Description
NSE introduces Interest Rate Futures and Options contracts for two Government of India securities effective September 12, 2025.
Summary
NSE will introduce Interest Rate Futures and Options contracts for two Government of India (GOI) securities starting September 12, 2025. The contracts will be available for 601GS2030 (6.01% coupon, July 21, 2030 maturity) and 668GS2040 (6.68% coupon, July 7, 2040 maturity) securities.
Key Points
- Two new GOI securities added for Interest Rate Derivatives trading
- Contracts include both Futures (FUTIRC) and Options (OPTIRC)
- Lot size: Rs 2 lakhs face value equivalent to 2000 units
- Quantity freeze at 1251 lots or greater
- Monthly and quarterly expiry options available
- Spread contracts with dual leg structure
Regulatory Changes
Implementation follows SEBI master circular No. SEBI/HO/MRD2/PoD-2/CIR/P/2024/181 dated December 30, 2024, regarding guidelines for underlying selection in Cash Settled Interest Rate Futures.
Compliance Requirements
- Members must download cd_contract.gz, cd_spd_contract.gz, and MII Contract & Spd files from Extranet paths /cdsftp/cdscommon
- Local database must be updated before trading on go-live date
- Orders must be placed in terms of number of lots
Important Dates
- Go-live Date: September 12, 2025
- Monthly Expiries: September 25, October 30, November 27, December 24, 2025
- Quarterly Expiries: March 26, June 25, 2026
- Exclusion Dates: June 2026 expiry for 601GS2030, June 2029 expiry for 668GS2040
Impact Assessment
This expansion of Interest Rate Derivatives will provide additional hedging and trading opportunities for market participants dealing with government securities. The introduction of longer-duration contracts (up to 2040 maturity) allows for better duration risk management across the yield curve.
Impact Justification
New derivative product launch affects trading participants but is limited to specific GOI securities