Overview

• SEBI’s new circular mandates that all equity derivatives contracts expire only on Tuesdays or Thursdays effective next month to curb expiry-day volatility and concentration risk.
• Each exchange may offer one weekly benchmark index options contract on its chosen day with preferences due by June 15; SEBI approval is required for any expiry or settlement changes.
• All non-benchmark equity derivatives contracts must carry a minimum tenor of one month and expire in the final week of the month on the selected weekly expiry day.
• NSE is expected to request Tuesday as its weekly expiry, a shift likely to concentrate BSE’s trading into Thursdays and reshape market share dynamics.
• MSE and NCDEX opposed the two-day expiry limit, warning that fixed days could restrict flexibility and innovation for smaller or emerging exchanges.