Sebi chairman Tuhin Kanta Pandey said on Saturday that the market regulator is examining position limits for non-agricultural contracts to improve liquidity and depth without weakening risk controls. Speaking about reforms in the commodity derivatives market, Pandey said the market design should allow contracts to gain scale. In some agricultural commodities, physical settlement from the outset can impede market development, and a phased approach could allow contracts to mature before physical settlement becomes mandatory.