Futures on volatility index, India VIX, started trading on the NSE on Wednesday with three weekly contracts — the near-contract expiring March 4, mid-contract expiring March 11 and the far-contract expiring March 18.

The underlying India VIX was flat on the first day of futures trading and closed at 13.9550, up 0.04 per cent.

The near NVIX futures contract opened at ₹1,396, hit a high and low of ₹1,458 ₹1,396, respectively. It eventually closed at ₹1,448.50.

Price of the futures equals the India VIX multiplied by 100. India VIX is quoted up to four decimal places with a tick value of 0.0025. For instance, if the India VIX index is quoting at 17.2225, the price of the India VIX futures would be ₹1,722.25.

Chitra Ramkrishna., MD and CEO, NSE said, “We have a very liquid options market and that really gave us the stepping stone to create a product of this stature. Three years of dissemination of the product (India VIX) and tracking of the product by one and all has given the comfort to all of you and, of course, to the regulator to approve this product.”

NSE said 227 members participated in NVIX trading on Wednesday.

The near-contract logged a volume of 2,710, open interest of 81,000 and traded value of ₹294.2 crore.

The mid-contract booked a volume of 209, open interest of 39,750 and traded value of ₹23.05 crore.

The corresponding numbers for the far contract were 68 (volume), 23,250 (open interest) and ₹7.66 crore (traded value) taking the Day One total to about ₹325 crore.

NSE has offered a rebate on India VIX transaction charges to its brokers till March 31.

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