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of <h1>SEBI Issues New Guidelines for Commodity Derivatives Hedging, Enforcing Position Limits and Mandatory Exchange Disclosures.</h1> The circular issued by SEBI outlines new guidelines for position limits for hedgers in the commodity derivatives market, effective from September 29, 2016. It consolidates previous norms set by the erstwhile FMC and introduces a Hedge Policy to facilitate genuine hedging activities. Exchanges are required to grant hedge limits beyond normal position limits, based on specific criteria such as export/import commitments and stock holdings. The guidelines ensure that hedging positions do not exceed actual market exposure and mandate due diligence by exchanges. Non-compliance may result in expulsion or trading prohibition. Exchanges must disclose hedge positions anonymously on their websites.
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