New Delhi, June 11 -- Two regulatory panels at the Securities and Exchange Board of India (Sebi) are evaluating ways to revamp margins on hedged positions in the derivatives market, said two people aware of the discussions, as the markets watchdog looks to improve risk management.

"The Risk Management Review Committee (RMRC) and the Secondary Market Advisory Committee (SMAC) are discussing ways to optimize and reduce margins wherever possible. The idea is to make the margin framework for calendar spreads more efficient," said the first of the two persons cited above, both speaking on condition of anonymity.

A calendar spread is a derivatives strategy which involves the simultaneous purchase and sale of two contracts on the same underlyi...