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<h1>SEBI Allows Stock Exchanges to Launch Cash-Settled Interest Rate Futures on 10-Year GoI Securities on Pilot Basis.</h1> The circular from SEBI permits stock exchanges to introduce cash-settled Interest Rate Futures (IRF) on 10-Year Government of India Securities. Two options are allowed: one with a coupon-bearing GoI security as the underlying, and another with a notional 10-year GoI security. The IRF is introduced on a pilot basis, with product features subject to review. Exchanges must submit proposals for SEBI approval before launching products, detailing contract specifications, risk management, and surveillance systems. Position limits are specified for clients, trading members, clearing members, and FIIs. The circular outlines trading hours, contract size, settlement mechanisms, and risk management frameworks.