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of <h1>SEBI Allows Scheduled Banks to Trade Interest Rate Derivatives for Proprietary Purposes Only; Exchanges to Amend Bye-laws.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) on January 20, 2004, authorizes stock exchanges to amend their bye-laws to allow certain banks to participate in the interest rate derivatives market. Eligible banks include those listed in the Second Schedule to the Reserve Bank of India Act, as well as specific national banks. These banks can only engage in proprietary trading and cannot act on behalf of clients or customers. Exchanges are instructed to update their regulations accordingly, inform their members, and report implementation status to SEBI in the January 2004 Monthly Development Report.
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