Overview

• SEBI’s circular caps intraday positions in index options at Rs 5,000 crore on a futures‑equivalent net basis and Rs 10,000 crore gross per side per entity, effective October 1, 2025.
• Exchanges must run at least four random intraday snapshots, including one between 2:45 pm and 3:30 pm, using the prevailing underlying index price to assess compliance.
• Breaches prompt exchange scrutiny of trading patterns and possible escalation to SEBI, with expiry‑day violations drawing penalties or additional surveillance deposits from December 6, 2025.
• Stock exchanges and clearing corporations must publish a joint SOP for monitoring within 15 days, and additional collateral‑backed exposures remain permitted to support hedging and market‑making.
• SEBI linked the framework to risks from oversized expiry‑day bets and recent scrutiny of Jane Street, and multiple reports clarify the official caps after one outlet misstated higher figures.