--- title: "Expiry Day in India: Gamma, Theta, Settlement and SEBI Rules" description: "What gamma and theta do on a Nifty option's last day, how the final value is set in 2026, SEBI's expiry day rules and what the Jane Street interim order says." source_url: "https://www.rupeecase.com/learn/path-17/module-17-12-expiry-day" --- [Path 17 12 of 23](/learn/path-17/)Expiry day: gamma, theta, settlement and the rules[Next 17.13](/learn/path-17/module-17-13-hedging-with-nifty-puts) Monday 29 Jun 2026, one trading day before the monthly Nifty expiry. The 23,950 call settled at 87.65 and the 23,950 put at 71.15, so the pair cost 158.80 a unit, or Rs 10,322 for a lot of 65 units. The next day Nifty closed at 23,865.75. The put was worth 84.25, the call nothing, and all the time value had gone to zero. I read expiry day as a payoff, not a feeling. This lesson covers what [gamma](/learn/glossary#gamma) and theta do on the last day, how the final value is set under the 2026 rules, which SEBI rules now shape the day, and what SEBI's July 2025 interim order on the Jane Street group says and does not say. Every figure is an NSE end of day number with a date. 3By the end you can 1. Explain why gamma and theta both peak on the last day, with dated Nifty figures. 2. Name the settlement regime for an expiry before 3 Aug 2026, from 3 Aug to 6 Dec 2026 and from 7 Dec 2026. 3. Describe SEBI's 2024 to 2026 expiry day rules and the Jane Street interim order without overstating either. Watch in the terminal: why sign in again every day? A short tutorial on sample data. ## The idea, plainly ### Why the last day is different An option's price is intrinsic value plus time value. On expiry day only intrinsic value survives, so all the time value goes, and it goes in hours. Two Greeks describe the speed. [Theta](/learn/path-14/module-14-8-theta-time-decay) is the rupees of premium lost in a day. [Gamma](/learn/path-14/module-14-11-gamma) is how fast delta changes when the index moves. Gamma of one call piles up at the strike as expiry nears Gamma of the Nifty 23,950 call against the level of the future, for fourteen, five and one days left. The strike's own implied volatility from 29 Jun 2026 is held the same on all three curves, so only time changes. Source: NSE end of day data, computed by RupeeCase. As of 29 Jun 2026. With one day left, calls a few hundred points out cost a few rupees | Calls | Strike | Puts | | --- | --- | --- | | Settle | OI | OI | Settle | | 374.85 | 9.6L | 23,600 | 70.6L | 5.45 | | 323.15 | 1.2L | 23,650 | 35.8L | 7.70 | | 279.20 | 4.8L | 23,700 | 71.8L | 11.25 | | 234.25 | 2.6L | 23,750 | 42.1L | 16.20 | | 192.35 | 21.3L | 23,800 | 1.06Cr | 24.25 | | 152.00 | 9.2L | 23,850 | 41.9L | 35.25 | | 117.90 | 33.4L | 23,900 | 92L | 50.35 | | Spot 23,946.25 | | 87.65 | 51L | 23,950ATM | 55.9L | 71.15 | | 64.30 | 1.72Cr | 24,000 | 1.2Cr | 96.45 | | 45.55 | 67.1L | 24,050 | 22.4L | 128.45 | | 32.35 | 1.57Cr | 24,100 | 49.4L | 164.40 | | 22.65 | 70.8L | 24,150 | 8.2L | 206.10 | | 15.85 | 1.38Cr | 24,200 | 27.2L | 247.95 | | 11.00 | 66.2L | 24,250 | 3.9L | 294.40 | | 7.65 | 1.31Cr | 24,300 | 11.3L | 338.55 | Shaded cells are in the money. Outlined cells hold the most open interest among the strikes shown. OI is in units and volume is in contracts; L is lakh and Cr is crore. Nifty option chain on 29 Jun 2026 for the 30 Jun expiry, around the at the money strike. Open interest is in units. The cheap strikes are the ones that need a large move to pay. Source: NSE end of day data, computed by RupeeCase. As of 29 Jun 2026. The term this section turns on: Gamma From the module glossary; every term is in the Learn glossary too. Source: Module 17.12, Expiry day: gamma, theta, settlement and the rules. Read 3 more paragraphs, 193 words Take the at the money call, priced at the implied volatility of its own strike. With 20 days left on 10 Jun 2026, theta was 8.12 a unit a day. With 14 days left it was 8.06. With one day left on 29 Jun it was 37.53, which is 42.8% of the whole 87.65 premium in a single day. Theta is flat for weeks and steep at the end. Gamma climbs the same way. The 23,950 call had a gamma of 0.0021 with one day left, against 0.0007 for the 24,000 call with 14 days left: about 3.0 times. A fifty point move in the index shifts that call's delta by about 0.10, from a starting 0.55. Small moves in the index make large percentage moves in the premium, in both directions. That is the lottery ticket behind a hero zero trade. With one day left the 24,300 call, 353.75 points above