As per NSE, there will be three weekly futures contracts expiring on every Tuesday of the week and the market hours will be same as that of the Futures &Options (F&O) segment.
"India VIX Futures will enable the participants to hedge and express views on the expected volatility," NSE said in a statement.
The India VIX futures can be used to hedge equity portfolios and held investors to take directional views on volatility, among others.
According to NSE, all market participants currently permitted in the F&O segment are permitted to participate.
Recently, the market regulator Sebi had approved the long-pending demand of the NSE to commence derivatives trading on the volatility index also known as 'India VIX'.
India VIX indicates the investor's perception of the market's volatility over the next 30 calendar days. Higher the India VIX values, higher is the expected volatility.
"Exchange is pleased to inform members that with reference to approval received from Sebi, futures contracts on India VIX shall be made available for trading in Futures & Options segment with effect from February 26, 2014," NSE said.
The 'India VIX' is computed using "the best bid and ask quote of the out-of-the-money near and mid-month NIFTY options contracts which are traded on the futures and options segment of NSE".
VIX is a trademark of Chicago Board Options Exchange (CBOE) and Standard & Poor's has granted a licence to NSE to use such mark in the name of the India VIX and for purposes relating to the India VIX.