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The National Stock Exchange of India introduces Interest Rate Futures and Options contracts for three Government of India securities. The affected symbols are 653GS2031, 657GS2033, and 706GS2041. Trading for these contracts begins on September 21, 2026. Members must download the updated contract files from the Extranet and update their local databases before trading starts. The lot size for these contracts is 2 lakh rupees face value, which equals 2000 units. The exchange sets a quantity freeze at 1251 lots or greater.
What you must do
Key dates
Who is affected
Thresholds
Ask about this circular
[Image omitted. See the official document.] [Image omitted. See the official document.]
| Department: CURRENCY DERIVATIVES SEGMENT | |
| Download Ref No: NSE/CD/76406 | Date: September 17, 2026 |
| Circular Ref. No: 34/2026 | |
All Members,
Interest Rate Derivatives contracts of Government of India (GOI) securities
With reference to item no. 1.13 of Exchange consolidated circular ref. no. 67722 dated April 28, 2025 and the guidelines pertaining to the selection of underlying for trading in Cash Settled Interest Rate Futures specified by SEBI vide master circular No. SEBI/HO/MRD2/PoD-2/CIR/P/2024/181 dated December 30, 2024, members are requested to note that Exchange shall introduce Interest Rate Futures and Options contracts for following symbol which will be made available for trading w.e.f. September 21, 2026:
| Instrument | Symbol | Coupon | Maturity | Exclusion Date |
|---|---|---|---|---|
| FUTIRC | 653GS2031 | 6.53% | 07-Sep-31 | Expiry of August, 2027 |
| OPTIRC | ||||
| FUTIRC | 657GS2033 | 6.57% | 17-Aug-33 | Expiry of July, 2029 |
| OPTIRC | ||||
| FUTIRC | 706GS2041 | 7.06% | 27-Jul-41 | Expiry of June, 2030 |
| OPTIRC |
Details of the contracts available for trading are as mentioned below:
| Monthly Expiry | Quarterly Expiry | Spread Contract's Expiry | |
|---|---|---|---|
| Leg 1 | Leg 2 | ||
| 24-Sep-26 | 31-Dec-26 | 24-Sep-26 | 29-Oct-26 |
| 29-Oct-26 | 25-Mar-27 | 24-Sep-26 | 26-Nov-26 |
| 26-Nov-26 | 24-Jun-27 | 29-Oct-26 | 26-Nov-26 |
| Lot Size | Rs 2 lakhs face value of GOI securities equivalent to 2000 units. Members shall place orders in terms of number of lots. | | Quantity Freeze | 1251 lots or greater i.e. orders having quantity up to 1250 lots shall be allowed. |
Kindly download cd_contract.gz, cd_spd_contract.gz, MII – Contract & Spd files from Extranet paths /cdsftp/cdscommon and update the local database before trading on the go live date.
[Image omitted. See the official document.]
Continuation Sheet
For and on behalf of
National Stock Exchange of India Limited
Khushal Shah
Associate Vice President
| Toll Free No | Email id |
|---|---|
| 1800-266-0050 (Option 1) | msm@nse.co.in |
