文 / Savio Shetty 据印度最大证券交易所负责人表示，印度衍生品市场的监管收紧浪潮已基本结束。
By Savio Shetty The wave of regulatory tightening in India’s derivatives market is largely over, according to the head of the country’s largest bourse.
印度国家证券交易所有限公司（NSE）首席执行官 Ashishkumar Chauhan 周五在接受彭博电视台采访时表示，随着交易者适应更严格的规则，NSE 正在夺回股票期权的市场份额，且该交易所在商品领域也看到回暖迹象。
The National Stock Exchange of India Ltd. is regaining market share in equity options as traders adapt to the stricter rules, and the bourse is seeing a pickup in commodities, Chief Executive Officer Ashishkumar Chauhan said in an interview with Bloomberg TV on Friday.
Chauhan 在 NSE 股票上市交易的第二天表示：“衍生品收紧的周期大体上已结束。”此次上市终结了该交易所长达十年的上市征程。
“The cycle of derivatives tightening is broadly done,” Chauhan said a day after NSE shares made their trading debut, bringing an end to the exchange’s decade-long road to going public.
这番言论表明，NSE 在刚刚踏上上市公司新征程之际，可能迎来一个转折点。市场监管机构去年对 Jane Street Group 的打击，加上为遏制过度投机采取的其他措施，已让曾使印度成为全球期权领先中心的衍生品市场降温。这些措施改变了交易所核心盈利业务的经济模型，并迫使 NSE 下调了估值预期。
The comments signal a potential turning point for NSE just as it begins life as a listed company. The market regulator’s crackdown last year on Jane Street Group, coupled with other steps to curb excessive speculation, has cooled the derivatives market that had made India the world’s leading options hub. The measures have changed the economics of a business central to the exchange’s profitability and forced NSE to scale back its valuation expectations.
NSE 上市的期货和期权日均名义成交额从 7 月的 193 万亿卢比（约 2 万亿美元）下降 10% 至 8 月，为 2025 年 2 月以来最低。与此同时，规模较小的竞争对手 BSE Ltd. 该数据下降 34% 至 154 万亿卢比。
The average daily notional turnover for futures and options listed on the NSE declined 10% to 193 trillion rupees ($2 trillion) in August from July, the lowest since February 2025. Meanwhile, at smaller rival BSE Ltd., it fell 34% to 154 trillion rupees.
Chauhan 表示，周度股票期权仍占交易所收入的约 40%。NSE 在商品领域也正获得关注，Chauhan 视此为增长机遇，以便在交易所寻求超越股票衍生品实现多元化发展之际抓住机会。该交易所已提供挂钩原油和天然气的合约，并正与监管机构合作推进债券指数期货和期权。
Weekly equity options still account for about 40% of the exchange’s revenue, Chauhan said. NSE is also gaining traction in commodities, an area Chauhan sees as a growth opportunity while the bourse looks to diversify beyond equity derivatives. The bourse already offers contracts linked to crude oil and natural gas and is working with the regulator on bond-index futures and options.
最新的规则变化可能为此推进提供助力。印度证券交易委员会（SEBI）周四允许外国投资者交易更广泛的商品衍生品，包括非现金结算的非农产品合约。
That push could get a boost from the latest rule changes. The Securities and Exchange Board of India on Thursday allowed foreign investors to trade a broader range of commodity derivatives, including non-cash-settled non-agricultural contracts.
这一举措向全球基金进一步开放了印度的商品衍生品市场，并让NSE有机会吸引一类新的投资者。
The move opens more of India’s commodity derivatives market to global funds and gives NSE an opportunity to tap a new class of investors.
“希望他们中的许多人选择NSE作为其进行商品衍生品交易的首选场所，”Chauhan表示。
“I hope many of them select NSE as their trading venue of choice for commodity derivatives,” Chauhan said.