Chennai, Jan 5: Securities and Exchange Board of India (SEBI) Chairman M Damodaran today said the proposed new F and O products would be implemented in the market on fast track basis, once it gets clearance from the RBI.
Talking to newspersons here, on the sidelines of 'Symposium on Corporate Governance', organised by Committee on Corporate Governance, ICAI, he said ''we have already invited comments from the market on our seven new products, which would be introduced one by one on a fast track basis.'' ''First is already in the market- the mini futures,'' he said, adding the second one - Long Dated Futures - would be introduced in next ten days.
Long Dated Futures, which were derivative products where on exercise the options position was converted into a futures position instead of delivery of the underlying.
The SEBI board, at its meeting on November 14, 2007, cleared the introduction of seven new products such as mini-contracts in equity indices, options' contracts with longer life/tenure, F and O contracts on volatility index, options on futures, F and O contracts on bond index, exchange-traded currency (foreign exchange) F and O contracts and exchange-traded products involving different strategies.
He also informed that the proposed 'Volatility Index' would be introduced in this month.