When a derivatives contract expires in India, trading in that contract ends and the position is settled under the rules for its exchange, segment and instrument. The result is not always the same: NSE index derivatives are settled in cash, individual-stock derivatives can require share delivery and payment, covered NSE INR currency derivatives are cash settled, and commodity contracts follow product-specific rules that may require delivery.
Before expiry, identify the exact contract and check its current exchange specifications and your broker’s instructions. The underlying (an index, a share, a currency pair or a commodity) and whether the position is a future or option determine what may happen to your money, shares and margin.
What expiry means for an open position
Expiry is the contract’s last trading day. At expiry, the exchange applies the contract’s settlement rules to any position still open; the contract then ends. Depending on the product, settlement may mean a cash credit or debit, or a securities or commodity delivery obligation with related payment requirements.
For options, the holder has a right but not an obligation under the contract, while the option writer has an obligation to settle under its terms, as described in SEBI’s derivatives explainer. That distinction does not mean an option can simply be ignored: the exchange’s expiry process and the product’s settlement method still apply to an open position.
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How settlement differs by contract
| Contract type | What the cited exchange rules say happens at expiry | What to check |
|---|---|---|
| NSE index futures | Final profit or loss is settled in cash, and the position ceases to exist. NSE’s stated final settlement price uses the underlying index’s closing price in the capital market segment on the last trading day. | Final settlement reference and applicable settlement calendar. |
| NSE index options | European-style options that are in the money at expiry are automatically exercised. Exercise settlement is cash; index constituents are not delivered. | Whether the option is in the money under the exchange’s settlement reference, not simply its last traded price. |
| NSE individual-stock futures and options | Individual-security derivatives can involve physical settlement. An in-the-money stock option may result in share delivery or a funds obligation, depending on the position and settlement outcome. | Whether the specific contract is physically settled, delivery and funds obligations, margins, and settlement dates. |
| Covered NSE INR currency derivatives | The covered INR currency contracts are cash settled in Indian rupees. NSE’s currency settlement page describes final settlement of expiring futures as cash settled. | Product-specific settlement calendar; the cited NSE page describes final settlement on T+2. |
| NSE commodity derivatives | Rules vary by contract. Futures have daily and final mark-to-market cash settlements, while specified contracts can require physical delivery. NSE Clearing says in-the-money commodity options are automatically exercised unless the holder submits a contrary instruction; out-of-the-money options expire worthless. An exercised option may devolve into a future under the contract terms. | Delivery terms, tender window, delivery margins, pay-in dates and default consequences for the exact product. |
These are segment-level descriptions, not a substitute for the current contract specification. The sources cited here do not establish one universal expiry-day process across all Indian exchanges or products.
What happens to index futures and options on NSE?
Index futures
NSE marks an expiring index-futures position to its final settlement price. The resulting profit or loss is settled in cash, and the position ceases to exist. NSE’s published settlement-price rule uses the closing price of the relevant underlying index in the capital market segment on the contract’s last trading day.
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Index options
NSE options are European style and are automatically exercised at expiry if they are in the money at the close. Long positions at in-the-money strikes are allocated to short positions in the same option series on a random basis. Index-option exercise is cash settled: the holder does not receive the index’s constituent shares.
Use the exchange’s applicable final settlement reference to assess moneyness. A last traded price is not necessarily the price used for settlement.
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Why individual-stock derivatives need extra care
Do not assume a stock derivative settles like an index derivative. NSE’s product-specific information for individual securities says stock options are physically settled. Depending on the position side and settlement outcome, an in-the-money stock derivative can create an obligation to deliver or receive shares and to pay or receive funds.
NSE’s general equity settlement-mechanism description presents option exercise settlement as cash settled, while its individual-securities product information specifies physical settlement for stock options. Read together, those descriptions should not be used to claim that all options settle in cash. For the individual-stock contract, use the product-specific physical-settlement rules and verify the current NSE Clearing instructions for that contract. SEBI’s 30 November 2022 circular on net settlement of the cash and futures-and-options segments upon expiry of stock derivatives is also relevant to linked settlement implications.
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Currency and commodity expiry rules
Covered NSE INR currency derivatives
NSE’s specifications say the covered INR currency derivatives are cash settled in Indian rupees; they do not involve delivery of currency under those listed contracts. The NSE currency settlement page states that final settlement of expiring futures is on T+2. That operational page was last marked updated in 2023, so check the current product rules and calendar before relying on timing.
Commodity derivatives
Commodity settlement depends on the product. Cash mark-to-market entries during a futures contract do not, by themselves, establish that the final position is cash-only. Some specified commodity contracts require physical delivery, and NSE Clearing’s procedures set product-specific schedules and obligations.
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NSE Clearing says an in-the-money commodity option is automatically exercised unless the holder submits a contrary instruction; an out-of-the-money option expires worthless. Depending on the contract, exercise may devolve into a futures position. For contracts with compulsory delivery, an open position can carry delivery obligations. Check the particular contract’s delivery calendar, tender period, required margins and pay-in dates rather than relying on a general commodity rule.
Expiry day and settlement timing depend on the current contract rules
For the covered NSE equity derivative contracts, the NSE contract-specifications page updated 11 August 2026 lists Tuesday as the expiry convention and says an expiry falling on a trading holiday moves to the previous trading day. This is not a universal expiry weekday for every exchange or derivative in India; exchange circulars and contract specifications can change the convention.
NSE’s equity settlement-mechanism page describes final settlement amounts for equity derivatives as T+1, where T is expiry day. The currency settlement page describes T+2 for currency final settlement. Both operational pages were last marked updated in 2023. Treat these as the timing stated on those pages, not a guarantee for every current contract or calendar: confirm the current exchange rules and broker schedule.
Checklist before an Indian derivatives contract expires
- Identify the position: confirm the exchange, contract symbol, underlying, future or option, option type, strike if applicable, and expiry date.
- Classify the underlying: establish whether it is an index, individual security, currency pair or commodity, then check that product’s settlement method.
- For an option, check expiry moneyness: use the exchange’s official final settlement reference rather than assuming the last traded price determines exercise.
- For stock or commodity contracts, verify obligations early: check delivery terms, margins, required funds or assets, and the relevant settlement calendar.
- Confirm broker handling: check current cutoffs, position handling, charges and account requirements with your broker. The cited exchange and regulatory material does not establish one universal broker cutoff or fee schedule.
Sources and scope
This explanation draws on SEBI’s derivatives explainer and its 30 November 2022 circular on net settlement upon expiry of stock derivatives, along with NSE and NSE Clearing pages covering equity settlement and settlement prices, equity contract specifications, individual securities F&O, INR currency specifications and settlement, and commodity settlement and delivery procedures. Exchange rules, product specifications, settlement calendars and broker procedures can change; use the current rules for the exact contract before acting.
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