NSE’s Currency Derivatives Segment has issued a corrigendum (Ref: NSE/CD/74278) to the earlier circular NSE/CD/74251 dated May 15, 2026. The update revises the contract specifications for Interest Rate Futures (FUTIRC) and Options (OPTIRC) on two Government of India (GOI) securities — 636GS2031 and 694GS2036 — which will be available for trading effective May 19, 2026.

Key Points

• Two GOI securities are being introduced for Interest Rate Futures and Options trading: 636GS2031 (6.36% coupon, maturity Feb 16, 2031, exclusion at expiry of January 2027) and 694GS2036 (6.94% coupon, maturity May 11, 2036, exclusion at expiry of April 2028).
• Both FUTIRC and OPTIRC instrument types are available for each symbol.
• Lot size is Rs 2 lakhs face value of GOI securities, equivalent to 2,000 units; orders must be placed in number of lots.
• Quantity freeze threshold is set at 1,251 lots — orders up to 1,250 lots will be permitted.
• The quarterly expiry contract of March 25, 2027 (25-Mar-27) does not apply to symbol 636GS2031.
• All other terms from the original circular NSE/CD/74251 remain unchanged.

Regulatory Changes

This circular corrects and supersedes specific contract details published in NSE/CD/74251 (May 15, 2026). The revised contract table now specifies updated expiry schedules, lot sizes, and quantity freeze limits for the two GOI security symbols.

Compliance Requirements

• Members must update their systems to reflect the corrected contract specifications for 636GS2031 and 694GS2036 before trading commences on May 19, 2026.
• Orders must be placed in terms of number of lots (not face value directly).
• Members must enforce the quantity freeze limit of 1,250 lots maximum per order.

Important Dates

• May 15, 2026: Original circular NSE/CD/74251 issued.
• May 18, 2026: This corrigendum (NSE/CD/74278) issued.
• May 19, 2026: New Interest Rate Futures and Options contracts go live for trading.
• Expiry of January 2027: Exclusion date for 636GS2031.
• Expiry of April 2028: Exclusion date for 694GS2036.

Impact Assessment

This corrigendum has a moderate operational impact on members active in the Currency Derivatives Segment who trade interest rate products. Clearing and trading systems may need to be updated to reflect the revised contract schedule, particularly noting the exclusion of the March 2027 quarterly expiry for 636GS2031. The lot size of Rs 2 lakhs and the quantity freeze at 1,251 lots align with standard GOI securities derivative norms, limiting systemic risk. Members should verify their order management and risk systems ahead of the May 19, 2026 go-live date.