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Sebi to introduce exchange-traded forex futures
June, 04th 2008

The Securities and Exchange Board of India (Sebi) will introduce exchange-traded currency futures in three months, the market watchdogs chairman C.B. Bhave said here Tuesday. Today, regulators have to see that our markets are as complete as they could be. In the next three months, you will see the start of exchange-traded currency futures in this country, Bhave said at an event organised by the Associated Chambers of Commerce and Industry (Assocham).

This will enable investors to manage volatility in the currency markets, he said.

He said currency futures are already allowed in Over-The-Counter (OTC) market.

It is not that we are not exposed to it at all. The attempt of the Sebi and the central bank is to create exchange-traded currency futures as they are far easier to be regulated and far easier to contain risks than the OTC market, he added.

The Indian markets have grown mature to absorb futures trading in currencies. The markets have also matured to take the benefits of their maturity to help SMEs (small and medium enterprises) to access funds from the market and a policy decision in this regard could also be taken in the near future, said Bhave.

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