Over the last 10 years or so, several other types of derivatives have begun trading in India. As you are aware, efforts are on for introduction of credit derivatives in India. Feasibility probes for foreign exchange futures have begun. Efforts are also on for an appropriate design for interest rate futures.
In the recent years, the regulatory ecosystem for financial derivatives has been sought to be made more effective and straightforward. Insertion of a new Chapter IIID to the RBI Act, 1934 by way of an amendment in 2006 has been a milestone in this regard, since this has provided legal clarity as regards OTC derivatives and has also defined regulatory domain and scope.