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Time of India
24-07-2025
- Business
- Time of India
Nifty Bank lot size increases to 35 with effect from July 31 for monthly expiries
The National Stock Exchange (NSE) had earlier revised the lot sizes for derivative contracts on Nifty Bank, increasing the lot size to 35, from an earlier 30, with effect from the July 2025 monthly expiry. Along with Nifty Bank, the NSE had also revised the lot size for Nifty Midcap Select, which will rise from 120 to 140, as per the circular dated March 28. These changes will apply to all new contracts generated from April 25, 2025, onwards. Contracts with earlier expiries, including April 24, May 29, and June 26, 2025, continued to trade with the old lot sizes. The NSE circular clarified: For Bank Nifty and Nifty Midcap Select, the first monthly expiry to reflect the revised lot sizes will be July 31, 2025. All quarterly contracts available for trading from April 25, 2025, will carry the updated lot sizes. The day spread order book will not be available for the May–July and June–July 2025 combination contracts. Live Events This revision follows the SEBI circular issued in December 2024, and forms part of SEBI's periodic review mechanism to ensure that derivative contract values remain within the prescribed notional range. For the latest revision, the average closing prices during March 2025 were used to calculate the new lot sizes. Notably, the lot sizes for Nifty 50 (75), Nifty Financial Services (65), and Nifty Next 50 (25) remain unchanged. Also read: IEX shares crash 28%, hit 52-week low after CERC nod for market coupling Background The changes align with broader efforts by SEBI and NSE to enhance risk management and ensure contract sizes remain within regulatory thresholds. This is not the first instance of such an adjustment—in October 2024, NSE had increased lot sizes across five major index derivatives after SEBI raised the minimum contract size to Rs 15 lakh. At the time, Nifty 50's lot size tripled from 25 to 75, and Bank Nifty's doubled from 15 to 30. Additionally, in March 2025, SEBI proposed limiting expiries of all equity derivatives to either Tuesday or Thursday to ensure spacing across exchanges and avoid bunching of settlements. These changes also come alongside a previously announced shift in F&O expiry days to Monday, effective April 4, 2025, for indices such as Nifty, Bank Nifty, FinNifty, Nifty Next50, and Nifty Midcap Select. Under SEBI's consultation paper, exchanges will now require prior regulatory approval for modifying contract expiries or settlement days. The revised lot sizes are aimed at maintaining efficient risk exposure, improving regulatory compliance, and supporting market stability. Also read: IEX shares plunge 26% to 52-week low as market coupling gets go-ahead. What should investors do? ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Mint
14-07-2025
- Business
- Mint
Jane Street deposits ₹4,843.57 crore in escrow account but will contest Sebi order; options trading on hold for now
Next Story Neha Joshi , Ram Sahgal , Devina Sengupta , Nishant Kumar Jane Street Group will continue to contest the regulator's order but has put its options trading on hold for now. Sebi had barred four Jane Street entities from accessing the securities market and impounded ₹ 4,843 crore in alleged illegal gains on 3 July. (Image: Pixabay) Gift this article US-based proprietary trading firm Jane Street has deposited the amount demanded by the Securities and Exchange Board of India (Sebi) into an escrow account to resume trading, but according to a person familiar with the matter, it will continue to contest the regulator's order. Its options trading is on hold for now. US-based proprietary trading firm Jane Street has deposited the amount demanded by the Securities and Exchange Board of India (Sebi) into an escrow account to resume trading, but according to a person familiar with the matter, it will continue to contest the regulator's order. Its options trading is on hold for now. With the payment of ₹ 4,843.57 crore, Jane Street can recommence trading in the markets, per the Sebi's interim order of 3 July. Sebi's investigation of Jane Street's trading on other indices is ongoing. The interim order on 3 July pertained to 21 instances of trading—18 on Bank Nifty and three on Nifty weekly contracts—between August 2023 and May 2025. According to the person aware of the development, Sebi's probe will continue on other popular weekly indices such as Sensex, Finnifty, and Nifty Midcap Select. In an official statement, Sebi confirmed that Jane Street notified the regulator of the deposit, emphasising that the action was undertaken 'without prejudice to their rights and remedies which remain available to them in law and equity." The sum has been credited with a lien in Sebi's favour. Sebi also said Jane Street has requested the regulator to consider lifting certain conditional restrictions imposed under the interim order, following the creation of the escrow account. The regulator clarified that this request is currently under examination in accordance with the directions of the interim order. Sebi, in an interim order last week, accused Jane Street of manipulating the Bank