New Delhi, Oct. 1 -- The National Stock Exchange of India (NSE) has received a No Objection Certificate (NOC) from the Securities and Exchange Board of India (SEBI) to introduce futures contracts on a Corporate Bond Index, a move aimed at providing market participants with an exchange-traded tool for managing corporate bond market risk.

NSE said in a press release on Thursday that the proposed Corporate Bond Index Futures is intended to provide an additional avenue for risk management, portfolio hedging and price discovery, while supporting the development of India's corporate bond derivatives ecosystem.

The product is also expected to facilitate market making by allowing participants to manage the market risk arising from their corpora...