Description

NSE revises the strike scheme for stock options, updating step values and number of strikes for multiple securities effective April 1, 2026. Members must load updated contract.gz file before trading.

Summary

NSE has revised the scheme of strikes for stock options as per Chapter 1.10 of the F&O Consolidated Circular (NSE/FAOP/67775, dated April 30, 2025). The updated step values and number of strikes for a list of stocks will be effective for trading from April 1, 2026. Members must load the updated contract.gz file in their trading applications before April 1, 2026.

Key Points

  • Revised step values (narrow and wide range) and strike schemes (near, mid, far expiries) are provided for multiple securities in Annexure 1.
  • Each stock has separate step values and strike counts for narrow range and wide range, across near, mid, and far expiry tenors.
  • Reserve strikes are also specified for both narrow and wide ranges across all tenors.
  • The updated contract.gz file must be loaded from /faoftp/faocommon on the NSE extranet server.
  • This revision is part of the ongoing framework established in the F&O Consolidated Circular dated April 30, 2025.

Regulatory Changes

Revision of strike step values and number of available strikes for stock options across multiple securities, replacing previously applicable parameters under the same F&O Consolidated Circular framework (NSE/FAOP/67775).

Compliance Requirements

  • Members (brokers/trading participants) must download and load the updated contract.gz file from the NSE extranet server directory /faoftp/faocommon into their trading applications.
  • This must be completed before commencement of trading on April 1, 2026.
  • Members should note the revised step values and strike counts for each security as listed in Annexure 1 to ensure proper order entry and risk management.

Important Dates

  • March 17, 2026: Circular issued.
  • April 1, 2026: Revised strike scheme becomes effective; updated contract.gz must be loaded before trading begins.

Impact Assessment

This is a routine but operationally significant update for derivatives market participants. Traders and brokers dealing in stock options across the listed securities will see changes in available strike prices (step values and number of strikes) from April 1, 2026. Failure to load the updated contract.gz file could result in trading application mismatches. The revision affects a broad set of actively traded large-cap and mid-cap stocks including AXISBANK, BAJAJ-AUTO, APOLLOHOSP, ADANIENT, ASIANPAINT, and others, making it relevant to a wide segment of F&O market participants.

Impact Justification

Operational update affecting derivatives traders who trade stock options; requires technical action (loading updated contract.gz) before April 1, 2026. Impacts multiple large-cap and mid-cap stocks but is a routine periodic revision rather than a structural market change.