--- title: "Nifty lot size, expiry days, strikes and settlement" description: "The Nifty lot size and why it changed, why Nifty expires on Tuesday and Sensex on Thursday, strikes, ticks and settlement, read from dated NSE data." source_url: "https://www.rupeecase.com/learn/path-12/module-12-4-contract-specs-lots-and-expiries" --- [Path 12 4 of 9](/learn/path-12/)Contract specs that matter now: lots, expiry days, strikes and settlement[Next 12.5](/learn/path-12/module-12-5-fo-margins-explained) On Wednesday 11 Jun 2025 a Nifty lot was 75 units, the index closed at 25,141.40 and the weekly option expired the next day, a Thursday. On Wednesday 10 Jun 2026 the lot was 65, the index closed at 23,214.95 and the weekly expired on a Tuesday. Same index, same week of June, a different contract. A lot of what is written about the Nifty lot size or the expiry day was true once and is wrong now. I look for the date on a contract spec before I trust a single number in it. This lesson reads the spec sheet as it stands on 16 Oct 2026, says what changed and why, and shows where to check it. 3By the end you can 1. Read a contract spec: lot, expiry day, strikes, tick and settlement. 2. Work out the value of a lot and check it against SEBI's band. 3. Say why Nifty expires on Tuesday, Sensex on Thursday, and why Bank Nifty has no weekly. ## The idea, plainly A contract spec is the fixed menu of a contract: what it tracks, how many units it holds, when it ends, which strikes exist, how it settles. A trader chooses none of it. SEBI sets the framework and the exchange fills in the numbers by circular. A new rule usually reaches new contracts first, so a screenshot from 2025 can be wrong in three places at once. ### Why did the Nifty lot change? The lot is the number of units in one contract, and the value of a contract is the lot times the index. SEBI's rule, in force for contracts introduced from 20 Nov 2024, fixes the lot so that its value on the day of review sits between 15 lakh and 20 lakh rupees, as a multiple of 5 units and never below 10. Exchanges review it every six months on the average close of the index over the last month, with at least two weeks' notice. A higher lot applies to new contracts only. The lot is reset by a six monthly review, and old contracts run out on the old lot SEBI sets the band and the exchange does the review. A higher lot reaches new contracts only. When NSE cut the Nifty lot in October 2025, weekly and monthly contracts already listed kept the old lot until they expired. Source: SEBI, Master circular for stock exchanges and clearing corporations, 30 Dec 2024, chapter 5; NSE circular NSE/FAOP/70616. As of 16 Oct 2026. Read one more paragraph, 96 words Under that rule the Nifty lot went from 25 to 75 for contracts introduced from 20 Nov 2024. NSE's circular of 3 Oct 2025 took it from 75 to 65, from the end of day on 28 Oct 2025, using the September 2025 average close. Weekly and monthly contracts already listed kept the old lot until the 30 Dec 2025 expiry. The first expiries on the new lot were 6 Jan 2026 for the weekly and 27 Jan 2026 for the monthly. NSE's circulars name the rule and the month of closes, not the sum. ### What are SEBI's rules on lot size, weekly expiry and upfront premium? Most come from one SEBI circular, of 1 Oct 2024, which made the six changes below. Two shape the contract itself: a bigger minimum value and one weekly index per exchange. A later circular, of 26 May 2025, fixed the expiry days. The rest are about margin, which [module F05](/learn/path-12/module-12-5-fo-margins-explained) takes up. [Learn module 11.4](/learn/path-11/module-11-4-sebi-regulatory-framework-what-every-investor-must-know) covers SEBI's wider rulebook. | Measure of 1 Oct 2024 | In force from | | --- | --- | | Option premium collected up front from the buyer | 1 Feb 2025 | | No calendar spread relief on expiry day | 1 Feb 2025 | | Position limits watched during the day | 1 Apr 2025 | | Contract value at least 15 lakh, lot reviewed inside a band | 20 Nov 2024 | | Weekly expiry on one benchmark index per exchange | 20 Nov 2024 | | Extra 2% extreme loss margin on short options on their expiry day | 20 Nov 2024 | ### Why Tuesday for Nifty, Thursday for Sensex, and no Bank Nifty weekly? SEBI's circular of 26 May 2025 limited every exchange's expiries to Tuesday or Thursday. Its stated reason: spacing expiry days through the week reduces concentration risk, while too many of them could revive expiry day hyperactivity. NSE proposed Tuesday and BSE proposed Thursday, and SEBI agreed in June 2025. The new days apply to contracts expiring on or after 1 Sep 2025. Before that NSE used Thursday and BSE used Tuesday. Monthly contracts expire on the