SEBI, vide circular dated May 29, 2025, stipulated the client / entity level position limits for index options in terms of Futures Equivalent (FutEq) value of options contracts. The Trading Members (TMs) limits for index options, last stipulated vide circular dated October 15, 2024, are based on the notional value of the options contracts. As monitoring of position limits of TMs require aggregating the positions of clients of TMs, there is at present non-alignment in metric of positions measurement at client level and that at TM level. This consultation paper seeks feedback with regard to calculation and alignment of the existing TM position limits in terms of FutEq metric. Keeping in mind the aforesaid objectives, public comments are invited on the proposals outlined in the Draft Circular at Annexure 1 to this consultation paper and the comments or suggestions should be submitted latest by December 26, 2025