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#1
6th August 2008, 10:16 PM
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Currency Future Norms announced by SEBI
After months of deliberations, a joint panel of RBI and market regulator SEBI today decided to introduce currency futures in stock exchanges, a move which allows managing volatility in the value of rupee.
According to the final guidelines of the panel, only USD-rupee contracts of size USD 1,000 would be allowed. Besides, only persons who are residents in India are permitted to trade in futures. They would be allowed to purchase or sell currency futures for hedging their exposure to foreign exchange rate risk. All the contracts, the panel said, would be quoted in Indian rupee. Currency futures is a forex derivative contract to buy or sell one currency against other on a specified future date, at a price decided in the contract. According to the guidelines, the maturity of contract will not exceed 12 months. Earlier in May, a committee comprising eight members drawn from RBI and market regulator SEBI had proposed the introduction of currency futures market and suggested that NRIs and FIIs should not be permitted to participate in such markets. SEBI chief C B Bhave said yesterday that three entities had evinced in launching exchange traded currency futures Sources had said that the three firms are NSE, MCX promoter Financial Technologies and a consortium of HDFC, Kotak and SBI. When asked about the specific time-frame for the launch of currency futures, Bhave had said this was not in SEBI's hands as the three entities are in various stages of preparing software and setting up hardware for the purpose. So friends start learning Forex market too  Happy trading Chintan786 
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#2
20th August 2008, 12:54 PM
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Re: Currency Future Norms announced by SEBI
NSE starts currency futures trading from 29 Aug 2008... tht is next friday...... right now only ruppee - dollar is allowed by SEBI..With Contract lot size is 1000.
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