the index, cost 7.65 a unit, Rs 497 a lot. To break even before costs, Nifty had to settle above 24,307.65, 1.5% over the 29 Jun close. It settled at 23,865.75 and the call expired worthless. ### One number shows the decay: the straddle A [straddle](/learn/glossary#straddle) is a call and a put at one strike. Its price is the market's charge for a move either way, so it is a clean gauge of time value at the money. As a share of the index it was 2.77% with 20 days left, 1.89% with 14 days left and 0.66% with one day left. At expiry on 30 Jun, only the 84.25 points of intrinsic value remained, 0.35% of the index. The fall is not a straight line. The straddle lost most of its price in the last day Price of the at the money straddle for the June monthly expiry as a share of the index on each date. The expiry value is the intrinsic value of the 23,950 straddle at the 30 Jun close. Source: NSE end of day data, computed by RupeeCase. As of 30 Jun 2026. ### Neither side wins by default The common line is that expiry day pays sellers because time decay is steep. Test it on two dates. On 30 Jun 2026 the seller of the 23,950 straddle kept 74.55 a unit, Rs 4,846 a lot before costs, because Nifty fell 0.34% on the day. The weekly that expired on 16 Jun went the other way. A straddle at the 23,250 strike cost 346.05 on 10 Jun, 6 days earlier. Nifty rose 3.3% to 23,989.15, so the straddle was worth 739.15 at expiry. The buyer made 393.10 a unit, Rs 25,552 a lot, and the seller lost the same. Two expiries, opposite results, no verdict. The index rose into the weekly expiry and eased into the monthly one Daily close of the Nifty 50. The marks are the weekly expiry of 16 Jun and the monthly expiry of 30 Jun 2026. Source: NSE end of day data, computed by RupeeCase. As of 30 Jun 2026. ### How the final value is set An index option settles in cash against one number, the final settlement value. Whoever can move that number matters to every holder of an expiring contract, which is why the method is written into SEBI's rules. For expiries in 2026 it has three regimes, so name the regime before you read an expiry price. * **Before 3 Aug 2026:** the index close on expiry day, worked out from the last half hour of trading in its stocks. The 16 Jun and 30 Jun examples settled this way. * **3 Aug to 6 Dec 2026:** the index close that uses the closing auction session in the cash market, 3:15 to 3:35 pm. Index derivatives trade until 3:40 pm. * **From 7 Dec 2026:** the index worked out from the volume weighted average prices of its stocks over the last 30 minutes of continuous trading. Expiring index contracts stop trading at 3:30 pm, with an indicative value shown live. ### The rules that now shape the day SEBI's circular of 1 Oct 2024 treated expiry day activity in index options as a risk to investors and set six measures. Later circulars followed the same direction. Seven dated changes from Nov 2024 to Dec 2026 reshaped index option expiry day 1. 20 Nov 2024**One weekly index per exchange, extra margin**Weekly index options only on one benchmark index per exchange. Short options expiring that day carry an extra 2% extreme loss margin. 2. 1 Feb 2025**Premium upfront, no calendar offset**Option buyers pay the premium upfront. Index contracts expiring that day get no calendar spread margin offset. 3. 1 Apr 2025**Intraday position monitoring**Exchanges check index derivative position limits at random times through the day, not only at the close. 4. 1 Sep 2025**Tuesday expiry for NIFTY**NSE weekly and monthly NIFTY contracts expire on Tuesday and BSE SENSEX on Thursday, under the 26 May 2025 circular. 5. 1 Oct 2025**Intraday limits on index options**Per entity, net 5,000 crore and gross 10,000 crore on a future equivalent basis. Penalties for breaches on expiry day apply from 6 Dec 2025. 6. 3 Aug 2026**Closing auction session**The cash market closes through an auction. Expiry settlement uses the index close built from it. 7. 