<h1>Participation of standalone primary dealers in currency futures permitted subject to eligibility, position limits and risk management.</h1> Standalone Primary Dealers are permitted to participate in currency futures on recognised exchanges as a non-core activity provided they meet the minimum Net Owned Fund requirement and capital adequacy constraints. PDs may trade only on their own account, must observe exchange and aggregate position limits across currency pairs, and implement board approved risk management, systems and manpower. Market risk capital is the higher of a standardised charge or internal VaR; credit risk capital follows CCP exposure methodology with specified conversion factors. The Reserve Bank may restrict or withdraw permission for supervisory concerns.