SEBI Revised Rules for Intraday Index Options Effective from October 01, 2025

Current Context: SEBI’s revised rules for intraday index options trading will take effect from October 01, 2025, aiming to curb risky expiry-day bets and enhance market stability.

• Entities will face a ₹5,000 crore cap on net intraday positions and a ₹10,000 crore cap on gross positions per side, calculated on a futures-equivalent basis.
• Exchanges must conduct at least four random checks daily, including one between 2:45–3:30 PM, to monitor compliance.
• Breaches on expiry days will attract penalties or surveillance deposits starting December 06, 2025.
• The move balances flexibility for traders with stricter oversight, preserving liquidity while preventing volatility.

Question:

Q.1 Under SEBI’s revised rules, what is the maximum cap on net intraday positions for entities in index options trading?
a) ₹5,000 crore
b) ₹2,500 crore
c) ₹7,500 crore
d) ₹10,000 crore

Answer: a) SEBI has introduced a ₹5,000 crore cap on net intraday positions, calculated on a futures-equivalent basis. This prevents concentrated exposure by any single entity.