NSE to Launch Nifty India FPI 150 Futures and Options Today

Mumbai, Aug 12: The National Stock Exchange of India (NSE) will introduce futures and options (F&O) contracts on the Nifty India FPI 150 Index from today, after receiving approval from the Securities and Exchange Board of India (SEBI). The launch will add a new index-based derivatives product focused on 150 stocks from the Nifty 500 that meet foreign-investor accessibility, investibility and liquidity criteria. Reuters reported that NSE received regulatory approval for the launch in July, with the exchange set to offer three serial monthly futures and options contracts. 

The exchange has specified a lot size of 1,100, a tick size of Re 0.05, cash settlement and expiry on the last Tuesday of the respective expiry month. NSE has detailed the product specifications through Circular Ref. 103/2026, Reference No. NSE/FAOP/75239, dated July 16, 2026. 

NSE Adds 1,100-Unit F&O Contracts from August 12 

The new contracts will be available in NSE’s equity derivatives segment from August 12 under the underlying Nifty India FPI 150 Index. The futures instrument is classified as FUTIDX, while the options instrument is classified as OPTIDX. Both futures and options will carry the symbol NIFTYFPI. 

NSE will introduce three serial monthly contracts for both index futures and index options. The contracts will be cash settled, with a lot size of 1,100 and a tick size of Re 0.05. 

For the initial launch on August 12, the exchange will make the following three expiry cycles available: 

• August 2026: Expiry on August 25, 2026 

• September 2026: Expiry on September 29, 2026 

• October 2026: Expiry on October 27, 2026 

The expiry date for monthly contracts is the last Tuesday of the expiry month. If the last Tuesday is a trading holiday, the expiry day will be the previous trading day. 

European Options Get 5-Point And 20-Point Strike Intervals 

The Nifty India FPI 150 options contracts will comprise European-style Call (CE) and Put (PE) options. NSE has specified two strike-range structures for the contracts. 

The narrow-range strike scheme will use a step value of 5 with a 20-1-20 strike scheme. The wide-range strike scheme will use a step value of 20 with a 12-1-12 strike scheme. 

The exchange has also specified that the wide-range structure will include 20 strikes because of the 5-point strike interval. 

These specifications form part of the contract structure prescribed for the new index derivatives and will apply to the NIFTYFPI options introduced from August 12. 

Last Tuesday Expiry Keeps Three Monthly Cycles Active 

NSE’s product structure will maintain three serial monthly contracts at a time for both futures and options. The monthly expiry mechanism means that the first three contracts available from August 12 will expire on August 25, September 29 and October 27. 

The exchange has prescribed the last Tuesday of the expiry month as the standard expiry day. Where that Tuesday falls on a trading holiday, the contract will instead expire on the preceding trading day. 

This expiry structure applies to the monthly futures and options contracts covered by the launch circular. 

Cash Settlement Uses the Index Closing Value 

The Nifty India FPI 150 futures and options contracts will both be cash settled. For futures, the daily settlement price will be the closing price of the futures contract. If the futures contract is illiquid, NSE will use a theoretical price for determining the daily settlement price. 

For final settlement, the index closing value on the last trading day will be used as the final settlement price for both futures and options. 

The exchange has also stated that the detailed settlement procedure will be communicated separately by the respective clearing corporations. 

Futures Carry 10% Price Band and 8,500 Quantity Freeze 

The new futures contracts will have an operating price range of 10% of the base price. For options, the exchange will use a contract-specific price range based on the option’s delta value, with the range computed and updated daily. 

The quantity freeze for both futures and options will be 8,500. NSE will also permit spread contracts between the three available monthly contracts. The permitted combinations are M1-M2, M1-M3 and M2-M3. 

These specifications are part of the risk-management and trading parameters set out in the exchange’s launch circular. 

FPI 150 Tracks 150 Nifty 500 Stocks for Foreign Access 

The Nifty India FPI 150 Index tracks the performance of the top 150 stocks from the Nifty 500 that meet the required foreign-investor accessibility and investibility criteria. 

The constituents are selected using six-month average foreign investible free-float market capitalisation. Index weighting is also based on foreign investible free-float market capitalisation, allowing the index to represent companies where foreign investors have meaningful investible access. 

The index was launched on August 16, 2025, with a base date of October 3, 2022 and a base value of 1,000. It is rebalanced quarterly, with reviews conducted in March, June, September and December. 

Reuters described the index as tracking the top 150 stocks from the Nifty 500 that are accessible and investable for foreign investors, while NSE has positioned the index’s liquidity and investibility characteristics as relevant for hedging and portfolio diversification. 

Financial Services Leads with 26.15% Index Weight 

The index has significant exposure to Financial Services, which accounted for 26.15% of its sector weight as of June 2026. Oil, Gas & Consumable Fuels followed with 10.03%, while Healthcare accounted for 7.51%. 

The sector composition reflects the index’s broader construction from eligible Nifty 500 stocks rather than concentrating the benchmark on a single industry. Its selection methodology continues to be based on foreign investible free-float market capitalisation and the specified liquidity and investibility requirements. 

August 11 Contract Files Prepare Members for Trading 

NSE’s July 16 circular also sets out the operational steps required before the new contracts become available for trading. 

The exchange stated that the contract.gz file, the MII contract file (NSE_FO_contract_ddmmyyyy.csv.gz) and the spread file (NSE_FO_spdcontract_ddmmyyyy.csv.gz) made available to trading members through the NSE Extranet from August 11, 2026, at end of day would reflect the new monthly futures and options contracts. 

Trading members were advised to load the files into their trading applications before trading begins on August 12, 2026. 

NSE also stated that there would be no change in the structure of any reports in connection with the introduction of the contracts. 

NIFTYFPI Expands NSE’s Index Derivatives Range 

The launch adds the Nifty India FPI 150 to NSE’s index derivatives product range and introduces futures and options around an index specifically constructed around foreign-investor accessibility. 

The exchange has said that the index’s focus on liquidity and investibility provides an additional instrument for hedging and portfolio diversification. Reuters similarly reported that NSE expects the product to provide market participants with an additional tool for hedging and portfolio diversification. 

Unlike a derivative contract on an individual stock, the new product will derive its value from the performance of the 150-stock Nifty India FPI 150 Index, with the index itself constructed from eligible constituents of the broader Nifty 500. 

NSE’s New Product Targets a Foreign-Investor Accessible Stock Basket 

The National Stock Exchange of India, headquartered in Mumbai, operates India’s securities-market infrastructure across equities, equity derivatives and other financial-market segments. Its index ecosystem includes benchmarks such as the Nifty 50, Nifty 500 and Nifty India FPI 150. The exchange’s latest product will extend its equity derivatives offering to an index designed around foreign investibility, free-float market capitalisation and liquidity. 

NSE will launch NIFTYFPI futures and options on August 12, 2026, with a 1,100 lot size, Re 0.05 tick size, three serial monthly contracts and cash settlement. The contracts will expire on the last Tuesday of each expiry month, while the underlying Nifty India FPI 150 comprises 150 eligible Nifty 500 stocks and is rebalanced quarterly.