7 Dec 2026**Settlement on a 30 minute average**The final value comes from stock VWAPs over the last 30 minutes of continuous trading. Expiring index contracts stop at 3:30 pm. Rules from SEBI circulars of 1 Oct 2024, 26 May 2025, 1 Sep 2025, 16 Jan 2026 and 15 Oct 2026, with the dates they took effect. Source: SEBI circulars as named; NSE circular NSE/FAOP/68589. As of 15 Oct 2026. Watch in the terminal: status, due pill and cycle ring A short tutorial on sample data. Read one more paragraph, 69 words Three of these show up in an account. Buyers have paid the full premium upfront since 1 Feb 2025. A long option in a later expiry no longer offsets a short option expiring the same day. And short options expiring that day carry an extra 2% extreme loss margin: on one lot at the 29 Jun 2026 spot that is Rs 31,130, on top of the usual margin. ### Do zero day options exist in India? Yes. A contract trades on the day it expires, so Nifty weekly options with zero days left exist every Tuesday. SEBI's August 2026 study of individual F&O traders, FY25 and FY26, found that zero day contracts were 70% of index options turnover in FY25 and 59% in FY26. Selling an option on its expiry day is permitted, with the extra margin above. These are facts about rules and turnover, not a view on any trade. The question page on [expiry day setups](/learn/questions/expiry-day-strategies) covers the 9:20 straddle and hero zero. ### What SEBI's Jane Street order says, and what it does not On 3 Jul 2025 SEBI issued an interim ex parte order against four entities of the Jane Street group. Interim means pending investigation. Ex parte means issued before hearing the entities. The findings are prima facie, on a preponderance of probability, and the entities had three weeks to reply. Read 3 more paragraphs, 247 words What SEBI alleged: the group built large index option positions and, on certain expiry days, traded the index's stocks and futures to move the index in the direction that paid those options. The order describes two patterns. An intraday pattern, found on fifteen of eighteen BANKNIFTY expiry days between Aug 2023 and Jul 2024, traded stocks and futures hard early in the day and reversed those trades later. An "extended marking the close" pattern, found on the other three of those eighteen days and on three NIFTY expiry days in May 2025, concentrated trades in the last stretch before the close. Table 44 of the order lists twenty-one days with profits that sum to Rs 4,843.57 crore, which the order impounds into an escrow account with a lien for SEBI. What came after, from SEBI's own releases: on 14 Jul 2025 SEBI said the group had credited that sum to escrow, stating it did so without prejudice to its rights. On 21 Jul 2025 SEBI said most restrictions ceased under paragraph 62.11 on that compliance, while the cease and desist direction and exchange monitoring continue. SEBI's site listed no final order when we checked on 16 Oct 2026. What the order does not say: that expiry day moves in general are manipulated, that any trader outside the named entities did anything wrong, or that a position of yours is affected. It is a market structure case about a settlement value that depends on the closing minutes. ## Worked example: one lot, one day Take the 23,950 straddle from the story. The call and put settled on 29 Jun 2026 at the prices below and ran to the 30 Jun expiry, which settled on the index close. | One lot of 65 units | Value | | --- | --- | | Call premium a unit | 87.65 | | Put premium a unit | 71.15 | | Straddle, one lot | Rs 10,322 | | Nifty close on 30 Jun | 23,865.75 | | Call value at expiry | Zero | | Put value at expiry a unit | 84.25 | | Buyer's result, one lot | −Rs 4,846 | | Seller's result, one lot | Rs 4,846 | | STT on the put's exercise | Rs 8.21 | | STT on the seller's premium | Rs 15.48 | Two terms to hold on to from 17.12 From the module glossary. Source: Module 17.12, Expiry day: gamma, theta, settlement and the rules. Read 2 more paragraphs, 87 words The buyer lost what the seller kept, as every option pair does before costs. STT is 0.15% of the intrinsic value on exercise and 0.15% of the premium on sale from 1 Apr 2026. Brokerage, exchange charges, the SEBI fee, stamp duty and GST come on top: see [the cost of an F&O trade](/learn/path-12/module-12-6-cost-of-an-fo-trade). All prices are settlement prices, not fills. The tool below opens on this chain, so you can read theta and gamma for yourself. Related: [expiry and settlement](/learn/path-14/module-14-6-expiry-and-settlement) and [margins without jargon](/learn/path-12/module-12-5-fo-margins-explained). ## The common mistake The belief: Theta is fastest on expiry day, so selling options then wins. The data in this lesson does not say that. The 30 Jun straddle seller kept Rs 4,846 a lot. The 16 Jun weekly buyer made Rs 25,552 a lot. Theta is the rent a seller collects for carrying gamma, and gamma is high on the same day. A seller is paid for both and loses when the index moves further than the premium. The opposite belief is as wrong: The Jane Street order proves expiry