The exchange has also decided to allow its members of wholesale debt market segment to switch to futures and options memberships.

"We will start derivatives trading with three-month futures contracts and will allow wholesale debt market members to convert their memberships to derivatives memberships," managing director RH Patil said.

A three-months futures contract would allow a member to take a position on a stock or index having validity of a maximum of 90 days.

The contract will expire at the end of every month and will have to be again renewed if the member wants to and this can continue till the end of the third-month, he said.

After the third month, the members will have to sign a fresh contract.