last Tuesday on NSE and the last Thursday on BSE, and a holiday moves the expiry to the previous trading day. The term this section turns on: Expiry day From the module glossary; every term is in the Learn glossary too. Source: Module 12.4, Contract specs that matter now: lots, expiry days, strikes and settlement. Read one more paragraph, 56 words The missing Bank Nifty weekly comes from the earlier circular. From 20 Nov 2024 each exchange may list weekly options on one benchmark index only. NSE kept Nifty, and its last weekly expiries on Bank Nifty, Midcap Select and Financial Services fell on 13 Nov, 18 Nov and 19 Nov 2024. BSE's one weekly is Sensex. ### Strikes, ticks and settlement Near the money the Nifty strikes on the dated chain below sit 50 points apart. On the June monthly chain of the same day the far strikes sit wider apart. The tick, the smallest step in an option price, is five paise. Index contracts settle in cash against the index and nothing is delivered. For expiries before 7 Dec 2026 the settlement level is the index close on expiry day. SEBI's circular of 15 Oct 2026 changes that from 7 Dec 2026: the level becomes the index value worked out from the volume weighted average price of its shares over the last 30 minutes of continuous trading, and expiring index contracts stop trading at 3:30 pm on expiry day. ## Worked example: the same week, a year apart Take the two dated chains from the story and do the sum SEBI's rule asks for: index close times lot. | | 11 Jun 2025 | 10 Jun 2026 | | --- | --- | --- | | Nifty 50 close | 25,141.40 | 23,214.95 | | Lot, units | 75 | 65 | | Value of one lot, Rs | 18.86 lakh | 15.09 lakh | | Weekly option expiry | Thu 12 Jun 2025 | Tue 16 Jun 2026 | Strikes sit 50 points apart near the money and prices move in small ticks | Calls | Strike | Puts | | --- | --- | --- | | Settle | Settle | | 277.80 | 23,050 | 99.40 | | 246.10 | 23,100 | 116.95 | | 215.75 | 23,150 | 136.70 | | 188.00 | 23,200 | 158.80 | | Spot 23,214.95 | | 163.60 | 23,250ATM | 182.45 | | 139.75 | 23,300 | 209.15 | | 118.95 | 23,350 | 238.35 | | 100.20 | 23,400 | 269.15 | | 83.85 | 23,450 | 303.30 | Shaded cells are in the money. Prices are settlement prices in rupees per unit. The Nifty weekly chain of 10 Jun 2026, around the at the money strike. Every strike lists a call and a put. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026. Watch in the terminal: what does "Same money in NIFTY 50" mean? A short tutorial on sample data. | Contract and its expiry days | Lot | | --- | --- | | NIFTY on NSE. Weekly on Tuesday. Monthly on the last Tuesday. | 65 | | BANKNIFTY on NSE. Monthly on the last Tuesday. No weekly since 20 Nov 2024. | 30 | | FINNIFTY on NSE. Monthly on the last Tuesday. No weekly since 20 Nov 2024. | 60 | | MIDCPNIFTY on NSE. Monthly on the last Tuesday. No weekly since 20 Nov 2024. | 120 | | NIFTYNXT50 on NSE. Monthly on the last Tuesday. | 25 | | SENSEX on BSE. Weekly on Thursday. Monthly on the last Thursday. | 20 | Five dated changes reshaped the Nifty contract in just over two years 1. 20 Nov 2024**Bigger lots, one weekly index**Nifty lot goes from 25 to 75 for new contracts. On NSE only Nifty keeps a weekly option. 2. 1 Feb 2025**Premium paid up front**Option buyers pay the premium up front. No calendar spread relief on expiry day. 3. 1 Sep 2025**Tuesday and Thursday expiries**NSE contracts expire on Tuesday and BSE contracts on Thursday, for expiries from this date. 4. 28 Oct 2025**Nifty lot becomes 65**Effective at the end of the day. The first weekly on the new lot expired on 6 Jan 2026. 5. 7 Dec 2026**Settlement method changes**Expiry settlement uses the last 30 minutes of trading, and expiring index contracts stop at 3:30 pm. SEBI circular of 15 Oct 2026. Each date is when the change starts, not when it was announced. The last row is a published change that has not started on the review date of this page. Source: SEBI circulars of 1 Oct 2024, 26 May 2025 and 15 Oct 2026; NSE circulars NSE/FAOP/64625, 68747 and 70616; BSE notice of 17 Jun 2025. As of 16 Oct 2026. Read 2 more paragraphs, 209 words Both lots sit inside SEBI's band, which is what the rule asks on a review day. The index was 7.7% lower on the second date, and the lot value fell with it, from Rs 18.86 lakh to Rs 15.09 lakh. At 65 units a lot stays inside the band while the index is between 23,077 and 30,769. The close of 23,214.95 was only 0.6% above the lower edge. A review that finds the average close below that edge calls for a higher lot, and a higher lot reaches new contracts only, so two lot sizes can trade side by side for weeks. The ladder shows the strikes around the at the money strike of 23,250 on the 16 Jun 2026 weekly, found from