NIFTY
NSENew contracts since
Lot sizes: one contract, many units
In short
India's index derivative lot sizes are NIFTY 65, BANKNIFTY 30, FINNIFTY 60, MIDCPNIFTY 120 and NIFTYNXT50 25 on the NSE, and SENSEX 20 on the BSE. Sources: NSE/FAOP/70616 dated 3 October 2025 and BSE Notice 20241021-13 dated 21 October 2024. This page covers lot sizes only, not expiry days.
Every row was last checked against its exchange circular on 2026-10-05. Rows are re-checked at least every 30 days. If you read this well after 2026-10-05, confirm the number against the current circular. Every row in the table below names its circular and its last-checked date. The full source list is at the foot of this page.
One lot · NIFTY65 units
Example index level24,500
Contract value₹15,92,500.00
This NIFTY level is an example from the desk preview. It is not a current price. Contract value differs from option cost.
65 units
BANKNIFTY
NSENew contracts since
FINNIFTY
NSENew contracts since
MIDCPNIFTY
NSENew contracts since
NIFTYNXT50
NSENew contracts since
SENSEX
BSE- Source
- BSE Notice 20241021-13, 21 October 2024
New contracts since
Indicative information only. Verify against the current official exchange or clearing-corporation circular and your broker or depository records before acting.
Covers: the 6 index derivative contracts below. Expiry days and single-stock F&O lots are not covered — see why.
Lot size in force on 2026-10-22 — 6 index contracts
Every row was last checked against its exchange circular on 2026-10-05. Rows are re-checked at least every 30 days. If you read this well after 2026-10-05, confirm the number against the current circular.
Showing every contract in the table.
| Previous lot | Announced | Last verified | Source | |||
|---|---|---|---|---|---|---|
| BANKNIFTYNifty Bank · NSE | 30 | 2025-10-28 | 35 | 2025-10-03 | 2026-10-05 | NSE/FAOP/70616 (Circular Ref. No. 176/2025), 3 October 2025 |
| FINNIFTYNifty Financial Services · NSE | 60 | 2025-10-28 | 65 | 2025-10-03 | 2026-10-05 | NSE/FAOP/70616 (Circular Ref. No. 176/2025), 3 October 2025 |
| MIDCPNIFTYNifty Mid Select · NSE | 120 | 2025-10-28 | 140 | 2025-10-03 | 2026-10-05 | NSE/FAOP/70616 (Circular Ref. No. 176/2025), 3 October 2025 |
| NIFTYNifty 50 · NSE | 65 | 2025-10-28 | 75 | 2025-10-03 | 2026-10-05 | NSE/FAOP/70616 (Circular Ref. No. 176/2025), 3 October 2025 |
| NIFTYNXT50Nifty Next 50 · NSE | 25 | 2025-10-28 | unchanged | 2025-10-03 | 2026-10-05 | NSE/FAOP/70616 (Circular Ref. No. 176/2025), 3 October 2025 |
| SENSEXBSE Sensex · BSE | 20 | 2024-11-20the source names no single date on which every live contract carried this lot | 10 | 2024-10-21 | 2026-10-05 | BSE Notice 20241021-13, 21 October 2024 |
Sources & verification. NSE/FAOP/70616 (Circular Ref. No. 176/2025), 3 October 2025 lists NIFTY 75→65, BANKNIFTY 35→30, FINNIFTY 65→60, MIDCPNIFTY 140→120 and records NIFTYNXT50 unchanged at 25. BSE Notice 20241021-13, 21 October 2024 lists SENSEX 10→20. Table as at 4 September 2026. Every row was last checked against its exchange circular on 2026-10-05. Rows are re-checked at least every 30 days. If you read this well after 2026-10-05, confirm the number against the current circular. Each row shows its own check date, and the table warns when a row is more than 30 days old. Lot sizes can be revised, so confirm a figure with the current circular and your broker first.
Take the table with you
Each row carries its circular, the date the lot applies from and the date the row was last checked. A revision applies to contracts introduced on or after that date.
How contract value works
What one contract is worth
One contract contains a whole lot. Its notional value is the lot size times the index level. The exchange keeps that value inside a set band, so lot sizes change as the index moves. The figures below use the two Nifty 50 lot sizes from the table.
Units in one contract65Nifty 50 lot size
Index level27,000Illustrative level
Contract value₹17.55 lakhInside the band
- At the revised lot, one contract is worth ₹17.55 lakh. That is inside the ₹15–20 lakh band.
- At the previous lot, the same index level is worth ₹20.25 lakh. That is past the ₹20 lakh ceiling, which is what forces the revision.
How lot sizes work
A derivative order uses whole lots. The lot size counts the underlying units in one contract. A futures contract's value changes by the lot size times the change in its quoted price. For an option, multiply the premium by the lot size to find its amount.
What a contract obliges is a separate question from how large it is. Futures vs options: the contract before the payoff explains which side carries an obligation and which buys a right. It also explains why margin and premium answer different questions. For the lot size of a contract, read its current circular.
