Individual Securities F&O

A futures contract is a forward contract, which is traded on an Exchange. NSE commenced trading in futures on individual securities on November 9, 2001. The futures contracts are available on 194 securities stipulated by the Securities & Exchange Board of India (SEBI). (Selection criteria for securities)

NSE defines the characteristics of the futures contract such as the underlying security, market lot, and the maturity date of the contract. The futures contracts are available for trading from introduction to the expiry date.

Contract Specifications

Security descriptor

The security descriptor for the futures contracts is:

  • Market type : N
  • Instrument Type : FUTSTK
  • Underlying : Symbol of underlying security
  • Expiry date : Date of contract expiry

  • Instrument type represents the instrument i.e. Futures on Index.
  • Underlying symbol denotes the underlying security in the Capital Market (equities) segment of the Exchange
  • Expiry date identifies the date of expiry of the contract

Underlying Instrument

Futures contracts are available on 194 securities stipulated by the Securities & Exchange Board of India (SEBI). These securities are traded in the Capital Market segment of the Exchange.

Trading cycle

Futures contracts have a maximum of 3-month trading cycle - the near month (one), the next month (two) and the far month (three). New contracts are introduced on the trading day following the expiry of the near month contracts. The new contracts are introduced for a three month duration. This way, at any point in time, there will be 3 contracts available for trading in the market (for each security) i.e., one near month, one mid month and one far month duration respectively.

Expiry day

Futures contracts expire on the last Thursday of the expiry month. If the last Thursday is a trading holiday, the contracts expire on the previous trading day.

Trading Parameters

Contract size

The value of the futures contracts on individual securities may not be less than Rs. 5 lakhs at the time of introduction for the first time at any exchange. The permitted lot size for futures contracts & options contracts shall be the same for a given underlying or such lot size as may be stipulated by the Exchange from time to time.

Download the file for permitted lot size (.csv)

Price steps

The price step in respect of futures contracts is Re.0.05.

Base Prices

Base price of futures contracts on the first day of trading (i.e. on introduction) would be the theoretical futures price. The base price of the contracts on subsequent trading days would be the daily settlement price of the futures contracts as computed by Clearing Corporation.

Price bands

There shall be no fixed price band applicable for stock futures contracts.
However, in order to prevent erroneous order entry by trading members, a dynamic price band for futures contract shall be kept at certain percentage of the base price as defined by Exchange from time to time.In the event of a market trend in either direction, the dynamic price band shall be relaxed by 5% at a time in the direction of the price movement during the day in co-ordination with the other Exchanges, the Exchange may approve such order.

Quantity freeze

Orders which may come to the exchange as a quantity freeze shall be lesser than 1% of the market wide position limit or on the notional value of the contract of around Rs.5 crores. Quantity freeze is calculated for each underlying on the last trading day of each calendar month and is applicable through the next calendar month.

Download the file for quantity freeze (.xls)

Order type/Order book/Order attribute

  • Regular lot order
  • Stop loss order
  • Immediate or cancel
  • Spread order

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