Sebi approves NSE's expiry day change to Tuesday, BSE to Thursday
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The Securities and Exchange Board of India Sebi ) on Tuesday approved the National Stock Exchange 's (NSE) proposal to change its weekly expiry day from Thursday to Tuesday. Meanwhile, the regulator moved the expiry day for the BSE Sensex to Thursday from the current Tuesday, to comply with the mandate that both exchanges cannot have expiries on the same dayBSE's change in expiry day will come into effect as of September 1, 2025. The exchange will not introduce any fresh weekly contracts on index futures from July 1, 2025.BSE will keep the expiry day of derivatives contracts unchanged for already introduced contracts, except for long-dated index options contracts, for which the stock exchanges to suitably realign the expiry day as per the practice followed in the past.For new contracts, it will continue with the present expiry day for derivative contracts which expire on or before August 31, 2025.The decision follows a circular issued by the capital markets regulator in the last week of May, which instructed exchanges to select either Tuesday or Thursday as the expiry day for equity derivatives.The directive is aimed at reducing expiry-day volatility and bringing uniformity across exchanges.Before the May circular, the exchanges had the freedom to set expiry days for their derivatives products, which had led to a spread of expiry days throughout the week.Following consultations and feedback from a March 2025 discussion paper, Sebi's Secondary Market Advisory Committee (SMAC) deliberated on the matter and recommended limiting expiry options to reduce market hyperactivity.Under that circular, Sebi said that each exchange can continue to offer one weekly benchmark index options contract on their chosen day. For all other derivatives, such as benchmark index futures, non-benchmark index options, and single stock contracts, the minimum contract tenor will now be one month, and they must expire on the last Tuesday or last Thursday of the month, depending on the exchange's selection.NSE, through its March 4, 2025, circular, had planned to move F&O expiry days for Nifty, Bank Nifty, FinNifty, Nifty Next50 and Nifty Midcap Select to Monday from the current Thursday expiry day. Following the circular, NSE deferred the implementation of futures & options (F&O) expiry for Monday that was due to take effect from Tuesday, April 4.
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