Contract value is what actually drives the number
Contract value = index level × lot size. SEBI requires an index derivative contract to be worth roughly ₹15–20 lakh. As an index drifts, the lot size is reset to pull the contract value back into that band.
Worked example, using the band and the two NIFTY lot sizes in the table. It is arithmetic only, not a claim about where the index traded. Once Nifty 50 is above about 27,000, one contract at the old lot of 75 is worth ₹20.25 lakh. That is over the ₹20 lakh ceiling. At the revised lot of 65, the same index level is worth ₹17.55 lakh, back inside the band. So lot sizes fall when an index has risen, because a rising index pushes the old lot through the ceiling.
The exchange does not use a single day's level for this. So the example above is illustrative arithmetic, not the calculation itself. The next section gives the averaging period each circular used.
Why they change on a schedule, not on a whim
The revisions follow a schedule and a formula. NSE's October 2025 circular used the average closing level of each index over September 2025. BSE's October 2024 notice used the average close from 16 September to 15 October 2024. The exchange announces the result in advance. That is why each row has two dates.
When lot sizes change
Edge cases that catch people out
A revision announced is not a revision applied
NSE/FAOP/70616 is dated 3 October 2025 and took effect from 28 October 2025. Even so, contracts that already existed kept the old lot until their own expiry. For weeks, two different lot sizes were correct at the same time. Which one applied depended on the contract you held.
Sometimes the notice never says when the change is everywhere
A circular does not always name one date on which every live contract carries the new lot. Some give separate run-off rules for monthly, weekly and long-dated contracts, and stop there. The table then says so on that row instead of filling in a date.
Long-dated contracts are revised in place
Quarterly and half-yearly contracts do not run out at the old lot. The exchange revises existing long-dated contracts on a set date. The notes below give each exchange's date.
Each exchange runs its own clock
SENSEX is a BSE contract. Its lot was set by BSE Notice 20241021-13, dated 21 October 2024, long before the NSE revision. That notice has its own run-off dates. One exchange's circular tells you nothing about the other's.
Quantity freeze is a separate limit
The lot size is not the largest order you can place. Each exchange also publishes a quantity freeze: the largest quantity accepted in one order. A bigger order has to be split into several. The freeze is set separately from the lot size, so look up the current figure.
Effective-date notes, straight from the circulars
NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY
The circular came into effect from 28 October 2025 EOD. Weekly and monthly contracts that already existed kept the old lot until the 30 December 2025 expiry, and existing quarterly and half-yearly contracts were revised at 30 December 2025 EOD — so every live contract carried the revised lot from 31 December 2025.
NIFTYNXT50
The same circular lists Nifty Next 50 under "market lot unchanged" at 25, so there was no transition window for this symbol. Dates before 28 October 2025 are not covered by this table.
SENSEX
The notice revises the market lot for contracts introduced after 20 November 2024. Unexpired November 2024, December 2024 and January 2025 monthly contracts kept the old lot until their own expiry, and long-dated contracts changed at 27 December 2024 EOD.
Check your exact contract
Read the exact contract, not the table
The lot size that applies to a position is the one attached to that contract. The table above is the current specification for the index contracts it lists. It is not a statement about a contract someone already holds. It is also not the right number for a calculation about the past.
A contract has more identity than a name
A price or quantity only means something once the whole identity is written down. That identity is the exchange, the segment, the underlying and the expiry date. It also says whether the contract is a future or an option. For an option it includes the strike, and whether it is a call or a put. Two rows on a broker screen can differ only in expiry and still be different contracts.
Match the broker's instrument list against the circular
A broker publishes a list of tradable instruments. The exchange publishes the document that set the specification. When the two disagree, that disagreement is itself the finding. Read the current circular rather than picking whichever figure makes the arithmetic neat.
A past calculation needs the past specification
A calculation about an older date needs the lot size in force then. That may not be the one in the table. Moving from one contract to the next is two contracts, not one continuous position. So the difference between their prices is not a move in a single position.
One symbol, two lot sizes shows how a revision reaches contracts that already exist.
Other contracts and expiry days
What this table does not cover
Two things people often expect on a lot-size page are not here.
Expiry days
Expiry weekdays are set by separate exchange circulars, and they changed more than once in 2025. Check the current circular for a contract's expiry day.
Single-stock F&O lots
Stock futures and options run to about two hundred symbols, each revised on its own schedule. Check the exchange's contract file or your broker's contract specification.
For the lot on a specific contract, read the current circular or your broker's contract specification.
Lot sizes in exam questions
If you are studying for NISM Series VIII
The NISM-Series-VIII Equity Derivatives Certification Examination workbook covers lot size under contract specifications. These terms define a contract. They are the underlying, the market lot, the tick size, the expiry day and the settlement method. The workbook explains why a market lot exists and how contract value follows from it.
A workbook cannot stay current. Any lot size printed in study material is a snapshot of the circular in force at the time. For the exam, learn the mechanism. For anything real, read the number off the current exchange circular.
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OpenLast checked on 5 October 2026.