On Friday, September 12, 2025, Jefferies highlighted the ongoing speculation regarding potential changes to the expiry cycle for key index derivatives, including a shift from weekly to fortnightly or monthly contracts and whether same-day expiry will be retained. While no confirmation has yet been provided by SEBI or the exchanges, the brokerage modelled possible outcomes for leading capital market players BSE and Nuvama.
According to Jefferies, such changes could result in significant earnings impact, with FY27 EPS cuts ranging from 20–50% for BSE and 15–25% for Nuvama. However, the brokerage noted that with both stocks already down about 15% since July 9, a scenario involving fortnightly expiry with separate settlement appears largely priced in.
The SEBI board meeting scheduled for September 12 will be closely watched for further clarity on the matter.
Disclaimer: The views and investment recommendations expressed in this article are those of Jefferies. Business Upturn does not endorse or recommend any investment decisions. Investors are advised to consult financial experts before making investment choices.
