"Long-dated futures is expected to be introduced in the next 10 days while the second one will be introduced a little later," according to Sebi chairman M Damodaran. Speaking to the reporters on the sidelines of a seminar on corporate governance in Chennai on Saturday, Damodaran said these are among the seven products approved by Sebi in November.
He said the volatility index is present only in a few matured Markets. "We are talking about a market that has high levels of volatility. Now we are offering you a product which says if you understand what volatility is and have a take on volatility, here is a product where you can express by way of investment in terms of what you understand of volatility," he said.
Damodaran added there were some other products which needed RBI clearance and Sebi was in the process of consulting the central bank in this regard.
Earlier at the seminar, Damodaran reiterated that there would be no dilution of Clause 49 (of the listing agreement) until an amendment is passed in Parliament. Clause 49 requires listed Companies to have half of their boards with independent directors if they have an executive chairman and one-third in case if they have non-executive chairman.
Recently, the ONGC chairman had sought relaxation of the clause for public sector undertakings saying it came in the way of level-playing field.
The seven products approved by the market regulator in November include mini contracts in equity indices, options contracts with longer life/tenure, F&O (futures and options) contracts on volatility index, options on futures, F&O contracts on bond index, exchange-traded currently F&O contracts and exchange-traded products involving different strategies.
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