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 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.
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.
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