RBI and industry disagree on new interest rate future structure

Plans by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) to launch interest rate futures have met with resistance from the industry over the regulators' proposals for the tenors involved and whether the trades should be physically settled.

The two regulators are conducting a secret consultation process with member banks of the Fixed Income Money Market and Derivatives Association of India (Fimmda) on launching interest rate futures in the country. According