Nifty and Nifty indices over a two-year period by taking disproportionately large positions in both cash and derivatives segments compared to other market participants. The regulator claims this allowed Jane Street to make unlawful profits of ₹ 4,844 crore from trades in weekly Bank Nifty and Nifty options. A senior executive aware of the developments said, 'The HFT is very close to closing the loop and is expected to pay the amount as asked by Sebi." Both Jane Street and Khaitan & Co. declined to comment on Mint's queries sent on Monday morning. Sandeep Parekh, founder of Finsec Law Advisors, explained, 'The two options before Jane Street are to challenge Sebi's interim order or to respond to it. A challenge would mean it goes before the Securities Appellate Tribunal and possibly to the Supreme Court, depending on the outcome." "Responding would mean paying the amount and continuing to trade, while reserving the right to seek legal redress as the investigation continues." A pivotal episode in Sebi's case occurred on 17 January 2024, the weekly expiry day for Bank Nifty options. Following disappointing results from HDFC Bank, the index opened 3.2% lower at 46,574. Sebi alleged that Jane Street bought Bank Nifty index futures and constituent stocks worth ₹ 4,370 crore, helping the index recover to 47,212.75 and creating 'an impression of recovery." As the index rebounded, call option prices surged and put options slumped. Sebi claims Jane Street then sold the now-expensive call options and bought cheaper put options, amassing a bearish exposure in Bank Nifty options worth ₹ 32,114.96 crore. In the second phase, Jane Street allegedly unwound its positions, pushing the index and its stocks lower, which increased the value of the purchased puts and decreased the value of the sold calls. This manoeuvre reportedly netted the firm ₹ 735 crore in options profits that day, as the Bank Nifty closed 4.28% lower at 46,064.45. Overall, Sebi alleges that Jane Street profited illegally to the tune of ₹ 4,844 crore over 21 days between August 2023 and May 2025. The regulator has ordered the seizure of these gains and barred Jane Street from the capital market until the funds were deposited in escrow. Sebi also stated that Jane Street entities made a total profit of ₹ 36,502.12 crore between January 2023 and March 2025 through its trading strategies. In an internal communication following Sebi's order, Jane Street said it was 'deeply upsetting" to see the firm 'mischaracterised," and added, 'We are working on a formal response to Sebi." Addressing the specific allegation regarding 17 January 2024, Jane Street stated, 'The strategy termed manipulation by Sebi was in fact a commonplace practice to align the large divergence in prices between the Bank Nifty index options and the price levels implied by its constituent stocks on that day." Shares of BSE Ltd, which were down since Sebi ordered a ban on the US trading firm on 3 July, surged over 3% on Monday. Also Read | SEBI Jane Street case: 5 key lessons retail investors must know Read all market-related news here Topics You May Be Interested In Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
News18
18-06-2025
- Business
- News18
BSE Shares Tank 6% After SEBI Approves Tuesday Expiry For NSE Derivatives
Last Updated: Shares of BSE tumbled on Wednesday, June 18, after SEBI approved a key change in the derivatives trading schedule BSE Share Price: Shares of BSE tumbled 6.2% to an intraday low of Rs 2,500 on the NSE on Wednesday, June 18, after SEBI approved a key change in the derivatives trading schedule. The market regulator has allowed the National Stock Exchange (NSE) to shift its weekly equity derivatives expiry day from Thursday to Tuesday, effective from September 1, 2025. To prevent a clash in expiry dates between exchanges, SEBI has simultaneously mandated that the BSE shift its Sensex derivatives expiry from Tuesday to Thursday. The decision was communicated via a circular from SEBI, which aims to reduce market volatility and standardize the scheduling of derivative contract expiries. The changes follow recommendations from SEBI's Secondary Market Advisory Committee (SMAC), which had reviewed public feedback from a discussion paper issued in March 2025. As per the SEBI directive, BSE will stop launching new weekly index futures contracts from July 1, 2025. Existing contracts will retain their current schedule until expiry, except for long-dated index options which will be adjusted in line with prior realignment practices. Contracts expiring on or before August 31, 2025, will remain unaffected, while new ones issued thereafter will follow the new expiry structure. Additionally, for non-benchmark index options, index futures, and single-stock derivatives, the minimum contract tenor will now be one month. These will expire on either the last Tuesday or Thursday of the month, based on the chosen schedule of the respective exchange. Previously, NSE had considered moving its key contracts — including Nifty, Bank Nifty, FinNifty, Nifty Next50, and Nifty Midcap Select — to Monday expiries. However, that plan was shelved after SEBI's intervention. The realignment raises concerns about how BSE's derivatives trading volumes and competitive position might be affected, especially given NSE's dominant market share. On Tuesday, BSE shares had closed 1.4% lower at Rs 2,660 on the NSE. First Published: June 18, 2025, 10:51 IST
