NSE Equity F&O Contracts To Expire on Tuesdays, BSE on Thursdays from 1st September
Moneylife Digital Team 17 June 2025
In a major shift aimed at streamlining equity derivatives trading, market regulator Securities and Exchange Board of India (SEBI) has approved separate expiry days for the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for equity futures & options (F&O) contracts.
 
While NSE will move its expiry day to Tuesday, BSE has been permitted to shift its expiry to Thursday, both effective 1 September 2025, according to separate circulars issued by the Exchanges.
 
The decision comes following SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/76 dated 26 May 2025 and subsequent submissions made by both Exchanges seeking revision of their respective F&O contract settlement days.
 
Transition Details for NSE Contracts
 
NSE, which currently follows the industry-standard Thursday expiry, will begin transitioning to Tuesday expiry for all new equity index and stock derivative contracts expiring on or after 1 September 2025. For contracts maturing on or before 31 August 2025, the existing Thursday expiry will continue.
 
Monthly contracts from September onwards will expire on the last Tuesday of each month.
 
Existing contracts will retain their original expiry dates, except long-dated index options, which may be realigned by the exchange following established norms.
 
A detailed operational guideline will be issued by NSE in due course to facilitate a smooth transition.
 
Expiry Day Shift for BSE Contracts
 
On the other hand, BSE — which currently operates with Tuesday as the expiry — will now shift its F&O expiry to Thursday, aligning more closely with traditional market practice.
 
According to the BSE circular, SEBI has approved:
 
Continuation of Tuesday expiry for derivative contracts expiring on or before 31 August 2025.
 
Shift to Thursday expiry for all contracts expiring on or after 1 September 2025.
 
Monthly contracts will now expire on the last Thursday of each month starting September.
 
Additionally, the regulator has directed BSE to refrain from introducing new weekly contracts on index futures 1 July 2025 onwards.
 
As with NSE, existing contracts will maintain their designated expiry dates unless they are long-dated index options, where exchanges may take corrective realignment steps.
 
The move comes amid growing demand from market participants for a clearer demarcation between expiry schedules of the two leading stock exchanges. By allocating separate expiry days, SEBI aims to reduce systemic risks, avoid expiry-related volatility overlaps and provide arbitrage opportunities across exchanges without excessive crowding on a single day.
 
It also creates more breathing space for clearing and settlement operations and could enhance liquidity for both Exchanges on their respective days.
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