India will allow the introduction of option contracts for commodities as part of a push to deepen trading in the market and to allow more hedging opportunities, the capital markets regulator said on Wednesday.

Securities and Exchange Board of India (SEBI) said in a statement that introducing options would help in the country's push "for the overall development of the commodity derivatives market."

The regulator said details would be provided at a later date.

India currently allows futures trading in commodity markets.

SEBI oversees commodity markets after absorbing previous regulator, Forward Markets Commission, last year.

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