the parity forward because a weekly has no future. Strikes are 50 points apart and every price moves in ticks of five paise. The table below is the spec sheet for the Nifty, the four other NSE indices with monthly contracts and the Sensex, as the NSE lot file and the exchanges' notices read on 16 Oct 2026. NSE also lists the Nifty India FPI 150, under a circular of 16 Jul 2026, and BSE also lists monthly Bankex and Sensex 50 contracts. ## The common mistake The belief: The Nifty lot is 75 and the weekly expires on Thursday. It was true on 11 Jun 2025 and wrong a year later, and it is still the first thing that comes up in old videos and screenshots. Contracts already listed keep their old terms until they expire, so even a correct page can describe a contract that has gone. What to do instead: read the date on the page, then check the NSE lot file and the contract specification page, and for a rule read the circular itself. Treat any lot size or expiry day without a date as a question, not a fact. ## Key takeaways * A lot is units per contract. Contract value is the lot times the index. * SEBI keeps a lot's value inside a fixed band at every six monthly review. * NSE contracts expire on Tuesday and BSE contracts on Thursday, from 1 Sep 2025. * Each exchange may list weekly options on one benchmark index only. * Index contracts settle in cash, and the settlement method changes from 7 Dec 2026. * Check the date on any lot size or expiry day you read. Watch in the terminal: what do index, fund and strategy lines show? A short tutorial on sample data. **Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) What does Contract specs that matter now: lots, expiry days, strikes and settlement cover?Lot, expiry day, strikes, tick and settlement: what each means, what changed since 2024, and how to check a date before you trust a number. It works through The idea, plainly, Worked example: the same week, a year apart, The common mistake, Key takeaways. It is module 12.4 of Path 12, Derivatives Basics and Rules, about 9 minutes of reading, free. AF&O on RupeeCase ## Hedging only, in development F&O at RupeeCase will do one job: protect a portfolio you already own, by a rule published before it runs. No speculation, no naked option selling, no leveraged bets. It is not available yet. [How hedging will work](/hedging)[Sign up for RupeeCase](https://invest.rupeecase.com/signup) [No hedgeFalls with the marketWith a putA floor, for a premiumIllustration with made up numbers, not a product and not a recommendation.](/hedging) QQuick check ## 10 questions, 7 to pass. Each attempt draws 10 of the 15 questions in this module's bank, and a retake draws a fresh set. A pass gives this module's Certificate of Completion. Your result stays on this device and counts towards the Path 12 certificate. 7 of 10 correct passes module 12.4 Every answer is explained when you check; a retake is always free. Source: RupeeCase Learn quiz rules (70% to pass). Passed ### Certificate ID Download PNGPrint or save as PDF[Check the ID](/learn/certificates/verify) Self paced and unproctored. A record of completing free education by RupeeCase; not a NISM certificate and not endorsed by NISM, NSE, BSE or SEBI. It qualifies no one to deal, advise or publish research. CCheck yourself ## Path 12 so far. Your quick check results on this device, stop by stop. Stop 4 of 9 on Path 12 Derivatives Basics and Rules: every live stop, this module ringed. Source: RupeeCase Learn, Path 12. 1. [12.1Why derivatives exist: forwards, futures and options in one storyNot yet](/learn/path-12/module-12-1-why-derivatives-exist) 2. [12.2India's F&O market map: exchanges, clearing, SEBI and who tradesNot yet](/learn/path-12/module-12-2-india-fo-market-map) 3. [12.3Read SEBI's loss studies before your first tradeNot yet](/learn/path-12/module-12-3-sebi-fo-loss-studies) 4. [12.4Contract specs that matter now: lots, expiry days, strikes and settlementNot yet](/learn/path-12/module-12-4-contract-specs-lots-and-expiries#quiz) 5. [12.5Margins without jargon: SPAN, exposure, expiry day margin and upfront premiumNot yet](/learn/path-12/module-12-5-fo-margins-explained) 6. [12.6The real cost of a trade: STT, exchange fees, SEBI fee, GST and stamp dutyNot yet](/learn/path-12/module-12-6-cost-of-an-fo-trade) 7. [12.7Position sizing and risk of ruin for F&O beginnersNot yet](/learn/path-12/module-12-7-position-sizing-and-risk-of-ruin) 8. [12.8Red flags in F&O: tip groups, too good claims and registration checksNot yet](/learn/path-12/module-12-8-fo-red-flags) 9. [12.9Behaviour in F&O: loss chasing and what SEBI's behaviour study foundNot yet](/learn/path-12/module-12-9-fo-trading-behaviour) 10. [TPath test, 30 questionsNot