印度市场监管机构正考虑放宽非农商品衍生品的持仓限额，并修改部分农产品合约的交割规则，旨在深化交易并吸引更多真实套保者。
India’s markets regulator is considering easing position limits for non-agricultural commodity derivatives and changing settlement rules for some farm contracts, as it seeks to deepen trading and attract more genuine hedgers.
印度证券交易委员会（SEBI）主席图欣·坎塔·潘德在新德里举行的一次会议上表示，拟议变更旨在提升流动性和市场深度，同时不削弱风险控制。据董事会网站上发布的讲话稿显示。
The Securities and Exchange Board of India is seeking to boost liquidity and market depth without weakening risk controls, Chairman Tuhin Kanta Pandey told a convention in New Delhi, according a copy of his speech on the board’s website.
这些拟议变更是SEBI为扩大参与印度快速增长的商品衍生品市场、使其在管理价格风险方面更加有效而做出努力的一部分。监管层寻求降低套保者的准入门槛，同时确保交易量激增能转化为更好的流动性和价格发现。
The proposed changes are part of SEBI’s efforts to broaden participation in India’s fast-growing commodity derivatives market and make it more effective at managing price risks. The regulator is seeking to reduce barriers for hedgers while ensuring that a surge in trading volumes translates into better liquidity and price discovery.
SEBI还在起草指导方针，以在完成提案咨询后修改部分农产品衍生品的交割规则。潘德表示，从一开始就要求实物交割可能会阻碍某些合约的发展。
SEBI is also preparing guidelines to change settlement rules for some agricultural commodity derivatives after completing consultations on the proposal. Requiring physical settlement from the outset can impede the development of some contracts, Pandey said.
他说：“分阶段的方法可以让合约成熟，然后再强制实施实物交割。”
“A phased approach can allow the contract to mature before physical settlement becomes mandatory,” he said.
这些措施出台之际，印度商品衍生品市场交易激增。潘德表示，在4月1日开始的本财年前六个月，期货和期权的名义成交额达到约1538万亿卢比（约16万亿美元），已比上一整个财年高出11%。在截至3月的年度中，贵金属约占名义成交额的59%。
The measures come as trading in India’s commodity derivatives market surges. Notional turnover in futures and options reached about 1,538 trillion rupees ($16 trillion) in the first six months of the financial year that began April 1, already 11% higher than in the whole of the previous fiscal year, Pandey said. Bullion accounted for about 59% of notional turnover in the year ended March.
尽管如此，潘德认为，仅靠交易量上升不足以衡量市场的发展程度。
Still, rising volumes alone aren’t enough to gauge the development of the market, according to Pandey.
他说：“成功不能仅以成交额来衡量，而应看这些市场在多大程度上有助于有效管理风险。”
“Success must be measured not by turnover alone, but by how effectively these markets help manage risk,” he said.
SEBI还计划继续就影响通过交易所平台交割或接收商品的参与者的商品及服务税（GST）问题进行讨论。
SEBI also plans to continue discussions over goods-and-services-tax issues affecting participants that deliver or receive commodities through exchange platforms.
监管机构正单独审查关于到期日衍生品结算价格框架的担忧。它还希望通过扩大参与度、加强证券借贷以及更高效的套期保值和套利来深化现货市场。
The regulator is separately examining concerns over the settlement-price framework for derivatives on expiry days. It also wants to deepen cash markets through wider participation, stronger securities borrowing and lending, and more efficient hedging and arbitrage.
印度证监会（SEBI）已扩大外国投资者对商品指数和实物交割非农产品合约的准入。作为扩大可对冲风险范围努力的一部分，它推出了电力期货和天气衍生品。
SEBI has already widened foreign investor access to commodity indexes and physically settled non-agricultural contracts. It has introduced electricity futures and weather derivatives as part of efforts to expand the range of risks that can be hedged.