Economic Times
18-06-2025
- Business
- Economic Times
BSE shares in focus as Sebi approves Tuesday expiry for NSE derivatives
Shares of BSE are likely to remain in focus on Wednesday, June 18, after the Securities and Exchange Board of India (Sebi) approved the National Stock Exchange's (NSE) proposal to shift its weekly equity derivatives expiry from Thursday to Tuesday, effective September 1, 2025. ADVERTISEMENT To avoid a clash of expiry dates across exchanges, the market regulator has simultaneously directed that the BSE Sensex derivatives expiry be moved from Tuesday to Thursday. The development was announced via a Sebi circular aimed at reducing market volatility and bringing uniformity in expiry day scheduling across stock exchanges. The decision follows consultations and recommendations from the Secondary Market Advisory Committee (SMAC), which reviewed feedback from a March 2025 discussion paper on the issue. As per the Sebi circular, BSE will not introduce any new weekly index futures contracts from July 1, 2025. The current expiry schedule will remain unchanged for existing contracts, except for long-dated index options, which will be realigned in line with past set to expire on or before August 31, 2025, will retain their current expiry dates, while new contracts will follow the revised non-benchmark index options, index futures, and single-stock derivatives, the minimum contract tenor will now be one month. These contracts must expire on the last Tuesday or last Thursday of the month, depending on the schedule chosen by the respective exchange. ADVERTISEMENT Earlier, NSE had considered shifting the expiry of key contracts—including Nifty, Bank Nifty, FinNifty, Nifty Next50, and Nifty Midcap Select—to Mondays via a circular dated March 4, 2025. However, that plan was later the new guidelines, each exchange is allowed to offer one weekly benchmark index options contract on its preferred day. This move consolidates expiry days and aims to bring clarity and consistency to the derivatives market, which had previously seen expiries scattered across the trading week. ADVERTISEMENT With BSE now required to shift its weekly expiry to Thursday to accommodate NSE's Tuesday expiry, investor attention may turn to how this realignment will impact BSE's derivatives trading volumes and its positioning in the competitive exchange landscape. On Tuesday, BSE shares closed 1.4% lower at Rs 2,660 on NSE. ADVERTISEMENT Also read: Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
18-06-2025
- Business
- Time of India
BSE shares in focus as Sebi approves Tuesday expiry for NSE derivatives
Shares of BSE are likely to remain in focus on Wednesday, June 18, after the Securities and Exchange Board of India (Sebi) approved the National Stock Exchange's (NSE) proposal to shift its weekly equity derivatives expiry from Thursday to Tuesday, effective September 1, 2025. To avoid a clash of expiry dates across exchanges, the market regulator has simultaneously directed that the BSE Sensex derivatives expiry be moved from Tuesday to Thursday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks The development was announced via a Sebi circular aimed at reducing market volatility and bringing uniformity in expiry day scheduling across stock exchanges. The decision follows consultations and recommendations from the Secondary Market Advisory Committee (SMAC), which reviewed feedback from a March 2025 discussion paper on the issue. As per the Sebi circular, BSE will not introduce any new weekly index futures contracts from July 1, 2025. The current expiry schedule will remain unchanged for existing contracts, except for long-dated index options, which will be realigned in line with past practices. Contracts set to expire on or before August 31, 2025, will retain their current expiry dates, while new contracts will follow the revised structure. Live Events For non-benchmark index options, index futures, and single-stock derivatives, the minimum contract tenor will now be one month. These contracts must expire on the last Tuesday or last Thursday of the month, depending on the schedule chosen by the respective exchange. Earlier, NSE had considered shifting the expiry of key contracts—including Nifty, Bank Nifty, FinNifty, Nifty Next50, and Nifty Midcap Select—to Mondays via a circular dated March 4, 2025. However, that plan was later deferred. Under the new guidelines, each exchange is allowed to offer one weekly benchmark index options contract on its preferred day. This move consolidates expiry days and aims to bring clarity and consistency to the derivatives market, which had previously seen expiries scattered across the trading week. With BSE now required to shift its weekly expiry to Thursday to accommodate NSE's Tuesday expiry, investor attention may turn to how this realignment will impact BSE's derivatives trading volumes and its positioning in the competitive exchange landscape. On Tuesday, BSE shares closed 1.4% lower at Rs 2,660 on NSE. Also read: Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
