Expiry Date
The expiry date is the specific calendar day on which a derivative contract reaches the end of its life and is settled — the last day it can be traded.
Quick Answer
Expiry date refers to the exact calendar day fixed in a contract's specification — currently the designated Tuesday for NSE derivatives and Thursday for BSE's Sensex — after which the contract settles and can no longer trade. If that weekday is an exchange holiday, expiry moves to the previous trading day; verify the official exchange calendar.
Definition of Expiry Date
Expiry Date is the specific calendar day on which a derivative contract reaches the end of its life and is settled — for Indian derivatives, also its last trading day.
Key takeaways on Expiry Date
- The expiry date is the contract's last trading day, after which it is settled and gone.
- It is the designated weekday (Tuesday NSE, Thursday BSE) but shifts earlier around holidays.
- The expiry date is not the settlement date, when funds or shares actually move.
Expiry Date at a glance
| Current weekday | Tuesday for NSE, Thursday for BSE/Sensex — current convention (Sept 2025), verify on exchange |
|---|---|
| Holiday adjustment | Moves to previous trading day if expiry weekday is a holiday |
| Vs settlement date | Expiry = last trading day; settlement (funds/shares) is later |
| Authority | Official NSE/BSE expiry calendar overrides generic weekday rule |
| Determines | Days-to-expiry, theta, and the expiry calendar |
Expiry Date in simple words
The expiry date is simply the deadline printed on the contract. Up to and including this date you can trade the option or future; at the end of this day it is settled and ceases to exist. Knowing the exact expiry date of every position you hold is one of the most basic — and most often overlooked — parts of trading derivatives.
Why Expiry Date matters
The expiry date pins the contract to the calendar so that time value, settlement and the expiry schedule can all be defined against it. It is the reference point for days-to-expiry, theta and the entire expiry calendar.
Expiry Date: visual explanation
On the expiry date the contract trades to the close; the last 30 minutes fix the settlement price.
Expiry Date: professional explanation
How the expiry date is defined
Each contract's expiry date is set in its specification as the designated expiry weekday of the relevant week or month. Under current rules that is Tuesday for NSE derivatives and Thursday for BSE's Sensex. If the designated day is a trading holiday, the exchange moves expiry to the previous trading day — an important exception to check around holidays.
Expiry date versus settlement date
The expiry date is the last trading day; the settlement date is when money (or shares) actually change hands, usually the next working day (T+1) for cash-settled index options. Traders sometimes confuse the two, but for planning purposes the date that matters for your position is the expiry date.
Holiday adjustments
Because expiry shifts to the previous trading day when the normal expiry weekday is a holiday, the effective expiry can land on an unusual day in holiday weeks. This is a common source of confusion, so the exchange publishes an expiry calendar that supersedes the general weekday rule.
Expiry Date in practice (Nifty / Bank Nifty)
Illustrative — Nifty spot 25,000, lot size 65
You hold a Nifty weekly option. The normal expiry weekday is Tuesday, but this particular Tuesday is a market holiday. The exchange therefore moves the expiry to the preceding Monday — so your 'weekly' option actually expires a day earlier than the usual rule suggests. Always check the exchange's expiry calendar in holiday weeks.
NSE and BSE publish official expiry calendars each year; when Diwali, Independence Day or other holidays fall on an expiry weekday, the listed expiry date is brought forward, and that published date—not the generic weekday—is authoritative.
Advantages of Expiry Date
- Gives every contract a precise, published deadline for planning and pricing.
- Anchors days-to-expiry, theta and the expiry calendar.
- Holiday adjustments are published in advance, so the true date is always knowable.
Limitations of Expiry Date
- The generic weekday rule can mislead in holiday weeks — you must check the calendar.
- Confusing expiry date with settlement date can cause funds-availability surprises.
- Different exchanges expire on different weekdays, which is easy to mix up.
Why Expiry Date matters in practice
- Record the exact expiry date of every open position — never rely on memory of the weekday alone.
- In holiday weeks, verify the adjusted expiry date on the exchange calendar.
- Distinguish the expiry date (trading ends) from the settlement date (funds move).
Common misconceptions about Expiry Date
Misconception: NSE monthly contracts still expire on the last Thursday.
Reality: Not for NSE. Since the 2025 change, NSE monthly contracts expire on the last Tuesday; BSE's Sensex expires on the last Thursday. The old 'last Thursday for everything' rule no longer holds.
Common mistakes with Expiry Date
- Assuming expiry is always the same weekday and missing a holiday-adjusted early expiry.
- Mixing up NSE (Tuesday) and BSE (Thursday) expiry weekdays.
- Treating the settlement date as the deadline to trade — trading ends on the expiry date.
How professionals treat Expiry Date
Professionals keep an expiry calendar for every instrument they trade, flag holiday-adjusted dates in advance, and plan entries, exits and rollovers around the exact expiry date rather than the generic weekday. Precision here prevents the classic error of being caught in a contract that expired a day early.
Expiry Date: frequently asked questions
How is the expiry date decided?
By the contract specification: the designated expiry weekday of the week or month (currently Tuesday on NSE, Thursday on BSE), adjusted to the previous trading day if that weekday is a holiday.
Is the expiry date the same as the settlement date?
No. The expiry date is the last trading day; the settlement date, when cash or shares actually change hands, is usually the next working day for cash-settled index options.
What happens if the expiry day is a holiday?
The exchange moves expiry to the previous trading day. So in a holiday week the contract can expire a day earlier than the usual weekday rule suggests — always check the exchange calendar.
Do NSE and BSE have the same expiry date?
Not necessarily. Under current rules NSE derivatives expire on Tuesday and BSE's Sensex on Thursday, so index contracts on the two exchanges can have different expiry dates in the same week.
Where can I find the exact expiry date?
On the official NSE or BSE expiry calendar, and in your broker's contract details. In holiday weeks, the published calendar is authoritative over the generic weekday rule.
Can the expiry date change after a contract is listed?
The scheduled date generally does not change except for holiday adjustments. However, the exchanges have revised the expiry-weekday rules themselves over time, affecting future contracts.
What is 'days to expiry'?
It is the number of calendar (or trading) days from today until the contract's expiry date. It drives time decay and is a key input to option pricing and the greeks.
Does the expiry date affect option price?
Yes, strongly. The further the expiry date, the more time value the option has; as the expiry date nears, time value decays, fastest in the final days.
Voice search questions about Expiry Date
Natural-language questions people ask about Expiry Date.
When does my option expire?
On its expiry date — the designated expiry weekday (Tuesday for NSE, Thursday for BSE Sensex), or the previous trading day if that is a holiday. Check your contract details for the exact date.
What day is Nifty expiry this week?
Under current rules Nifty expires on Tuesday, unless that Tuesday is a holiday, in which case it moves to the previous trading day. Verify on NSE's calendar.
Is expiry date the last day to sell my option?
Yes. You can trade the option up to the close on its expiry date; after that it is settled and can no longer be bought or sold.
Sources & references for Expiry Date
Published 10 July 2026. Educational content only — not investment advice. Exchange rules change; verify current conventions on NSE/BSE.