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SEBI's 5 Nov 2026 circular cuts the no-underlying-exposure limit for INR currency derivatives from USD 100 million to USD 5 million, across all INR pairs and exchanges.
SEBI Circular — Revision of limits relating to requirement of underlying exposure for currency derivatives contracts (official sebi.gov.in)
5 November 2026Eff. 5 November 202616 min
On 10 Oct 2026 the RBI cut the no-underlying forex derivative limit to USD 5 million, barred rebooking cancelled INR contracts, and introduced a 20% cash FERR on hedges above USD 2 million. Effective immediately.
RBI Announces Regulatory Measures for the Foreign Exchange Market
10 October 2026Eff. 10 October 202614 min