The revised draft guidelines will be put in public domain in due course. Meanwhile we welcome any feedback on the above issues even at this stage. III. Interest rate futures  38. Interest Rate Futures (IRF) contracts on 10-year notional coupon bond were launched on NSE on August 31, 2009. Persons resident in India and FIIs have been permitted to participate in the market.
In the Indian context, however, with issuance of Government bonds for different maturities up to 30 years the sovereign risk free curve does exists. There is, however, an issue relating to having a smooth yield as also almost flat nature of the curve beyond 10 years since trading is confined to a few points, particularly in the 10 to 14 year segment.