CIRCULAR
SEBI/HO/MRD/MRD-POD-1/P/CIR/2023/12 January 11, 2023
The Managing Directors / Chief Executive Officers
All Recognized Stock Exchanges having Commodity Derivatives Segment
Dear Sir / Madam,
Sub: Allowing stock exchanges to launch multiple contracts on the same
commodity in commodity derivatives segment
1. It is SEBI’s constant endeavor to frame policies that encourage broader
participation of investors in commodity derivatives market. Stock exchanges
have represented to SEBI that due to requirement of single contract on a
particular commodity, except for gold, silver and precious metals, the
participation of investors, especially in metal contracts, is limited. Stock
exchanges have expressed their desire to launch multiple contracts on same
commodity to cater to all value chain participants.
2. The matter has been discussed in Commodity Derivatives Advisory Committee
of SEBI. Accordingly, after due consultations, it has been decided that stock
exchanges may be allowed to launch multiple contracts in same commodity.
3. The Circular shall come into force with immediate effect.
4. This Circular is issued with the approval of the competent authority.
5. The Exchanges are advised to:
5.1. take steps to make necessary amendments to the relevant bye-laws, rules
and regulations for the implementation of the same,
5.2. bring the provisions of this circular to the notice of the members of the
Exchange and also to disseminate the same on their website,
5.3. communicate to SEBI, the status of the implementation of the provisions of
this Circular.
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6. This Circular is issued in exercise of powers conferred under Section 11 (1) of
the Securities and Exchange Board of India Act, 1992, to protect the interests
of investors in securities and to promote the development of, and to regulate
the securities market.
7. This Circular is available on SEBI website at www.sebi.gov.in at “Legal 
Circulars”.
Yours faithfully,
Naveen Sharma
General Manager
Policy and Development -1 (Commodity)
Market Regulation Department
Email: naveens@sebi.gov.in
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