Futures Contract Specifications. Updated as on 19-December-09

Type of Contract	Futures Contract Specifications
Name of Commodity	NATURAL GAS
Ticker symbol	NATURALGAS
Trading System	NCDEX Trading System
Unit of trading	1250 mmBtu
Delivery unit	10000 mmBtu
Quotation/base value	Rs per mmBtu
Tick size	Rs 0.10 (i.e. 10 paise)
Quality specification	Should be of Standard Pipeline quality.
Basis	Ex- Hazira exclusive of all taxes, levies and other expenses
Delivery center	Hazira
Trading hours	Mondays through Fridays - 10:00 AM to 11:30 PM 10:00 AM to 11:55 PM (during US day light saving period) Saturdays - 10:00AM to 02:00 PM Expiry Date - at 11:30 PM / 11:55 PM * All timings are as per Indian Standard Timings (IST) *during US day light saving period
Due date/Expiry date	Trading in the contract shall cease on the fourth business day of the contract month, excluding Saturdays, prior to the first calendar day of the next month.
Penalty Structure	The penalty structure for failure to meet delivery obligations will be as per Circular no. NCDEX/TRADING-091/2007/235 dated October 4, 2007
Delivery specification	The buyer and seller shall give intentions of taking/giving delivery through the delivery request window at least three trading days prior to the expiry of the contracts and such intentions can be given during 3 days which would be notified separately. This will be matched by exchange for physical delivery as per the process put in place by the Exchange.
Delivery Logic	Intention Matching
Closing of contract	All open positions for which delivery intentions have not been received or for which delivery intentions have been rendered but remain unmatched for want of counterparty to settle delivery, will be cash settled at Final settlement Price on the expiry of the contract.
Opening of contracts	As per launch calendar
No. of active contracts	As per launch calendar
Price limit	Base daily price fluctuation limit is (+/-) 4%. If the trade hits the prescribed daily price limit, the price limits will be relaxed up to (+/-) 6% without any break/ cooling off period in the trade. In case the daily price limit of (+/-) 6% is breached, then after a cooling off period of 15 minutes, the daily price limit will be further relaxed up to (+/-) 9%. Trade will be allowed during the cooling off period within the price band of (+/-) 6%. In case of price movement in International markets which is more than the maximum daily price limit (currently 9%), the same may be further relaxed in steps of 3% with the approval of FMC.
Position limits	Client level: 50,00,000 mmBtu Member level: 2,00,00,000 mmBtu or 20% of the open market position, whichever is higher. The above limits will not apply to bona fide hedgers. For bona fide hedgers, the Exchange will, on a case to case basis, decide the hedge limits. Please refer to Circular No. NCDEX/TRADING-100/2005/219 dated October 20,2005
Special Margin	In case of additional volatility, a special margin at such other percentage, as deemed fit, will be imposed in respect of outstanding positions, which will remain in force as long as the volatility exists, after which the special margin may be relaxed
Final Settlement Price	The Final Settlement Price (FSP) of natural gas contract would be the international spot price of Natural Gas as polled by the Exchange and converted at the USD/Rupee exchange rate prevailing on expiry date.

Contract Launch Calendar

Launch Date	Expiry Date
22 December 2009	25 January 2010
22 December 2009	23 February 2010
29 December 2009	26 March 2010
27 January 2010	27 April 2010
24 February 2010	25 May 2010
27 March 2010	25 June 2010
28 April 2010	27 July 2010
26 May 2010	26 August 2010
26 June 2010	27 September 2010
28 July 2010	26 October 2010
27 August 2010	23 November 2010
28 September 2010	27 December 2010

Contract Launch Calendar of Natural Gas :-

Contract Launch Date	Contract Expiry Date
27 October 2010	25 January 2011
24 November 2010	23 February 2011
28 December 2010	28 March 2011
27 January 2011	26 April 2011
24 February 2011	25 May 2011
29 March 2011	27 June 2011
27 April 2011	26 July 2011
26 May 2011	26 August 2011
28 June 2011	27 September 2011
27 July 2011	26 October 2011
27 August 2011	25 November 2011
28 September 2011	27 December 2011

Members and market participants who enter into buy and sell transactions may please note that they need to be aware of all the factors that go into the mechanism of trading and clearing, as well as all provisions of the Exchange's Bye Laws, Rules, Regulations, Product Notes, circulars, directives, notifications of the Exchange as well as of the Regulators, Governments and other authorities.

Members and market participants trading on the Exchange in the commodity contracts shall be deemed to be aware of applicable laws and amendments thereof from time to time, including provisions and rates relating to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty, stamp duty, etc., applicable on the underlying commodity of any contract offered for trading.

The Exchange shall not be responsible or liable on account of non compliance by any of the members and market participants of any such applicable laws or any amendments thereof including not being aware of rates of taxes, levies, etc., on the underlying commodity of any contract offered for trading.