Monday, December 8, 2025 9:12 pm
Starting 8 December 2025, there’s a change in how exposure (Open Interest) will be calculated for F&O stocks that enter the Ban Period.
What’s new?
- Earlier, exposure was measured only by counting contracts at the end of day.
- Now, exposure will be calculated more accurately using Future Equivalent Open Interest (FutEq OI)
- This considers both Futures and Options together using delta
- Compliance checks will now happen multiple times during the day, not just at the close
What it means for you:
If a stock goes into a Ban Period:
- No new positions or rollovers allowed
- You can square off existing positions
- If only one side of a hedge is squared off which results in an increase in FutEqOI, your pending orders may be cancelled, and positions may be auto-squared off after 2 PM (as per risk policy).
What penalties might you face:
Any increase in exposure beyond permitted levels in the Ban Period may attract penalties, recoverable from the client.
Example:
Let’s say you have positions in a stock that suddenly enters the Ban Period.
Your positions:
- 2 lots Buy: Futures (January expiry)
- 2 lots Buy: Call Options (January expiry)
- 2 lots Sell: Futures (February expiry)
On the next day (T+1), the stock enters the Ban Period.
What happens now?
- You cannot take any new trades in this stock
- You can square off (close) your existing positions
- But if you close only one part (for example, you square off January Futures but keep February Futures open), your exposure may increase
If exposure increases:
- Your pending orders in that stock may be cancelled after 2 PM.
- Positions may be auto square off as per risk rules.
- You may also face penalties, which can be recovered from you.
Why does this matter?
Since exposure is calculated on a delta-based basis, any change in one part of a hedge may affect your overall exposure.
Note: This example is only to help you understand how the new rule works.
For more details, please refer to the circular here.
Friday, December 5, 2025 2:46 pm
The global outage that impacted brokers across the industry now seems to be resolved. Further updates will be posted here.
Thursday, December 4, 2025 12:16 pm
Starting 8 December 2025, traders on Upstox can participate in the new NSE pre-open session for index and stock futures.
What does this mean?
Typically, markets open at 9:15 AM and close at 3:30 PM. Pre-open is a 15-minute window before the market opens, from 9:00 am to 9:15 am. During this period, traders can place, modify, or cancel orders, but trades don’t happen immediately.
Instead, the system collects all buy and sell orders and determines a single opening price (called the equilibrium price) based on demand and supply.
Until now, the pre-open window has existed only for Equities. But with NSE rolling this out for futures, you can now place pre-order futures trades too.
Which futures contracts are included?
- Current-month stock & index futures
- Next-month futures (only in the last 5 trading days before expiry)
Not included
- Options
- Far-month futures
- Spread contracts
- Futures of stocks undergoing a corporate action (merger, demerger, etc.) on that day
How is the opening price decided?
The system picks the price where the maximum buyers and sellers match.
If multiple prices qualify, the exchange selects:
- Price with the fewest unmatched orders
- If still tied, the price closest to yesterday’s closing price
- If no match happens in pre-open, the first trade in the normal session becomes the opening price.
Example:
If buyers and sellers both match for 500 NIFTY Futures contracts at ₹25,500, then ₹25,500 becomes the opening price.
What happens to unmatched orders?
- Any limit order that doesn’t get matched will simply move to the normal market.
- Market orders will be converted into limit orders at the opening price that was discovered.
- If no opening price is found, the market orders will move to the normal session using the previous day’s closing price.
Summary of what this means for traders
- From 08 Dec 2025, F&O traders will get a 15-minute pre-open window (9:00–9:15 AM) on NSE for index and stock futures
- This means you can place or modify orders before the main session, with a fair opening price determined by a call-auction, similar to equities today
- Helps in better price discovery, reducing opening volatility, and giving more transparency (especially useful for overnight global cues, gap-ups/downs, etc.).
For reference, you can check out the circular here
Tuesday, December 2, 2025 6:11 pm
As part of the demerger process, HINDUNILVR has informed the Exchange that it has fixed Friday, 5 December 2025, as the Record Date for the issuance and allotment of 1 fully paid-up equity share of Kwality Wall's India Limited (KWIL) for every 1 equity share of Hindustan Unilever Limited (HINDUNILVR) held by existing shareholders.
Due to this corporate action, please take note of the following impact on your F&O contracts:
- All HINDUNILVR F&O contracts with expiry dates of 30 Dec 2025, 27 JAN 2026 and 24 FEB 2026 will expire on Thursday, 4 December 2025 and will be physically settled in accordance with Exchange rules.
- The Clearing Corporations will separately intimate the methodology of settlement.
- No fresh positions will be allowed in the F&O segment of HINDUNILVR from Wednesday, 3 December 2025 onward.
- HINDUNILVR positions with insufficient fund value or stock (in case of short positions) will be squared off anytime after 10 AM on Thursday, 4 December 2025, on a best-effort basis.
- Collateral margins on HINDUNILVR will be subject to a 50% haircut from Wednesday, 3 December 2025 onward.
- All MTF positions in HINDUNILVR will be squared off or converted to delivery, based on fund availability, on a best-effort basis after 10 AM on Thursday, 4 December 2025.
- New F&O contracts on HINDUNILVR will be introduced from Friday, 5 December 2025 onwards.
You can also refer to the circular here.
Tuesday, November 25, 2025 11:29 am
Please note, the following securities will be removed from SEBI’s list of approved securities for Margin Pledge.
As a result, you will not receive margins for F&O trading against these scrips starting Friday, 28 Nov 2025: Click here for scrip details
NOTE: If you have pledged any of the above, starting 28 Nov 2025, you will not receive margins pledge benefit and you will be required to fulfil the full margin requirement. If you’re unable to pay, we will have to automatically square off your positions to recover the amount by 1 Dec 2025.
We have attached a list of these stocks for your reference.
Please review your portfolio and make necessary adjustments to avoid any inconvenience. Thank you for your understanding and cooperation.