| From livemint.com: The contracts will be quoted and settled in the local currency with a maturity of not more than 12 months. The path has been cleared for currency futures trading with both the Reserve Bank of India, or RBI, and the Securities and Exchange Board of India, or Sebi, the capital market regulator, releasing guidelines for such trading on Wednesday.
Only US dollar-rupee contracts with a size of $1,000 (Rs42,000) each will be allowed for trading. The contracts will be quoted and settled in the local currency with a maturity of not more than 12 months.
The membership of the currency futures market of an exchange will be separate from the membership of the equity derivatives segment or the cash segment, RBI said. Such an exchange will be subject to the guidelines of the capital market regulator...... Full Article: Source |