Description
NSE revises expiry and maturity date for March 2026 F&O contracts from March 31, 2026 to March 30, 2026. Members must update contract files before trading on December 29, 2025.
Summary
NSE has revised the expiry date and maturity date for Futures & Options contracts scheduled to expire in March 2026. The date has been changed from March 31, 2026 to March 30, 2026. This change follows an earlier circular (NSE/FAOP/71777 dated December 12, 2025) and requires members to update their trading systems with new contract files before trading commences on December 29, 2025.
Key Points
- Expiry date and maturity date changed from March 31, 2026 to March 30, 2026
- Change applies to all F&O contracts for March 2026 expiry month
- Members must load updated contract.gz and NSE_FO_contract_ddmmyyyy.csv.gz files
- Contract files available on Extranet server at faoftp/faocommon directory
- MII contract file also accessible at https://www.nseindia.com/all-reports-derivatives
- Settlement schedule to be communicated separately by clearing corporations
- Circular reference: NSE/FAOP/71876, Circular No. 217/2025
Regulatory Changes
Contract Specification Amendment:
- Current Expiry Date: March 31, 2026
- Revised Expiry Date: March 30, 2026
- Current Maturity Date: March 31, 2026
- Revised Maturity Date: March 30, 2026
This technical amendment affects the contract specifications for all derivatives contracts expiring in March 2026, including stock futures, index futures, and options contracts.
Compliance Requirements
For Trading Members:
- Download updated contract files from NSE Extranet server (faoftp/faocommon directory)
- Load contract.gz file into trading application before December 29, 2025
- Load NSE_FO_contract_ddmmyyyy.csv.gz file into trading application before December 29, 2025
- Verify MII contract file (NSE_FO_contract_ddmmyyyy.csv.gz) from NSE website if needed
- Ensure all trading systems reflect the revised expiry and maturity dates
- Await settlement schedule communication from respective clearing corporations
Critical Deadline: All system updates must be completed before trading begins on December 29, 2025.
Important Dates
- Circular Issue Date: December 18, 2025
- Mandatory System Update Deadline: Before trading on December 29, 2025
- Original Expiry/Maturity Date: March 31, 2026 (now obsolete)
- Revised Expiry/Maturity Date: March 30, 2026
- Related Circular: NSE/FAOP/71777 dated December 12, 2025
Impact Assessment
Operational Impact:
- High impact on trading members’ technical infrastructure requiring immediate system updates
- All members trading F&O contracts must update their systems to prevent trading disruptions
- Failure to update could result in incorrect contract processing and settlement issues
Market Impact:
- Affects all market participants holding or trading March 2026 expiry contracts
- One-day advancement of expiry requires adjustment of trading and hedging strategies
- Settlement timelines will be impacted, with details to follow from clearing corporations
Risk Considerations:
- Non-compliance with update deadline could lead to system errors on December 29, 2025
- Trading members must coordinate with their technical teams to ensure timely implementation
- Portfolio management systems and risk management tools must reflect the revised dates
Stakeholder Actions Required:
- Brokers and trading members: Update trading systems and inform clients
- Institutional investors: Adjust portfolio management systems and hedging calendars
- Risk managers: Update risk models and position monitoring tools
- Clearing members: Prepare for revised settlement schedule upon receipt of further instructions
Impact Justification
Critical operational change affecting all F&O contracts expiring in March 2026. Requires mandatory system updates before December 29, 2025 to ensure trading continuity and proper settlement.