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of <h1>SEBI Allows Commodity Futures on Indices; Exchanges Must Follow Guidelines and Obtain Approval Before Launch.</h1> The circular issued by SEBI permits recognized stock exchanges with a commodity derivatives segment to introduce futures on commodity indices. Exchanges must adhere to guidelines for constructing commodity indices and product design, as detailed in the annexures. They are required to obtain SEBI approval before launching such contracts, providing at least three years of historical data. Exchanges must disclose open interest and other relevant data to the public, enhance monitoring and surveillance, and amend their rules accordingly. The circular mandates compliance with IOSCO principles and outlines the risk management framework for trading futures on commodity indices, effective immediately.
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