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The National Stock Exchange of India updates the conversion ratios for USD 1 million equivalent in the Currency Derivatives segment. The new ratios apply to EUR, GBP, and JPY currencies. Entities must maintain total positions across exchanges within the limit of USD 100 million equivalent. If a position exceeds this limit, clients must provide disclosure of underlying exposure to the Trading Member. These ratios take effect on October 29, 2026. The previous conversion factors remain valid until October 28, 2026.
What you must do
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[Image omitted. See the official document.]
[Image omitted. See the official document.]
| Download Ref No: NSE/SURV/76565 | Date: September 25, 2026 |
|---|---|
| Circular Ref. No: 741/2026 |
To All NSE Members,
Sub: Revised ratios for conversion of USDINR 1 million equivalent
This has reference to Exchange circular no(s). NSE/SURV/29575 and NSE/SURV/37410 dated April 29, 2015 and April 03, 2018 respectively regarding revision of limits relating to requirement of underlying exposure in Currency Derivatives segment.
Please note that the revised ratio for conversion of USD 1 million equivalent is as follows:
| USD 1 million | EUR 0.87 million |
|---|---|
| USD 1 million | GBP 0.74 million |
| USD 1 million | JPY 159.53 million |
Entities shall ensure that the position across Exchanges is within the prescribed limit of USD 100 million equivalent. If position is in excess of USD 100 million equivalent, clients shall provide disclosure of underlying exposure to Trading Member as per existing practice. The entities have to ensure that their positions remain within the limit prescribed in para 5 of Exchange circular no NSE/SURV/29575 dated April 29, 2015.
The above ratios shall be applicable from October 29, 2026, onwards. The conversion factor as provided in Exchange circular no. NSE/SURV/74902 dated June 25, 2026 shall continue to be applicable till October 28, 2026.
In case of any further queries, you may write to us at surveillance@nse.co.in
For National Stock Exchange of India Limited
Sareesh Koroth
Associate Vice President
Surveillance
