BSE, other capital market stocks slide up to 5% after report flags possible weekly expiry curbs by Sebi
ADVERTISEMENT Investor sentiment turned cautious after concerns emerged around potential curbs on weekly expiry derivatives, a move seen as an attempt to dampen short-term speculation.
After these reports, the shares of BSE took the sharpest hit, falling 5% to their day's low of Rs 2,360, followed by Angel One shares, which tumbled 3%. Meanwhile, the shares of CDSL and Motilal Oswal slid by 1.9% and 1.1% respectively.
According to a report by Zee Business, the Securities and Exchange Board of India (SEBI) is reportedly exploring a series of regulatory changes, including limiting the frequency of weekly expiries.This could mean shifting from the current weekly expiry format to a bi-monthly or even monthly cycle. The proposal is part of a broader consultation effort aimed at reducing the pace of speculative trades in the options market.The report cited sources familiar with the matter, adding that the Ministry of Finance is also involved in these discussions and has flagged concerns that the current weekly expiry framework may be contributing little to long-term economic value.
ADVERTISEMENT Among the other ideas being considered, SEBI is also evaluating adjustments to the margin framework. This includes raising margin requirements for options trading while simultaneously easing margin obligations for cash market trades.Another proposal under review is a potential tweak to the Securities Transaction Tax (STT). Officials are reportedly mulling a hike in STT on options trading to curb excessive speculation and a parallel cut in STT on cash market trades to incentivize more stable participation.
ADVERTISEMENT However, Zee Business noted that any move on STT may only be feasible after the Union Budget next year.The developments align with earlier remarks from SEBI whole-time member Ananth Narayan, who, just last month, voiced concerns over the overwhelming share of short-term F&O contracts in overall market volumes. He indicated that the regulator is considering long-term structural reforms to improve the quality of the derivatives market. This includes exploring longer-tenure contracts and more diversified product offerings to shift focus away from purely speculative bets.
ADVERTISEMENT The regulatory introspection comes at a time when SEBI's own studies point to rising risks for retail participants in the F&O space.A study released on July 7 revealed that while the number of unique individual traders in the derivatives market dropped by 20% year-on-year, it still remained 24% higher than two years ago. Notably, the sharpest drop was observed among traders with a total turnover of less than Rs 1 lakh, even though this segment simultaneously saw the largest addition of new retail investors compared to 2023.
ADVERTISEMENT SEBI's study also showed that net losses for retail participants widened by 41% year-on-year to Rs 1,05,603 crore in FY25 from Rs 74,812 crore in FY24, after factoring in transaction costs. The proportion of retail investors incurring losses remained consistently high, with 91%, roughly 9 out of every 10, ending up in the red, in line with previous findings.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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