Description
NSE revises expiry and maturity dates for FUTCUR, OPTCUR, FUTIRC, and OPTIRC contracts for March, May, and June 2026, effective December 31, 2025.
Summary
NSE has announced changes to the expiry and maturity dates for currency derivative (FUTCUR, OPTCUR) and interest rate derivative (FUTIRC, OPTIRC, ONMIBOR) contracts for March, May, and June 2026 tenors. The changes are effective from December 31, 2025, and trading members must update their contract files from NSE Extranet before trading begins on that date.
Key Points
- Expiry and maturity dates revised for multiple derivative contract types across three monthly tenors
- FUTCUR and OPTCUR contracts: March expiry moved from March 27 to March 25, June from June 26 to June 25, May from May 27 to May 26
- FUTIRC contracts: March maturity moved from March 31 to March 30
- ONMIBOR contracts: March maturity moved from March 26 to March 25
- Trading members must download updated cd_contract.gz and cd_spd_contract.gz files from NSE Extranet
- Settlement schedule to be communicated separately by clearing corporation
- Circular references prior notification NSE/CD/71962 dated December 23, 2025
Regulatory Changes
Revised contract specifications for currency and interest rate derivatives:
FUTCUR & OPTCUR (All symbols):
- March 2026: Changed from March 27, 2026 to March 25, 2026
- June 2026: Changed from June 26, 2026 to June 25, 2026
- May 2026: Changed from May 27, 2026 to May 26, 2026
FUTIRC (All symbols):
- March 2026: Changed from March 31, 2026 to March 30, 2026
ONMIBOR (FUTIRC):
- March 2026: Changed from March 26, 2026 to March 25, 2026
Compliance Requirements
- Trading members must download latest contract files (cd_contract.gz and cd_spd_contract.gz) from NSE Extranet path /cdsftp/cdscommon
- Contract files must be updated in trading systems before commencement of trading on December 31, 2025
- Members must ensure their systems reflect the revised expiry and maturity dates
- Settlement schedules will be provided separately by the clearing corporation
Important Dates
- Circular Date: December 29, 2025
- Effective Date: December 31, 2025
- Deadline for System Updates: Before trading begins on December 31, 2025
- Revised Contract Dates: March 25-30, 2026; May 26, 2026; June 25, 2026 (depending on instrument type)
Impact Assessment
Operational Impact: Medium - Trading members must update their systems with new contract specifications before the effective date to ensure proper processing of derivative trades.
Market Impact: Low to Medium - While this is an administrative change, it affects contract specifications for currency and interest rate derivatives, requiring coordination between trading systems, risk management, and clearing processes.
Member Action Required: Trading members must proactively download updated contract files and integrate them into trading systems within the two-day window to avoid trading disruptions.
Contact: Members can reach NSE at toll-free 1800-266-0050 (Option 1) or email msm@nse.co.in for queries.
Impact Justification
Operational change affecting derivative contract specifications that requires trading members to update systems before December 31, 2025. Impacts currency and interest rate derivatives trading but is a scheduled administrative adjustment.