A long cherished dream of publishing the thesis on derivatives has neared fructification. During the time when this research work was taken up the authors have experienced numerous occasions of joy and as many occasions of grief and despair too. This thesis is the proof that all obstacles can be surmounted and no impediments will stop people who seek the truth. The authors would like to place on record their heartfelt gratitude to the respective employers, the Goa University, KLSIMER and JGIs MATS School of Business for supporting this research work. This would not have been possible without the unflinching support of respective family members (Parents, wife and Kids of both the authors) in the endeavor of bringing about this volume.