India's F&O Expiry Calendar After the SEBI Overhaul
One weekly expiry per exchange, new expiry days, and discontinued contracts — the current schedule explained, and why it changed.
If you learned the Indian expiry calendar before 2025, almost everything you knew has changed. There is no longer a different index expiring every weekday; there is no longer a Thursday NIFTY weekly. Two SEBI-driven changes rewrote the map, and trading the old schedule will get you to the wrong contract on the wrong day.
This chapter is the current, verified state of play — which index expires on which day, what was discontinued, and the regulatory logic behind it. Every later chapter in this module builds on it.
The two changes that rewrote the calendar
One weekly per exchange (effective 20 November 2024). SEBI limited each exchange to a single weekly index-options expiry. NSE kept NIFTY; the weekly expiries for BANK NIFTY, FINNIFTY and MIDCPNIFTY were discontinued. BSE kept SENSEX. The aim was to curb the speculative churn that multiple same-day weekly expiries were concentrating into the retail F&O segment.
New expiry days (from 1 September 2025). To spread weekly expiries across the week rather than bunch them, SEBI had the exchanges pick different days. NSE's NIFTY weekly moved to Tuesday (it was Thursday for years); BSE's SENSEX weekly sits on Thursday.
The current schedule
NSE — NIFTY: weekly options expire every Tuesday; the monthly contract expires on the last Tuesday of the month.
NSE — BANK NIFTY: monthly only now (no weekly), expiring the last Tuesday of the month. Same for FINNIFTY and MIDCPNIFTY — monthly only.
NSE — single stocks: monthly only (they never had weeklies), expiring on the NSE monthly cycle and physically settled.
BSE — SENSEX: weekly expiry on Thursday; monthly on the last Thursday.
Holiday rule: if an expiry day is a trading holiday, expiry shifts to the previous trading day.
Why it matters for how you trade
The practical upshot: the week now has two index weekly-expiry pressure points — NIFTY on Tuesday, SENSEX on Thursday — instead of one crowded Thursday. Intraday volatility, theta decay and pinning behaviour now cluster on those two days for their respective indices.
And if your strategy used to lean on BANK NIFTY weekly options for cheap, fast-decaying premium, that instrument no longer exists — BANK NIFTY is a monthly product now, which changes its theta profile and the way you'd structure a short-dated trade around it.
Common misreads
- Assuming NIFTY still expires Thursday. It's been Tuesday since 1 Sep 2025.
- Looking for a BANK NIFTY weekly option. It no longer exists — BANK NIFTY is monthly-only.
- Treating NSE and BSE as having the same expiry day. NIFTY (Tue) and SENSEX (Thu) are deliberately different.
Key takeaways
- SEBI (Nov 2024): one weekly index expiry per exchange. NSE = NIFTY; BSE = SENSEX.
- BANK NIFTY, FINNIFTY, MIDCPNIFTY weekly expiries were DISCONTINUED — they're monthly-only now.
- From Sep 2025: NIFTY weekly = Tuesday; SENSEX weekly = Thursday.
- Monthly: NIFTY & BANK NIFTY last Tuesday; SENSEX last Thursday. Stock F&O monthly, physically settled.
- Holiday on an expiry day -> expiry moves to the previous trading day.
India's expiry calendar — what changed
Which day does NIFTY expire now?
NIFTY weekly options expire every Tuesday, and the monthly contract on the last Tuesday of the month. This has been the case since 1 September 2025; before that NIFTY expired on Thursday. If a Tuesday is a holiday, expiry shifts to the previous trading day.
Why can't I find a Bank Nifty weekly option anymore?
Because it was discontinued. Under SEBI's November 2024 rule, each exchange may offer weekly expiry on only one index — NSE chose NIFTY. BANK NIFTY, FINNIFTY and MIDCPNIFTY lost their weekly contracts and now trade as monthly-only, expiring the last Tuesday of the month.
When does SENSEX expire, and why is it different from NIFTY?
SENSEX (on the BSE) expires weekly on Thursday and monthly on the last Thursday. SEBI had the two exchanges pick different weekly-expiry days so the week's expiry-driven volume and volatility aren't all concentrated on a single day.
Did stock F&O expiry change too?
Single-stock derivatives were always monthly-only (no weeklies), and they remain physically settled — if you hold to expiry in the money, you take/make delivery of shares. They expire on the NSE monthly cycle (last Tuesday), so manage or roll stock positions before then to avoid an unintended delivery obligation.
What happens to expiry when the day is a market holiday?
Expiry moves to the immediately preceding trading day. So a Tuesday NIFTY expiry that lands on a holiday settles on Monday (or the prior open session). Always check the exchange holiday calendar around festival weeks.