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Which indices even have weekly options changed significantly in a 2024-2025 SEBI reform — worth knowing before assuming an index still has the weekly expiry it may once have had.

Under a SEBI rationalization effective 20 November 2024, each exchange is permitted weekly expiry contracts on only one benchmark index:

• NSE: Nifty 50 retains weekly options. Bank Nifty, Nifty Financial Services (FinNifty), and Nifty Midcap Select were moved to monthly (and quarterly, for some) expiries only.
• BSE: Sensex retains weekly options. Bankex and Sensex 50 were moved to monthly expiries only.

A further change, effective 1 September 2025, moved the weekly expiry day itself: NSE's Nifty 50 weekly options now expire on Tuesday (previously Thursday), while BSE's Sensex weekly options expire on Thursday. Always confirm the current schedule against the exchange's own circular, since this has changed more than once in recent years.

Beyond the calendar, the practical difference comes down to how compressed the Theta and Gamma effects already covered on this site's Theta and Gamma pages become:

These are the exact same verified figures from the Theta and Gamma pages. A monthly option spends most of its life in the calmer, left side of this table. A weekly option lives its entire life in the compressed final days — by design, it's always somewhere on the steep, fast-moving part of both curves, never in the calm 30-day zone a fresh monthly contract starts in.

• Weekly options decay faster in absolute terms — a weekly contract never gets the slow, gentle early-life decay a monthly contract has in its first few weeks; every day of a weekly option's life is closer to the accelerated right-hand side of the Theta table above.
• Weekly options carry more Gamma risk per unit of time held — short options positions on weeklies can see Delta swing faster for the same size move in the underlying, exactly the dynamic covered on the Delta Hedging page.
• A win rate on weekly options doesn't transfer directly to monthly options, and vice versa — they're genuinely different risk profiles wearing the same strategy names, not the same trade on a different calendar.

• Weekly options suit sellers comfortable with fast decay and fast Gamma — a Short Straddle or Iron Condor on a weekly can collect Theta quickly, in exchange for needing closer attention as expiry nears.
• Monthly options give buyers more runway — a Long Straddle or Long Call on a monthly contract has more time for a thesis to play out before Theta accelerates sharply.
• Since only Nifty 50 and Sensex currently offer weekly options, any strategy built around a weekly Bank Nifty or FinNifty position specifically is no longer available in that form — worth checking before assuming an older strategy writeup still applies as described.

• This is a regulatory fact that has changed before and can change again — always confirm the current expiry calendar with the exchange rather than relying on habit or older material.
• Weekly options require more frequent monitoring — the same position type needs closer attention on a weekly cycle than a monthly one, simply because the compressed Theta and Gamma curves leave less room for error near expiry.
• Liquidity can differ meaningfully between weekly and monthly contracts on the same underlying — worth checking Open Interest before assuming a monthly contract is just as liquid as its weekly counterpart.