day is rigged. The order is interim, its findings are prima facie, it names specific entities and days, and no final order is listed. Expiry day is a risk to measure, not a pattern to trust. ## Key takeaways * On the last day all time value goes, and theta and gamma both peak. * One day out, the straddle still priced 0.66% of the index. * The 30 Jun 2026 straddle seller won and the 16 Jun weekly seller lost. * The settlement method changed on 3 Aug 2026 and changes again on 7 Dec. * SEBI limits weekly index options and adds expiry day margin and monitoring. * The Jane Street order is interim and prima facie; no final order is listed. Where this section sits in module 17.12 Sections 1 to 4 of 4; the highlighted one is next. Source: Module 17.12, Expiry day: gamma, theta, settlement and the rules. **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 Expiry day: gamma, theta, settlement and the rules cover?The last day of an option is a payoff, not a feeling. Gamma and theta on dated NSE data, three settlement regimes, SEBI's rules since 2024 and the Jane Street interim order as it reads. It works through The idea, plainly, Worked example: one lot, one day, The common mistake, Key takeaways. It is module 17.12 of Path 17, Strategies and Hedging, about 10 minutes of reading, free. TTry it ## Greeks calculator, on the same example. Delta to rho, and vanna to colour in expert mode, from one Black 76 engine. Dated NSE end of day data, nothing live, no orders. **Greeks calculator**, Nifty, 29 Jun 2026, 30 Jun 2026 expiry. [Open the greeks calculator](/learn/tools/greeks-calculator?chain=NIFTY_2026-06-29_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 16 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 17 certificate. 7 of 10 correct passes module 17.12 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 17 so far. Your quick check results on this device, stop by stop. Stop 12 of 23 on Path 17 Strategies and Hedging: every live stop, this module ringed. Source: RupeeCase Learn, Path 17. 1. [17.1Reading and building payoff diagramsNot yet](/learn/path-17/module-17-1-payoff-diagrams) 2. [17.2Vertical debit spreads: bull call and bear putNot yet](/learn/path-17/module-17-2-bull-call-and-bear-put-spreads) 3. [17.3Covered call, protective put and cash secured putNot yet](/learn/path-17/module-17-3-covered-call-and-protective-put) 4. [17.4Why and when to hedge: insurance in plain numbersNot yet](/learn/path-17/module-17-4-why-hedge) 5. [17.5Straddles and strangles, long and shortNot yet](/learn/path-17/module-17-5-straddles-and-strangles) 6. [17.6Credit spreads: bull put and bear callNot yet](/learn/path-17/module-17-6-credit-spreads) 7. [17.7Iron condor and iron fly on NiftyNot yet](/learn/path-17/module-17-7-iron-condor-and-iron-fly) 8. [17.8Butterflies and broken wing butterfliesNot yet](/learn/path-17/module-17-8-butterflies) 9. [17.9Option calendar spreadsNot yet](/learn/path-17/module-17-9-option-calendar-spreads) 10. [17.10Choosing a strategy by view: direction, volatility and timeNot yet](/learn/path-17/module-17-10-strategy-by-view) 11. [17.11Adjustments: what they really do to riskNot yet](/learn/path-17/module-17-11-option-adjustments) 12. [17.12Expiry day: gamma, theta, settlement and the rulesNot yet](/learn/path-17/module-17-12-expiry-day#quiz) 13. [17.13Hedging a stock portfolio with Nifty putsNot yet](/learn/path-17/module-17-13-hedging-with-nifty-puts) 14. [17.14Collars and put spreads as cheaper hedgesNot yet](/learn/path-17/module-17-14-collars-and-put-spreads) 15. [17.15Hedging mutual fund portfolios: beta and basisNot yet](/learn/path-17/module-17-15-hedging-mutual-fund-portfolios) 16. [17.16Ratio spreads and backspreadsNot yet](/learn/path-17/module-17-16-ratio-spreads-and-backspreads) 17. [17.17Diagonals and double calendarsNot yet](/learn/path-17/module-17-17-diagonals-and-double-calendars) 18. [17.18P&L attribution by GreeksNot yet](/learn/path-17/module-17-18-pnl-attribution-by-greeks) 19. [17.19Event hedging with event varianceNot yet](/learn/path-17/module-17-19-event-hedging) 20. [17.20Tail hedging and long dated Nifty optionsNot yet](/learn/path-17/module-17-20-tail-hedging) 21. [17.21Hedging an option selling book: wings, vega, gaps and margin stressNot yet](/learn/path-17/module-17-21-hedging-an-option-selling-book) 22. [17.22Kelly and sizing for option strategiesNot yet](/learn/path-17/module-17-22-kelly-sizing) 23. [17.23Risk for option books: scenarios, stress, VaR, ES and margin shocksNot yet](/learn/path-17/module-17-23-option-book-risk) 