The SEBI has only recently permitted trading in commodity options. Commodity options are slightly more complicated as they are options on commodity futures (not on spot unlike equities). That is because of the dual regulation. The exchanges are just about introducing the new options contracts and will have to be reviewed. In the last one year or so there has been some progress in commodity options, although it is yet to take off as much as commodity futures. This is in contrast to the equity segment where the options market is a multiple of the futures market.