The Securities and Exchange Board of India (Sebi) has proposed several reforms to enhance the efficiency of derivatives trading in India. One major change includes the removal of the close-to-money (CTM) option series, which complicates the trading process and introduces uncertainty for sellers. Sebi's discussion paper highlights that CTM options are not used in leading international commodity exchanges due to their complexity. Instead, the focus will shift to out-of-the-money (OTM) and in-the-money (ITM) options, which are easier for market participants to understand and execute. Additionally, Sebi suggests reducing the mandatory frequency of product advisory committee (PAC) meetings for non-agricultural commodities from two to one per year. The regulator also proposes allowing exchanges to advance the expiry dates of active contracts during unforeseen disruptions, such as strikes or adverse weather, with prior approval from the exchange's managing director, streamlining the current requirement for a 10-day notice and PAC approval.