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<h1>SEBI Circular: Guidelines for Futures Trading, Contract Modifications, and Investor Protection in Commodity Derivatives Exchanges.</h1> The circular from SEBI addresses the permission for trading in futures contracts and modifications in contract specifications at the exchange level. It consolidates norms from the erstwhile Forward Markets Commission for National Commodity Derivatives Exchanges. Exchanges must submit detailed proposals for launching or renewing contracts, adhering to a checklist of required information. Continuous trading approval is based on volume and open interest, with conditions including compliance with exchange rules, prior notification of changes, and ensuring no speculative trading. Exchanges can modify certain contract specifications with prior notice. The circular aims to protect investors and regulate the securities market effectively.