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of <h1>SEBI Circular: Position Limits in Interest Rate Futures Explained; No Immediate Unwinding Required if Open Interest Drops.</h1> The circular issued by SEBI addresses the framework for position limits in Interest Rate Futures contracts. It clarifies that position limits linked to open interest apply when opening a position and do not require immediate unwinding if total open interest drops within a maturity bucket. However, participants cannot increase or create new positions until they comply with limits. Exchanges may require compliance within a specified period for risk management. Exchanges and clearing corporations must implement systems, amend relevant regulations, inform members, and report implementation status to SEBI monthly. This circular aims to protect investors and regulate the securities market.
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