India limits equity derivatives expiries to Tuesdays and Thursdays: IFR
India's market regulator said expiries of all equity derivatives contracts will be limited to Tuesdays or Thursdays to protect investor interests and promote market stability.
Spacing out expiry days through the week reduces concentration risk and provides exchanges an opportunity to offer product differentiation to market participants, the Securities and Exchange Board of India said in a statement on Monday. Additionally, "too many expiry days has the potential to revive expiry day hyperactivity which could jeopardize investor protection and market stability," the regulator said.
The change is effective June 15. Sebi in March launched a consultation for this proposal after the National Stock Exchange proposed changing its expiry day to Monday, a day before BSE's. Currently, NSE offers expiries on Thursdays.
Exchanges will need to seek prior Sebi approval to modify the settlement day of their derivatives contracts, the regulator said.
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