Margin and risk framework for exchange-traded interest rate derivatives established with transparent yield-curve computation and real-time margining. SEBI prescribes a regulatory framework for exchange-traded interest rate futures on notional government bonds and treasury bills, requiring SEBI approval, public disclosure of notional bond features, and cash settlement. Final settlement must use a zero coupon yield curve computed by an objective, publicly disclosed algorithm with published input data and historical parameter series. A portfolio-based margining regime using an exponentially weighted volatility estimator, price-scan ranges and minimum margin floors is required, together with calendar-spread charges, exposure and position limits, real-time margining where feasible, and prescribed procedures for mark-to-market settlement, margin collection and stress response.