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SEBI ends F&O Expiry Clash between NSE and BSE

  • Writer: finminati
    finminati
  • Jun 18
  • 2 min read

Updated: Jun 28

18 June 2025, Wednesday


SEBI has brought an end to the F&O expiry day clash between NSE and BSE, India’s top 2 stock exchanges. This clash is regarding the expiry day for the weekly index derivatives.


NSE | Image credits: MoneyControl
NSE | Image credits: MoneyControl

The regulator has assigned the following days as expiry days:

  • Tuesday for NSE

  • Thursday for BSE


Highlights of the Article
  • History between SEBI, NSE, BSE and F&O expiry

  • Change in Expiry Day and its Implementation

  • Impact of the Shift

  • Some Related Fun Facts



History

Earlier when BSE was allowed to offer F&O contracts, there was a huge surge in different expiries for multiple indices.


At one point, there was practically at least 1 expiry every trading day of the week.


SEBI then tried to curb this by amending the rules for the exchanges regarding F&O contracts.


Hence, previously SEBI had directed the exchanges to limit weekly index derivatives expiries to Tuesdays and Thursdays. The exchanges were to submit their preferences by mid-June.



Changes and their Implementation

  • Expiry dates for existing contracts (till 31st August 2025), for both NSE and BSE, would remain unchanged.

  • However, expiry dates for long-dated index options will be realigned as per past practices.

  • New expiry days will be implemented for new contracts, 1st September 2025 onwards.

  • Monthly contracts will now expire on the last Tuesday of the month.

  • The exchanges are not going to issue any fresh weekly index futures after 1st July 2025.


Impact

  • Reduce expiry-day clustering

  • More orderly derivatives market

  • This shift will likely help NSE claw back some market share from its rival BSE.

  • BSE’s turnover might be affected slightly due to this shift.

  • Any future change in expiry days by the exchanges would require prior SEBI approval.



Some Related Fun Facts

  • Income from derivatives trading makes up a large part of the revenue for both stock exchanges.

  • NSE currently commands 90% market share in derivatives.


Sources / References:


Image Credits:

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