The Jake Stephens-trained Gris Caro has not received a Caulfield Cup penalty for his Naturalism Stakes win.

Gris Caro earned a ballot exemption for the Caulfield Cup with his win in Saturday's Group Three Naturalism (2000m) at Caulfield.

He has 50kg in the Caulfield Cup and Racing Victoria's chief handicapper Greg Carpenter decided not to give him any more.

"It was a competitive renewal of the Naturalism Stakes again this year but with Gris Caro winning on the limit weight it was difficult to get him any higher in the handicap for the Caulfield Cup," Carpenter said.

"He beat Entirely Platinum by a short head with 2.5kg less in Saturday's Naturalism Stakes and has 1.5kg less in the Caulfield Cup, representing a 1kg turnaround for Saturday's narrow margin."

With Caulfield Cup weights expected to be raised 2kg to ensure a minimum topweight of 58kg, Gris Caro will carry 52kg.

Carpenter did penalise Gris Caro for the Melbourne Cup, giving him 1.5kg to take him to 52kg.

Gris Caro has yet to pass the first ballot clause for the Melbourne Cup.

Second acceptances for the $3 million Caulfield Cup are taken on Tuesday for the October 18 race.

Stephens came close to winning the Caulfield Cup two years ago when Alcopop was beaten in the final strides by French horse Dunaden.