---
title: "Who is on the other side of Nifty options in India"
description: "Read NSE participant wise open interest for eleven months of sessions to see who held the short side of index options, and why the file cannot name the dealers."
source_url: "https://www.rupeecase.com/learn/path-15/module-15-8-who-is-on-the-other-side"
---

[Path 15 8 of 13](/learn/path-15/)Who is on the other side in India[Next 15.9](/learn/path-15/module-15-9-gamma-exposure-gex)

On 10 Jun 2026 the 23,500 call of the 30 Jun Nifty series had 44,81,555 units of open interest, which is 68,947 lots of 65 units. Every one of those units had a buyer and a seller. The option chain says how many exist. It does not say who holds which side. A gamma exposure chart needs exactly that, because the people who hedge change their hedge as the index moves, and the sign of the hedge depends on the side they hold. This lesson asks who is on the other side in India, using the one public file that comes close: NSE's participant wise open interest. It has four groups, in contracts, for all index options together, at the close. I read it as a ledger first. What it says about the sign is less than a reel makes of it.

3By the end you can

1. Say what the chain and the participant file each show about who holds the other side.
2. Count the sessions a group was net short, and read why client is not the same as retail.
3. Turn a group into a dealing side net long share, and say why that share is an assumption.

Watch in the terminal: why sign in again every day? A short tutorial on sample data.

## The idea, plainly

### What the chain says, and what it leaves out

The option chain gives open interest in units for each strike and expiry. Calls and puts are counted separately, and for each one the long side equals the short side. The chain stops there. It has no holder, no category and no side. Module [F18](/learn/path-15/module-15-2-open-interest-on-the-option-chain) reads the chain, and module [I07](/learn/path-15/module-15-6-participant-wise-open-interest) reads the participant file. This lesson joins them.

### What the participant file adds

NSE publishes one file after each close, with open contracts for four groups: Client, DII, FII and Pro. Three limits matter here. The unit is contracts, so divide the chain's units by the lot. The file covers all index contracts together, so it cannot give a number for one strike or one expiry. And a group is a category of account, not a type of trader. Pro is the member firms' own accounts. Dealing desks can sit there, and the file does not flag market makers.

Read one more paragraph, 52 words
The file balances. Across the four groups the longs equal the shorts, so the net positions add up to zero, to within a couple of contracts on every session in the window. That is a ledger. It tells you the other side exists. It does not tell you whose view it was.

### Why the sign matters

A dealer who is long gamma gains delta as the index rises and loses it as the index falls, so staying hedged means selling into rallies and buying dips. That steadies the index a little. A dealer who is short gamma does the reverse and chases the move. The size of the hedge follows the gamma of the book. The direction of the hedge follows the side the dealer holds. So every story about gamma exposure turns on one thing: is the hedger long or short the options?

Watch in the terminal: how do I set up to four side by side? A short tutorial on sample data.

### Reading the sessions one by one

The copy used here starts on 1 Jul 2025, and up to 10 Jun 2026 it holds 233 sessions. For each group and for calls and puts separately, count the sessions on which the group's long contracts were fewer than its short contracts.

The client group was net short puts on every session, and FII was net short calls on most

Number of sessions, from 1 Jul 2025 to 10 Jun 2026, on which each group held more short than long contracts, for index calls and index puts, all index contracts together. Source: NSE participant wise open interest, end of day files, computed by RupeeCase. As of 10 Jun 2026.
Read one more paragraph, 105 words
Four patterns stand out. The client group was net short puts on every one of the sessions, and net long calls on most of them. FII was net long puts on every session and net short calls on most. That fits a holder who buys protection and sells calls against shares, though the file cannot prove it. Pro swapped sides on calls many times. DII is almost absent, because its net position is tiny. So the group that was net short puts all the time is the client group, which is not what a reel about retail traders buying options would lead you to expect.

### Client is not retail

SEBI's Aug 2026 study of trading behaviour, FY25 to FY26, looked at a random sample of individual traders, which SEBI calls indicative. It found that 97% of them were mainly options buyers. Both facts can be true. The client group holds more than individuals. It takes in every account that is not a member, a DII or an FII, so it can hold firms that trade through client codes, corporates and wealthy accounts that write options. The file cannot split the group. So it cannot say whether the net short puts belong to the people SEBI counts as individuals. For the same reason the file cannot name a market maker.

### What the file cannot do

* It has no strike and no expiry, so it cannot say who holds the weekly and who holds the monthly.

* It cannot split hedges from views. A foreign fund that sells calls against its shares and a desk that sells calls for a view look the same.

* It lists futures and options in separate columns, so a short call hedged with a long future shows as two positions in two places.

* It is a snapshot at the close. Through the day the sides change many times.

### From a group to a sign

For gamma exposure the question is narrow: on which side is the group that hedges? You have to pick a group and trust the pick. The file then gives a number, the net position of that group as a share of all open interest in the product.

Two terms to hold on to from 15.8

From the module glossary. Source: Module 15.8, Who is on the other side in India.
The maths: dealing side net long share
For calls and for puts separately, take the long contracts less the short contracts of the groups you call the dealing side, divided by the total long contracts of all four groups. The result lies between minus one and one.

