Overview

• A delta-based “Future Equivalent” (FutEq) method will replace notional open interest to align derivatives exposure with underlying price sensitivity.
• From October, market-wide position limits for single-stock F&O will be tied to the lower of 15% of free float or 65× average daily delivery value, with exchanges conducting random intraday checks.
• Trading in a stock’s derivatives during ban periods will be permitted only if positions reduce net FutEq open interest by the end of the trading day.
• Starting July 1, index futures and options limits will rise to a net FutEq OI cap of ₹1,500 crore and a gross cap of ₹10,000 crore per PAN to ease institutional trading constraints.
• By December 6, SEBI will extend pre-open sessions to F&O contracts and enforce eligibility criteria requiring at least 14 index constituents with capped weights for non-benchmark derivatives.