SEBI vide CIR/DNPD/ 4 /2010 dated July 15, 2010 has decided to introduce physical settlement in equity derivatives. Stock exchanges have been allowed to settle stock options and futures contracts either on the basis of shares or cash. Stock exchanges may introduce physical settlement in a phased manner. On introduction, however, physical settlement for all stock options and/or all stock futures, as the case may be, must be completed within six months.
A copy of the circular is available here.
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