Announcements

Regulators have updated the way they measure the total exposure (known as Open Interest, or OI) for individual stock derivatives when they are in the ban period.

They are introducing a new, smarter measure called Future Equivalent Open Interest (FutEq OI). This calculation uses a "delta adjustment" to measure the actual risk or exposure in the market more accurately than the old method.

This new rule changes how the Market Wide Position Limits (MWPL) are monitored during the ban period, making the overall system for single stock derivatives more precise and risk aware.

With this change, please note the impact on your F&O stock positions that are or may fall under the Ban period starting Monday, December 8, 2025.

Change in the Open Interest (OI) Calculation methodology - Delta-Based (Future-Equivalent) OI:

Earlier Practice:

Open Interest (OI) was measured based on the total number of outstanding lots / contracts held at the end of a trading day. Market Wide Position Limit (MWPL) Monitoring was only checked at day-end.

New Rule:

Your total exposure is now calculated at the portfolio level, merging your open futures and options positions into one figure called the Future Equivalent Open Interest (FutEq OI). This new method accurately reflects the actual price sensitivity your derivatives positions have to the underlying stock. To enforce the trading limits (MWPL) correctly, the market will now check the Market Wide Position Limit (MWPL) compliance at least four random times during the trading day, instead of just at the end.

How Delta is calculated for Futures & Options:

What will be the impact on your F&O positions in Single Stocks which are in Ban period from December 8, 2025?

If any of the derivative contract enters in Ban Period,

1. Fresh position or roll over will NOT be allowed.

2. You will be allowed to square off your existing positions in the stock in Ban Period. However, if one leg of the hedge position is squared off, it may lead to an increase in FutEqOI. In that case your pending square off orders in that stock will be cancelled and positions will be auto squared off (on best effort basis) any time after 2 PM.

Let's understand with an example:

* In above scenario if the stock has moved into ban period on T+1 day, there are chances that the 5 lots for 24-Feb-2026 may attract penalty, therefore it may result into square off as per risk policy.

The above-mentioned example & figures are hypothetical and intended for the purpose of illustration.

Any breach in delta-based exposure limits on open position in ban period may attract penalties, which may be recovered from clients.

Read the SEBI circular and know more about the complete regulatory framework.

In compliance with the SEBI circular dated 29-May-2025, the NSE and BSE are launching a Pre-Open Session for the Equity Derivatives (F&O) segment.

• Effective Date:Monday, December 8, 2025

The purpose of this new session is to significantly improve liquidity, price discovery, and risk monitoring for index and stock futures when the market opens.

Key Timings (9:00 AM – 9:15 AM)

Contract Eligibility Criteria

The pre-open session will apply to:

• Current-month stock and index futures.

• Next-month futures during the last 5 trading days before the current-month expiry.

Note: Any AMO (After Market Orders) placed the previous day or on the same day before the market opens, for eligible securities, will be scheduled to open during this pre-open session. For AMO orders placed as market orders, price protection will be applied on top of last closing price of the previous trading day.

Contracts Not Covered

The following will not participate in the pre-open session:

• Options

• Calendar spreads

• Far-month futures

• Futures of securities on an ex-date corporate action.

Order and Market Rules

• Price Discovery: Uses the Call Auction Mechanism.

• Order Types Allowed: Limit and Market orders (with price protection).

• Order Types Not Allowed: Stop-Loss (SL) and Immediate or Cancel (IOC).

• Visibility: The Indicative Equilibrium Price will be visible throughout the session.

• Post-Session Handling:

• Unmatched Limit orders carry forward to the normal market.

• Unmatched Market orders are automatically converted to Limit orders and carry forward.

• Risk: Margin validation is active; insufficient margin will result in order rejection.

• There will be no netting of orders and margin on each contract will be charged separately.

• STPC (Self-Trade Prevention): Continues to be applicable.

Once normal trading commences at 9:15 AM, the Member/Loss Prevention Price (MPP/LPP) will use the opening price discovered during the pre-open session.

For more details, you can refer to the official exchange circulars. 

Offer for Sale of the below company is open in BSE/NSE. To place your OFS request:

• Contact your sub-broker
• In case you don't have a sub-broker, call us at 18001020.

Clients are hereby informed about the upcoming demerger of Hindustan Unilever Limited with a Record Date set for 05-Dec-2025. Due to this corporate action, all MTF positions in HINDUNILVR will be squared off on 04-Dec-2025.

To avoid auto square-off, we request you to Convert to Delivery (CTD) your HINDUNILVR MTF positions by 03-Dec-2025.

Steps to Convert to Delivery (CTD):

• Go to Accounts > Pay Later (MTF) > Borrowings tab

• Locate and click on HINDUNILVR in the MTF Dashboard in the MTF pledged stocks list.