Share = (long − short
of dealing groups)
/ total long of all groups

Gamma exposure then uses this share as a signed weight on every call line, and a second one on every put line. A share of minus one says the dealing side is short every call. The three conventions are special cases: A uses plus one for calls and minus one for puts, B uses minus one for both, and C uses the shares from the file. Module [A19](/learn/path-15/module-15-9-gamma-exposure-gex) puts them to work.

The file turns open interest into a sign only after an assumption

From the chain to a gamma figure. The step in the middle is a choice, not a measurement. Illustration of the logic, with no prices. Source: RupeeCase illustration, from NSE option chain and participant wise open interest files. As of 10 Jun 2026.

## Worked example: three choices, one day, 10 Jun 2026

Take the 23,500 strike on 10 Jun 2026. The call there held 44,81,555 units, which is 68,947 lots, and the put held 38,83,945 units. The file for that day has the call and put positions of all four groups, for every index at once, so it cannot say which of those lots belong to which group. It can give the dealing side's share of all open interest, under each choice of who that side is.

The sign changes with the group you pick, and with calls against puts

Net long contracts of the chosen group divided by the total long contracts of all four groups, for index calls and index puts on 10 Jun 2026. Source: NSE participant wise open interest, end of day file, computed by RupeeCase. As of 10 Jun 2026.

### Reading the three shares

The shares are small fractions of open interest, nowhere near plus or minus one. Take Pro as the dealing side and both shares are small, so the group is nearly flat in aggregate and says little about the sign. Take FII and the shares are of opposite sign for calls and puts: short calls and long puts. Take both and the put share is larger still. None of the three is the plus one or minus one a simple convention assumes. Every number is an aggregate of all index contracts, so it need not describe the Nifty 30 Jun series.

### Three conventions, one day

The three readings of the same day, in words:

* **Convention A.** The dealing side is the dealers, by the habit of US data. Sign: long calls, short puts.

* **Convention B.** The dealing side is the writers, since customers mostly buy. Sign: short both.

* **Convention C.** The dealing side is the group you choose in the participant file. Sign: that group's net share of open interest.

Read one more paragraph, 82 words
The file backs none of these as the truth. Under A, the pattern is that of the client group in the file: long calls and short puts. Under B, the pattern is nobody's in particular. Under C the answer changes with the group, as the chart shows. The next module, [A19](/learn/path-15/module-15-9-gamma-exposure-gex), shows what each choice does to a gamma exposure figure. The question pages [is Nifty GEX reliable](/learn/questions/is-nifty-gex-reliable) and [who are the market makers and option sellers](/learn/questions/who-are-option-sellers-india) give the short version.

### Where the dealing desks sit

One more piece of context. SEBI's Sep 2024 study of FY22 to FY24 found that most of the FY24 gross trading profit of proprietary traders and FPIs came from algorithmic trading. A dealing desk can sit in either group. The file shows neither as a steady net seller of both calls and puts.

Where this section sits in module 15.8

Sections 1 to 4 of 4; the highlighted one is next. Source: Module 15.8, Who is on the other side in India.
The GEX lab below carries the same participant data. Switch to convention C, pick the dealing group, and watch the total move.

## The common mistake

The claim: Retail buys all the options, so the dealers are short everything and gamma exposure is always negative. The file does not support the first part. On every one of the 233 sessions the client group was net short puts, and the group is wider than individuals. It does not support the second part either. Taking FII or Pro as the dealing side gives shares with signs that differ for calls and puts and that change from session to session. Convention B, short everything, is one assumption among several. So is A. A gamma exposure figure is a model of what hedging would follow if the assumption were true, and the file cannot say which assumption is. Before using a sign, ask which group you mean and why.

## Key takeaways

* The chain has open interest in units and names no holder or side.
* The participant file has four groups in contracts, for all index options together.
* The client group was net short puts on every session.
* Client is not retail: it holds every account outside the other three.
* A chosen group's net share is small, and its sign depends on the pick.
* A gamma sign is an assumption, and the file cannot say which is right.

**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 Who is on the other side in India cover?Every option has a seller. NSE publishes four groups and a ledger, and a sign for gamma exposure needs more than that. It works through The idea, plainly, Worked example: three choices, one day, 10 Jun 2026, The common mistake, Key takeaways. It is module 15.8 of Path 15, Option Chain and Data, about 10 minutes of reading, free.

TTry it

## GEX lab, on the same example.
Gamma exposure under three sign conventions, switched on screen. Dated NSE end of day data, nothing live, no orders.

**GEX lab**, Nifty, 10 Jun 2026, 30 Jun 2026 expiry.

[Open the gex lab](/learn/tools/gex-lab?chain=NIFTY_2026-06-10_2026-06-30)

  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 15 certificate.

7 of 10 correct passes module 15.8

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 15 so far.
Your quick check results on this device, stop by stop.

