Kotak Nifty ETF SETF10GILT 8.85% 8.86% 8.86%
Motilal Oswal NASDAQ 100 ETF NETFGILT5Y 10.04% 11.17% 11.17%%
Nippon India ETF Nifty BeES KOTAKNIFTY 9.22% 9.23% 9.23%
SBI-ETF Nifty 50 SETFNIF50 9.29% 9.31% 9.31%
Nippon India ETF Nifty Midcap 150 NETFMID150 10.58% 10.57% 10.58%

Cash Equivalent SGBs-

NSE Symbol BSE VAR NSE VAR Dhan HairCut
SGBAPR28I 10% 10% 10%
SGBAUG24 10% 10% 10%
SGBAUG27 10% 10% 10%
SGBAUG28V 10% 10% 10%
SGBAUG29V 10% 10% 10%
SGBD29VIII 10% 10% 10%
SGBFEB24 10% 10% 10%
SGBFEB29XI 10% 10% 10%
SGBJAN29IX 10% 10% 10%
SGBJAN29X 10% 10% 10%
SGBJU29III 10% 10% 10%
SGBJUL25 10% 10% 10%
SGBJUL27 10% 10% 10%
SGBJUL28IV 10% 10% 10%
SGBJUL29IV 10% 10% 10%
SGBJUN27 10% 10% 10%
SGBJUN28 10% 10% 10%
SGBJUN29II 10% 10% 10%
SGBMAR24 10% 10% 10%
SGBMAR25 10% 10% 10%
SGBMAR28X 10% 10% 10%
SGBMAY25 10% 10% 10%
SGBMAY28 10% 10% 10%
SGBMAY29I 10% 10% 10%
SGBMR29XII 10% 10% 10%
SGBN28VIII 10% 10% 10%
SGBNOV23 10% 10% 10%
SGBNOV24 10% 10% 10%
SGBNOV26 10% 10% 10%
SGBNV29VII 10% 10% 10%
SGBOC28VII 10% 10% 10%
SGBOCT25IV 10% 10% 10%
SGBOCT26 10% 10% 10%
SGBOCT27 10% 10% 10%
SGBOCT27VI 10% 10% 10%
SGBSEP24 10% 10% 10%
SGBSEP27 10% 10% 10%
SGBSEP28VI 10% 10% 10%
SGBSEP29VI 10% 10% 10%

Please note:

This list is as of date in April 2022, and this may change from time to time. For real-time benefit, you are requested to see this directly in the app or web.

Kuldeep Mathur
Risk Management


@kuldeep for cash equivalent which one i need to pledge - are you providing moneymarket fund something else

Hey @kuldeep @PravinJ ,

Looks like now Haircut % is more standardized compared to how few weeks before it was.

May I expect the above haircut % to be applied from tomorrow for the already pledged items like below? I see the 2% difference at the moment.

hi @amit Dhan collateral Haircut in LIQUIDBEES is same as Exchange define haircut in approved security list, Exchange allowed limit to broker on this haircut only you can refer here… ( * Haircut for Approved Securiites(csv)

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Hey @kuldeep ,

I thought it might be a software bug, but now I’m more confused.

CSV that you shared shows 10% and the topic you just posted today says 8%


Please clarify.



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Hi @riyas2831 for cash equivalent you need to pledge cash equivalent ETF , Sovereign Gold Bond and Gsec.
Money market instrument are not accepting for Pledge…

Hi @amit,

We review the haircut periodically. It is now synched with NSE suggested haircut, so the post has the latest information.

Hope this helps.

Dhan Customer Support

Hey @Dhan_Help ,

Thanks for looking into this.

How long should it take to reflect the latest data into the actual software?

1day over but still software working at the old rates.


hi @amit

the haircut in web/app is updated everyday in the morning, and percentage haircut you are seeing there is latest. The formula we use to decide haircut on pledge is maximum of exchange VaR + ELM and exchange approved haircut.

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@Naman @Dhan_Help ,

I think first you guys should get in sync.

It is now synched with NSE suggested haircut, so the post has the latest information.

So, once software is updated it should show me 8%

the haircut in web/app is updated everyday in the morning

Showing same old rate of 10% even after hard refresh of the browser page, so this morning update didn’t take place.


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Is Liquid funds and MMF in pipeline ?
i am only having these.

Liquids bees and other ETFs that trade have fix price have problem of unit payouts.
One cant keep pledging accumulated units and their returns suck as well.
Best is to use direct-Growth funds and not have to look at them again.

@PravinJ Gsec are not mentioned in cash aomponent please clarfy

Wanted to check if Motilal ETF 's will be available on DHAN ?
[The recently introduced ETF gold & Silver fund ]

Eagerly waiting for the entire Mutual funds on DHAN ( Navi , Principal, Mirrae asset etc…)

Yes, once the ETF is listed, it will be available on Dhan for trading.

Same here. Our team is on it to make the user experience best in industry :slight_smile:

Jay K.


Bharat bond ideally shouldn’t change as per RMS right.

Currently seeing a much higher haircut rather than 8%

Team pls fix this.

Title says ENHANCED but actually dont see any of the options where Dhan has enhanced compared to other brokers.

Please run a check on all the above options in the list

Reason : there are many traders pledging nowadays and every % matters when the capital is sizeable.

Hi @pavz,

Thanks for highlighting, we are updating this on our end.

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No pledgeing is allowed on NIPPON Silver ETF

Hi @HIR,

Nippon India Silver ETF is available for pledge.

Here is the list of shares available for pledging Dhan: Collateral Cash Equivalent for Margin Utilisation

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Thnx @Poornima

Bharat bond ( Cash component ) isn’t seen in the list

Pls check .

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