• Click on ‘Convert shares to delivery’ and enter the quantity (pre-filled by default).

• The system will calculate the required cash balance to convert to delivery and will be shown as Margin Required. Click on ‘Pay Now’ and make a payment.

• Shares will be converted to Delivery by the end of the day.

Key Dates:

• CTD Deadline: 03-Dec-2025

• Square-off Date: 04-Dec-2025 (for positions not converted to delivery)

Click here to secure your Hindustan Unilever Limited holdings and avoid square-off.

Offer for Sale of the below company is open in BSE/NSE. To place your OFS request:

• Contact your sub-broker
• In case you don't have a sub-broker, call us at 18001020.

[Nov-25] The company offers its shareholders the right to purchase its shares at a discount on a predetermined date known as the record date in a rights entitlement. 

Shareholders are granted Rights Entitlements (RE) by temporarily crediting their Demat accounts with RE, giving them the right to participate in a Rights Issue. Please note that these are Rights Entitlements and not Rights Shares. To get the shares, you should apply to their respective Registrar & Transfer Agent (RTA) and convert RE into shares. You should keep in mind that RE is temporary, and until you apply and pay the requisite amount, rights shares won’t be credited to your Demat account.

Here’s the listing for November 2025:

Please note: The value of RE will be zero after the Rights Issue closure date.

RE Trading Period: The Exchange will publish a circular 2 days prior to the issue open date.

How to apply for Rights Issue: The Rights Issue offer is updated with ASBA (Application Supported Blocked Amount). 

• For the online ASBA process, visit the website of an SCSB (Self-certified Syndicate Bank) and apply.

• For the offline ASBA process, submit a physical application to participate in the Rights Issue at a designated SCSB. 

Here's a list of existing SCSBs.

For more details on Rights Issue/Rights Entitlement, please refer to the BSE FAQs.

Following the changes announced for Stock Futures contracts (NSE Circulars dated May 24, 2024, and March 13, 2025), the tick size has been revised to Stock Options contracts as well.

Effective Date: November 03, 2025 

Tick Size: What It Means for Your Trades

The tick size is the minimum price increment a security can move. Earlier for all stock options with underlying security price less than ₹250, the tick size was ₹0.05 (5 paise).

The Problem: Stock options often have wide bid-ask spreads, and when combined with the large lot sizes of lower-priced stocks, this small ₹0.05 tick results in high trading costs (impact cost) for participants.

The Solution: Reducing the tick size to ₹0.01 (1 paisa) for options on stocks priced below ₹250 will significantly tighten the bid-ask spreads.

Example:

• Consider a stock like WIPRO, trading around ₹242 with a lot size of 3000.

• With the old 5-paise tick, a typical spread of ₹2.55 – ₹2.60 costs ₹150 per lot.

• With the new 1-paise tick, the spread could narrow to ₹2.55 – ₹2.56, reducing the impact cost to only ₹30 per lot.

This change is crucial as it leads to better price discovery and lower impact costs for traders.

Please check the NSE Circular for further details.

The ‘Last Trading Day (Contract Expiry)’ for WTI Crude Oil Options on Futures contracts on the NSE has been revised.

• Old Rule: The expiry was two business days before the Expiry Day of the underlying futures contract.

• New Rule: The expiry is now seven business days before the Expiry Day of the underlying futures contract.

This revision to the Expiry Date will apply to contracts expiring in December 2025 and onwards. Updated expiry of launched contracts of December 2025 and January 2026 will be visible on the trading platform from November 19, 2025.

Please refer to the NSE Circular for more details and revised expiry dates.

Note: The above is only for the NSE. MCX Expiry remains unchanged.

The market lot size of NSE derivative contracts on the following Indices have been updated as follows, with effect from October 28, 2025:

However, the market lot of derivative contracts on the following Index is unchanged:

Please note the following:

The existing contracts and lot size (All November and December Contracts) will be the same and will continue to be applicable for weekly and monthly contracts till December 30, 2025, expiry date.

For more information, refer to the NSE circular

On account of Muhurat Trading session on October 21, 2025, multiple settlements have been scheduled on October 23, 2025.

Important Trading & Settlement Information:

• Trades done on 20th October and 21st October (Muhurat Trading) will be settled together on 23rd October 2025.

• BTST (Buy Today, Sell Tomorrow) will not be allowed on 21st October. This means shares bought on 20th October cannot be sold on 21st October.

• The settlement on 23rd October will cover both trade dates: 20th and 21st October.

• Auction settlement for trades on 20th October will happen on 24th October 2025

• Auction settlement for trades on 21st October (Muhurat Trading) will happen on 27th October 2025

Auction Trade & Settlement details:

Refer: NSE circular