Not all securities are treated equally. The haircut varies based on: 

• Volatility — A stock that swings wildly gets a higher haircut than a stable blue-chip stock.
• Liquidity — Securities that are harder to sell quickly attract a higher haircut. So generally, a bluechip company with high volume will have a lower haircut compared to a midcap or small cap stock with lower volume. 
• Security type — Liquid ETFs and government securities typically have lower haircuts (as low as 5–10%), while smaller or riskier stocks can have haircuts of 50% or more. 
• Exchange & SEBI guidelines — Regulators set minimum haircut levels, and ArihantPlus may apply additional margins based on its own risk policy.