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What Is Futures and Options Expiry?

Expiry is the last day a futures or options contract can be traded. On that day the contract is settled and stops existing.

QuantPower Research · Updated 3 Nov 2026 · 2 min read

Expiry days in India

Since 1 September 2025, NSE's equity derivatives expire on Tuesdays and BSE's on Thursdays. Each exchange offers one weekly index expiry.

ContractExchangeExpiry
Nifty 50 weekly optionsNSEEvery Tuesday
Nifty, Bank Nifty and FinNifty monthly contractsNSELast Tuesday of the month
Stock futures and optionsNSELast Tuesday of the month
Sensex weekly optionsBSEEvery Thursday

If the expiry day is a trading holiday, the contract expires on the previous trading day. Bank Nifty and FinNifty have had monthly expiries only since November 2024. The F&O expiry calendar lists the coming dates.

How contracts settle

  • Index futures and options settle in cash against the final settlement price.
  • Stock futures and options settle by physical delivery. An in-the-money stock option held into expiry means taking or giving delivery of the shares, which needs much more money than the option itself.

What changes on expiry day

  • Time value collapses. Options lose most of their remaining time value in the final hours.
  • Gamma is high. Small moves in the index cause large swings in near-the-money option prices.
  • Margin rules tighten. Short index options need an extra 2% margin on expiry day, and calendar spreads lose their margin offset.
Example
With Nifty at 25,000 and 12 days to go, the 25,000 call is worth about ₹280.50 at an IV of 14%. With the index unchanged and one day left, the same model gives about ₹75, and at the close on expiry day the option is worth only its intrinsic value: zero if Nifty settles at or below 25,000.

Learn more

Frequently asked questions

What day is Nifty expiry?

Nifty 50 weekly options expire every Tuesday. If Tuesday is a holiday, they expire on the previous trading day.

What happens if I hold an option to expiry?

An index option is settled in cash: you receive its intrinsic value if it is in the money, and nothing if it is not. A stock option is settled by delivery of shares.

Why do brokers restrict stock options near expiry?

Because of physical settlement. Many brokers close or block in-the-money stock option positions in the last days to avoid delivery obligations clients cannot meet.

Trading involves substantial risk. Model prices on this page are examples, not quotes, and are not investment advice.