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. The bill to allow derivatives trading in the country is expected to come up for discussion in Parliament during the winter session.

Government proposes to start derivatives trading with futures trading on various stock market indices. NSE is planning to start derivatives trading with the S&P Nifty index to begin with, Patil said. Deputy MD Ravi Narain said there were about 90 members in the bourse's debt market segment, of which about 45 were inactive. It is likely that some of these inactive members may convert their memberships to futures and options (F&O) segment. According to NSE's F&O rules, members will need higher net worth similar to that required for WDM segment.