Out of the 108 applicants from NSE and BSE for whom Sebi has given approvalfor derivatives trading, the bulk of the members are from NSE.

NSE's futures contracts, based on S&P CNX Nifty index, will have a maximumof three month expiration cycle, the exchange said in a statement.

At any point of time, three contracts would be available for trading withone month, two months and three months to expiry. Therefore, on June 12three contracts will be introduced - expiring on June 29, July 27 and August31 respectively.

The Nifty futures contract will expire on the last Thursday of the maturingmonth and if the last Thursday happens to be a trading holiday, the contractwill expire on the previous trading day.

The permitted lot size for the Nifty contracts has been fixed at 200 whilethe tick size has been fixed at five paise.

Trading in derivatives will be conducted on all the days when the market isopen while the timings will be the same as for the normal segment.

NSE, incidentally has been ready for derivatives trading for sometime nowand was the first exchange to enrol members for participation in thissegment.

It was only waiting for Sebi approval of its members and the final gazettenotification before launching its product. BSE, which has already receivedthe final gazette notification, has not announced a date for launching itsproduct but it is also expected to commence in the first or second week ofJune.