Description

BSE announces revision of equity derivative contract expiry and maturity date from March 26, 2026 to March 25, 2026 due to trading holiday adjustments.

Summary

BSE has revised the expiry and maturity date for equity derivative contracts scheduled for March 2026. The date has been moved forward by one day from March 26, 2026 to March 25, 2026. This change is consequent to the trading holiday schedule announced for 2026 and will be reflected in the end-of-day contract master files from December 23, 2025.

Key Points

  • Expiry and maturity date changed from March 26, 2026 to March 25, 2026
  • Change applies to equity derivative contracts expiring in March 2026
  • Revision made in accordance with Trading Holidays for Year 2026 notice (20251212-8 dated December 12, 2025)
  • Updated contract specifications will be available in end-of-day master files from December 23, 2025
  • Trading members should update their systems accordingly

Regulatory Changes

No new regulatory framework changes. This is an administrative adjustment to align derivative contract expiry dates with the approved 2026 trading calendar.

Compliance Requirements

  • Trading members must note the revised expiry and maturity date
  • Systems and risk management platforms should be updated to reflect the March 25, 2026 date
  • Members should download updated contract master files from December 23, 2025 onwards
  • Contact BSE Helpdesk or relationship managers for clarifications

Important Dates

  • December 19, 2025: Circular issued
  • December 23, 2025: Updated contract master files to be released with revised dates
  • March 25, 2026: Revised expiry and maturity date for affected equity derivative contracts
  • March 26, 2026: Original expiry date (now superseded)

Impact Assessment

Market Impact: Low to medium - affects all participants trading March 2026 equity derivatives but is a straightforward one-day advancement.

Operational Impact: Medium - trading members need to update internal systems, risk calculators, and settlement schedules to reflect the new date. The advance notice (3 months) provides adequate time for system modifications.

Participant Impact: All traders and clearing members holding positions in March 2026 equity derivative contracts need to adjust their settlement expectations and margin calculations accordingly.

Impact Justification

Administrative change affecting derivative contract settlements for March 2026, requiring system updates and participant awareness but not creating operational disruption