Sebi's F&O curbs didn't kill Sensex options—they just moved trading off expiry day
Since Sebi tightened index derivatives in November 2024, Sensex options trading has quietly migrated from Thursday expiry to the rest of the week: BSE's expiry-to-non-expiry premium turnover ratio collapsed from 20x to 3.4x, while non-expiry day turnover surged roughly 14-fold off a low base. The shift reflects rising foreign institutional participation, whose share of BSE derivatives turnover nearly doubled to 3.22% in FY26. Net effect: the policy that trimmed retail frenzy is pushing the mix toward institutions, not killing the contract.