Stop 8 of 13 on Path 15

Option Chain and Data: every live stop, this module ringed. Source: RupeeCase Learn, Path 15.

1. [15.1Reading the NSE option chain, column by columnNot yet](/learn/path-15/module-15-1-reading-the-nse-option-chain)
2. [15.2OI and change in OI on the chain: what they can and cannot tell youNot yet](/learn/path-15/module-15-2-open-interest-on-the-option-chain)
3. [15.3Put call ratio: definitions and what the evidence saysNot yet](/learn/path-15/module-15-3-put-call-ratio)
4. [15.4Max pain: the calculation and a Nifty testNot yet](/learn/path-15/module-15-4-max-pain)
5. [15.5Liquidity in the chain: spreads, volume and tradable strikesNot yet](/learn/path-15/module-15-5-option-chain-liquidity)
6. [15.6Participant wise OI and FII derivatives data, read honestlyNot yet](/learn/path-15/module-15-6-participant-wise-open-interest)
7. [15.7Expected move from the straddle and from IVNot yet](/learn/path-15/module-15-7-expected-move)
8. [15.8Who is on the other side in IndiaNot yet](/learn/path-15/module-15-8-who-is-on-the-other-side#quiz)
9. [15.9Gamma exposure: the computation and its assumptionsNot yet](/learn/path-15/module-15-9-gamma-exposure-gex)
10. [15.10Zero gamma, call wall and put wallNot yet](/learn/path-15/module-15-10-zero-gamma-and-walls)
11. [15.11Pinning and max OI strikes: the evidenceNot yet](/learn/path-15/module-15-11-pinning-and-max-oi-strikes)
12. [15.12Vanna and charm flows around expiries and eventsNot yet](/learn/path-15/module-15-12-vanna-and-charm-flows)
13. [15.13An Indian positioning model and its limitsNot yet](/learn/path-15/module-15-13-indian-positioning-model)
14. [TPath test, 30 questionsNot yet](/learn/path-15/module-15-13-indian-positioning-model#pathTestSection)

Path 15 in reading time: 119 minutes over 13 modules

Minutes of reading per module, this one in amber. Source: RupeeCase Learn, Path 15.

    Explore next

## Put the module to work.

* [Free module 14.11Gamma: why it grows so fast near expiry8 min read](/learn/path-14/module-14-11-gamma)
* [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder)
* [Free module 15.2OI and change in OI on the chain: what they can and cannot tell you8 min read](/learn/path-15/module-15-2-open-interest-on-the-option-chain)
* [Free module 15.6Participant wise OI and FII derivatives data, read honestly8 min read](/learn/path-15/module-15-6-participant-wise-open-interest)
* [Free module 15.9Gamma exposure: the computation and its assumptions10 min read](/learn/path-15/module-15-9-gamma-exposure-gex)
* [Free module 15.10Zero gamma, call wall and put wall10 min read](/learn/path-15/module-15-10-zero-gamma-and-walls)

      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.
5 sources, NSE the most cited

The publisher of each source listed below. Source: Module 15.8 source list.
1. [NSE, participant wise open interest file, fao_participant_oi (example file)](https://nsearchives.nseindia.com/content/nsccl/fao_participant_oi_11052023.csv) NSE
2. [NSE, derivatives end of day reports: the F&O bhavcopy these figures are built from](https://www.nseindia.com/all-reports-derivatives) NSE
3. [NSE, equity derivatives contract specifications (lot size and contract terms)](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) NSE
4. [SEBI, Trading Behaviour of Individual Traders in the Equity Derivatives Segment (FY25 to FY26), Aug 2026](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-trading-behaviour-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103836.html) SEBI
5. [SEBI, Analysis of Profits and Losses in the Equity Derivatives Segment (FY22 to FY24), Sep 2024](https://www.sebi.gov.in/reports-and-statistics/research/sep-2024/study-analysis-of-profits-and-losses-in-the-equity-derivatives-segment-fy22-fy24-_86905.html) SEBI

GTerms

## 5 terms from this module.
Participant wise open interestNSE's daily file of open contracts for four groups, Client, DII, FII and Pro, long and short, by product.
Client groupEvery account that is not a member, a DII or an FII. It holds more than individual traders.
Dealing sideThe side that hedges an option by trading the index or its future. Which group that is, is an assumption.
Net long shareLong less short contracts of the chosen group, divided by the total long contracts of all four groups.
Ledger ruleEvery long has a short, so the four groups' net positions in a product add up to zero.
[All 230 terms in the glossary](/learn/glossary)

[Question people askIs Nifty GEX reliable in India?A short answer with a dated chart](/learn/questions/is-nifty-gex-reliable)[Question people askWho are the market makers and option sellers in India?A short answer with a dated chart](/learn/questions/who-are-option-sellers-india)[Related module15.2 OI and change in OI on the chain: what they can and cannot tell you8 min, Beginner](/learn/path-15/module-15-2-open-interest-on-the-option-chain)[Related module15.6 Participant wise OI and FII derivatives data, read honestly8 min, Intermediate](/learn/path-15/module-15-6-participant-wise-open-interest)[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.