
In a significant development for Indian derivatives markets, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have received approval from SEBI to swap their weekly expiry days. NSE will now move its expiry from Thursday to Tuesday, while BSE will shift from Tuesday to Thursday.
This latest change is part of a series of adjustments to F&O expiry days over the past couple of years. The shift began in May 2023, when BSE launched weekly contracts for its Sensex and Bankex indices, with expiries set for Fridays. A few months later, in September 2023, NSE moved its Bank Nifty expiry to Wednesday. BSE followed by shifting its Bankex expiry to Monday in October 2023.
Then came a major regulatory overhaul by SEBI in November 2024. The market regulator introduced sweeping changes to F&O trading: exchanges were restricted to offering weekly expiry on only one index, and the lot size for index derivatives was increased by two to three times. These changes were expected to dampen volumes, especially for BSE, which was still gaining traction in the F&O space.
However, the opposite happened. According to Motilal Oswal Financial Services (MOFSL), BSE’s volumes remained resilient and even showed strong growth. Premium turnover surged from Rs 9,000 crore in October 2024 to Rs 15,900 crore in May 2025. Two key factors drove this rise: higher volumes on non-expiry days for Sensex, which lifted premium-to-notional turnover from 0.08 per cent to 0.13 per cent, and the addition of over 100 colocation racks in late March 2025.
In January 2025, BSE shifted its Sensex expiry to Tuesday. Shortly after, NSE signaled interest in moving its Nifty expiry to Monday.
This prompted SEBI to step in again. The regulator released a consultation paper, eventually finalising a rule that limited weekly expiries to just two days — Tuesdays and Thursdays — to prevent overlapping expiries across exchanges. Additionally, exchanges were now needed regulatory approval before making any changes to expiry schedules.
The move was intended to bring order and predictability to the market. By reducing frequent reshuffling of expiry days and limiting potential conflicts between exchanges, the framework aimed to simplify trading, enhance investor confidence, and strengthen risk management practices.
Both exchanges confirmed on Tuesday that they had received SEBI’s go-ahead for the latest expiry day changes — a step that further shapes the evolving landscape of India’s derivatives market.
What has changed for stock investors?
NSE will continue to keep the current expiry day of Thursday for all derivative contracts expiring on or before August 31, 2025. However, starting from September 1, 2025, the expiry day for derivatives contracts will shift to Tuesday.
Additionally, from September 1, 2025, the monthly contracts will expire on the last Tuesday of each month.
BSE stated that it will maintain the current expiry day for existing derivatives contracts, except for long-dated index options contracts, for which the stock exchange will adjust the expiry day in line with past practices.
The exchange will continue with the present expiry day for contracts expiring on or before August 31, 2025. For contracts expiring on or after September 1, 2025, the expiry day will be shifted to Thursday. Additionally, starting September 1, 2025, monthly contracts will expire on the last Thursday of each month.
BSE also announced that it will not introduce any new weekly contracts on index futures from July 1, 2025.