Having introduced 'mini contracts in equity indices', the Securities and Exchange Board of India would be launching 'long-dated futures' and 'volatility index' within a month, according to its chairman M Damodaran.

"The first product, the mini contracts in equity indices, is already in the market. The second one, the long dated futures, would be introduced in the next ten days," Damodaran said in Chennai on Saturday.

"The third one that I am looking forward to is the volatility index, which might take a month, (it is) something on which the stock exchanges are working on at this point of time," he told reporters on the sidelines of a seminar on corporate governance organised by the Institute of Chartered Accountants of India.

The Chairman said that currently the 'volatility index' was present only in a few mature markets. "We are talking about a market that has high levels of volatility. Now we are offering you a product which says if you understand what volatility is and have a take on volatility, here is a product where you can express by way of investment in terms of what you understand of volatility," he said.

"It is a very good product. There are some products where we have to consult the RBI and we are in that process. There are now seven products of which two to three need clearance from the RBI," he added.

The board of the Regulatory authority cleared the seven new products during its meeting held in Chennai on November 14.

SEBI had proposed to introduce mini-contracts in equity indices, options' contracts with longer life/tenure, F&O (futures and options) contracts on volatility index, options on futures, F&O contracts on bond index, exchange-traded currency (foreign exchange) F&O contracts and exchange-traded products involving different strategies.