24. [TPath test, 30 questionsNot yet](/learn/path-17/module-17-23-option-book-risk#pathTestSection) Path 17 in reading time: 215 minutes over 23 modules Minutes of reading per module, this one in amber. Source: RupeeCase Learn, Path 17. Explore next ## Put the module to work. * [Free module 15.7Expected move from the straddle and from IV9 min read](/learn/path-15/module-15-7-expected-move) * [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder) * [Free module 14.6Expiry and settlement: cash, physical, exercise and STT8 min read](/learn/path-14/module-14-6-expiry-and-settlement) * [Free module 14.8Theta: the time decay curve into expiry7 min read](/learn/path-14/module-14-8-theta-time-decay) * [Free module 14.11Gamma: why it grows so fast near expiry8 min read](/learn/path-14/module-14-11-gamma) * [QuestionWhat happens on expiry day?A short answer with a dated chart](/learn/questions/what-happens-on-expiry-day) 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. 12 sources, SEBI the most cited The publisher of each source listed below. Source: Module 17.12 source list. 1. [SEBI, circular of 1 Oct 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 2. [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 3. [SEBI, circular of 1 Sep 2025: intraday position limits monitoring for equity index derivatives](https://www.sebi.gov.in/legal/circulars/sep-2025/framework-for-intraday-position-limits-monitoring-for-equity-index-derivatives_96376.html) SEBI 4. [SEBI, circular of 16 Jan 2026: closing auction session in the equity cash segment](https://www.sebi.gov.in/legal/circulars/jan-2026/introduction-of-closing-auction-session-cas-in-the-equity-cash-segment-and-certain-modifications-in-the-pre-open-auction-session_99122.html) SEBI 5. [SEBI, circular of 15 Oct 2026: closing auction session, market timings and settlement methodology for derivatives](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 6. [SEBI, interim order in the matter of index manipulation by Jane Street group (3 Jul 2025)](https://www.sebi.gov.in/enforcement/orders/jul-2025/interim-order-in-the-matter-of-index-manipulation-by-jane-street-group_95040.html) SEBI 7. [SEBI, press release PR No. 40/2025: update on interim order compliance (14 Jul 2025)](https://www.sebi.gov.in/media-and-notifications/press-releases/jul-2025/update-on-interim-order-compliance-by-jane-street_95237.html) SEBI 8. [SEBI, press release PR No. 45/2025: update on the interim order (21 Jul 2025)](https://www.sebi.gov.in/media-and-notifications/press-releases/jul-2025/update-on-the-jane-street-interim-order_95491.html) SEBI 9. [SEBI, Aug 2026 study: profitability of individual traders in the equity derivatives segment, FY25 to FY26](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) SEBI 10. [NSE, circular NSE/FAOP/68589 on equity derivatives expiry days (17 Jun 2025)](https://nsearchives.nseindia.com/content/circulars/FAOP68589.pdf) NSE 11. [NSE, equity derivatives contract specifications (expiry, lot size, cash settlement)](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) NSE 12. [NISM, Series VIII Equity Derivatives, test objectives](https://www.nism.ac.in/revamp-nism/test-objectives-revised-nism-series-viii-equity-derivatives-certification-examination/) NISM GTerms ## 4 terms from this module. [Gamma](/learn/glossary#gamma)How much an option's delta changes for a one point move in the index. It is largest at the money and grows as expiry nears. [Straddle](/learn/glossary#straddle)A call and a put at the same strike and expiry. Its price is the market's charge for a move in either direction. Extreme loss marginA margin that covers tail risk outside the scanning risk. SEBI adds two percent for short options on the day they expire. Interim ex parte orderAn order issued before the named parties are heard and before an investigation ends. Its findings are prima facie. [All 230 terms in the glossary](/learn/glossary) [Question people askWhat happens on expiry day?A short answer with a dated chart](/learn/questions/what-happens-on-expiry-day)[Question people askWhat is theta decay, and how fast is it on expiry day?A short answer with a dated chart](/learn/questions/theta-decay-on-expiry)[Related module14.6 Expiry and settlement: cash, physical, exercise and STT8 min, Beginner](/learn/path-14/module-14-6-expiry-and-settlement)[Related module14.8 Theta: the time decay curve into expiry7 min, Beginner](/learn/path-14/module-14-8-theta-time-decay)[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.