Revised Ratios for Conversion of USDINR 1 Million Equivalent
NSE circular NSE/SURV/74902 · 25 Jun 2026
Official record
Open source pageSummary
Check the official recordWhat changed
The National Stock Exchange of India updates the conversion ratios for USD 1 million equivalent in the Currency Derivatives segment. The new ratios are EUR 0.86 million, GBP 0.75 million, and JPY 159.28 million. 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 apply from July 30, 2026. The previous conversion factors remain in effect until July 29, 2026.
What you must do
- Provide disclosure of underlying exposure to the Trading Member if the position exceeds USD 100 million equivalent.
Key dates
- End date for previous conversion factors
- 29 Jul 2026
- Effective from
Document text
[Image omitted. See the official document.]
National Stock Exchange of India Limited
Circular
| Department: SURVEILLANCE | |
|---|---|
| Download Ref No: NSE/SURV/74902 | Date: June 25, 2026 |
| Circular Ref. No: 475/2026 |
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 0.86 million |
| USD 1 million | GBP 0.75 million |
| USD 1 million | JPY 159.28 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 July 30, 2026, onwards. The conversion factor as provided in Exchange circular no. NSE/SURV/73478 dated March 25, 2026 shall continue to be applicable till July 29, 2026.
In case of any further queries, you may write to us at surveillance@nse.co.in
[Image omitted. See the official document.]
National Stock Exchange of India Limited
For National Stock Exchange of India Limited
Binoy Yohannan Vice President Surveillance
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 25 Jun 2026
- Document number
- NSE/SURV/74902
- Issuing division
- SURVEILLANCE
- Effective date
- 30 Jul 2026
- Coverage area
- securities