yet](/learn/path-12/module-12-9-fo-trading-behaviour#pathTestSection) Path 12 in reading time: 72 minutes over 9 modules Minutes of reading per module, this one in amber. Source: RupeeCase Learn, Path 12. Explore next ## Put the module to work. * [Free module 14.6Expiry and settlement: cash, physical, exercise and STT8 min read](/learn/path-14/module-14-6-expiry-and-settlement) * [Free module 15.1Reading the NSE option chain, column by column8 min read](/learn/path-15/module-15-1-reading-the-nse-option-chain) * [Free module 17.12Expiry day: gamma, theta, settlement and the rules10 min read](/learn/path-17/module-17-12-expiry-day) * [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. New to RupeeCase? [Getting started](/getting-started) [See the terminal](/terminal) [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera SSources ## Go to the source. 11 sources, NSE the most cited The publisher of each source listed below. Source: Module 12.4 source list. 1. [NSE, Equity derivatives contract specifications](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) NSE 2. [NSE, Market lot file for index and stock derivatives](https://nsearchives.nseindia.com/content/fo/fo_mktlots.csv) NSE 3. [NSE circular NSE/FAOP/70616 of 3 Oct 2025, Revision in market lot of derivative contracts on indices](https://nsearchives.nseindia.com/content/circulars/FAOP70616.pdf) NSE 4. [NSE circular NSE/FAOP/64625 of 18 Oct 2024, Contract size revision for index derivatives](https://nsearchives.nseindia.com/content/circulars/FAOP64625.pdf) NSE 5. [NSE circular NSE/FAOP/68747 of 25 Jun 2025, Revision in expiry day of index and stock derivatives contracts](https://nsearchives.nseindia.com/content/circulars/FAOP68747.pdf) NSE 6. [SEBI circular of 1 October 2024, Measures to strengthen the equity index derivatives framework](https://www.sebi.gov.in/legal/circulars/oct-2024/measures-to-strengthen-equity-index-derivatives-framework-for-increased-investor-protection-and-market-stability_87208.html) SEBI 7. [SEBI, Master circular for stock exchanges and clearing corporations, 30 December 2024, chapter 5 (lot size and its six monthly review)](https://www.sebi.gov.in/legal/master-circulars/dec-2024/master-circular-for-stock-exchanges-and-clearing-corporations_90353.html) SEBI 8. [SEBI circular of 26 May 2025, Final settlement day (expiry day) for equity derivatives contracts](https://www.sebi.gov.in/legal/circulars/may-2025/final-settlement-day-expiry-day-for-equity-derivatives-contracts_94189.html) SEBI 9. [SEBI circular of 15 October 2026, Review of the closing auction session, market timings and settlement methodology for derivatives contracts](https://www.sebi.gov.in/legal/circulars/oct-2026/review-of-certain-aspects-of-the-closing-auction-session-market-timings-and-settlement-methodology-for-derivatives-contracts_105293.html) SEBI 10. [BSE notice 20250617-11 of 17 Jun 2025, Final settlement day (expiry day) for equity derivatives contracts](https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20250617-11) BSE 11. Hull, J., Options, Futures, and Other Derivatives, Pearson (the chapter on the mechanics of futures markets: specification of a contract) Book GTerms ## 6 terms from this module. Lot sizeThe number of units in one contract. For the Nifty it is 65, so one lot of an option or future covers 65 units of the index. Contract valueThe index level times the lot. SEBI fixes the lot so that this value sits between fifteen and twenty lakh rupees on the day of review. Expiry dayThe day a contract ends and settles. NSE contracts expire on a Tuesday and BSE contracts on a Thursday. Strike intervalThe gap between two neighbouring strikes of an option. The dated chain on this page shows the gap near the money. Tick sizeThe smallest step in a price. For index options it is five paise. Cash settlementSettling a contract in rupees against the index at expiry, with no delivery of shares. [All 230 terms in the glossary](/learn/glossary) [Question people askWhat is the Nifty lot size now, and why did it change?A short answer with a dated chart](/learn/questions/nifty-lot-size)[Question people askWhat are SEBI's F&O rules on lot size, weekly expiry and upfront premium?A short answer with a dated chart](/learn/questions/sebi-fo-rules)[Related module12.5 Margins without jargon: SPAN, exposure, expiry day margin and upfront premium8 min, Beginner](/learn/path-12/module-12-5-fo-margins-explained)[Related module12.6 The real cost of a trade: STT, exchange fees, SEBI fee, GST and stamp duty7 min, Beginner](/learn/path-12/module-12-6-cost-of-an-fo-trade)[Pillar guideDerivatives and Quant115 modules across paths 12 to 19](/learn/derivatives) Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.