Data to 5 October 2026
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How much speculation is there?

How much is paid for options and futures, and how much is held open?

In Sept 2026 option buyers paid ₹15.6 lakh cr in premium on NSE and BSE together, against a monthly peak of ₹24.1 lakh cr in Mar 2026. NSE's notional option turnover that month was 439 times its premium. At the end of Aug 2026, futures and options worth ₹27.7 lakh cr in notional value were open, 5.7% of NSE's market value.

Written for anyone following the options boom, SEBI's curbs and the contest between NSE and BSE. Data to Sept 2026.

Options premium against cash turnover

0.45×
× cash turnover, Sept 2026

Inside its usual range of 0.11× to 0.57×. The record is 1.31×, in March 2023. Down from 0.50× a year ago.

202020250.00×0.20×0.60×0.80×1.00×1.20×1.40×1.31×, Mar 2023usual range, 0.11× to 0.57×0.45×2016201820202022202420260.00×0.20×0.60×0.80×1.00×1.20×1.40×1.31×, Mar 2023usual range, 0.11× to 0.57×0.45×2016201820202022202420260.00×0.20×0.40×0.60×0.80×1.00×1.20×1.40×1.31×, Mar 20230.07×, Mar 2017usual range, 0.11× to 0.57×0.45×2016201820202022202420260.00×0.20×0.40×0.60×0.80×1.00×1.20×1.40×1.31×, Mar 2023usual range, 0.11× to 0.57×0.45×

What it is. Premium paid for options in the month, against the value of shares traded.

How to read it. The best single gauge of option speculation. Most option buyers lose money, and SEBI tightened the rules in late 2024 when this kind of activity peaked.

Source: NSE business growth Method Data Full history and numbers

Equity derivatives open interest against market value

5.7%
of NSE market value, Aug 2026

Above its usual range of 1.9% to 3.9%, among the highest readings since 2014. The record is 6.0%, in April 2026. Up from 4.8% a year ago.

2015202020251.0%2.0%4.0%5.0%6.0%6.0%, Apr 2026usual range, 1.9% to 3.9%5.7%2016201820202022202420261.0%2.0%3.0%4.0%5.0%6.0%6.0%, Apr 2026usual range, 1.9% to 3.9%5.7%2016201820202022202420261.0%2.0%3.0%4.0%5.0%6.0%6.0%, Apr 20261.3%, Apr 2020usual range, 1.9% to 3.9%5.7%2016201820202022202420261.0%2.0%3.0%4.0%5.0%6.0%6.0%, Apr 2026usual range, 1.9% to 3.9%5.7%

What it is. The value of futures and options contracts still open at month end on NSE and BSE, against the value of every NSE-listed company.

How to read it. It measures exposure held, not money paid. It rises when traders carry more positions overnight relative to the size of the market.

Source: NSE business growth Method Data Full history and numbers

F&O contracts traded in the month

319.5 crore
contracts, Sept 2026

A total that grows over time, so its record is the yardstick: the high is 1,294.4 crore, in October 2024. Down from 328.4 crore a year ago.

201020152020202510.0 crore100.0 crore1,000.0 crore1,294.4 crore, Oct 2024319.5 crore201020152020202510.0 crore100.0 crore1,000.0 crore1,294.4 crore, Oct 2024319.5 crore201020152020202510.0 crore100.0 crore1,000.0 crore1,294.4 crore, Oct 2024319.5 crore20102012201420162018202020222024202610.0 crore100.0 crore1,000.0 crore1,294.4 crore, Oct 2024319.5 crore

What it is. Futures and options contracts traded on NSE in the month.

How to read it. A raw count that grew enormously with weekly options. Lot sizes change, so compare it over short spans only.

Source: NSE Business growth Method Data Full history and numbers

The other readings

Premium, BSE's share and the put/call ratio, each with where it sits in its own history.

Option premium, NSE, per month
₹10.7lakh cr
Sept 2026, a year ago ₹10.7 lakh cr
Higher than 75% of readings since 2015
BSE's share of index-option premium
34.1%
Sept 2026, a year ago 27.1%
Higher than 93% of readings since 2023
Index options' share of F&O premium
31%
Sept 2026, a year ago 26%
above its usual range

Premium: the money that changes hands

An option's premium is what the buyer pays the seller. It is the honest measure of how much money goes into options. NSE has published it since April 2015, BSE since September 2015.

Option premium paid each month, NSE and BSE

Monthly, April 2015 to Sept 2026. BSE's premium is index and stock options together; BSE's options were dormant until the Sensex relaunch in May 2023.

How to read it. Premium paid in calendar 2024 was 18 times that of 2019. SEBI's rules on weekly expiries and lot sizes took effect from 20 November 2024; BSE's block has grown since 2023.

NSE index optionsNSE stock optionsBSE options

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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Method JSON

Option premium relative to cash trading

NSE option premium divided by NSE cash turnover, monthly.

How to read it. Above 1, more money went into option premium than into buying and selling shares.

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Source: NSE business growth (equity cash 'cm' and equity derivatives 'fo' segments), via Data bank nse_business_growth_history
Method JSON

Notional turnover and contracts

Notional turnover values every option at its strike price, so it measures exposure traded, not money spent. It is the figure exchanges lead with, which is why it is shown here, on a log scale, for context.

NSE turnover by product

Monthly, from April 2009. Options at notional value.

How to read it. On a log scale, the index-option line's climb above the rest shows how far options at notional value have outgrown futures.

Index options (notional)Index futuresStock futuresStock options (notional)

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Source: NSE Business growth (historical) APIs for every segment, via Data bank nse_business_growth_history
Method JSON

Contracts traded, NSE and BSE

All products, monthly. Lot-size changes (for example November 2024) shift contract counts without changing exposure.

How to read it. A raw count: compare it only over short spans, between lot-size changes. BSE's line is the Sensex relaunch.

NSEBSE

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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Method JSON

Open interest

Open interest is what is still held at the close: contracts not yet squared off, valued at notional. Against the size of the market it shows how much exposure traders carry overnight. At the end of Aug 2026, NSE held ₹25.7 lakh cr and BSE ₹2.0 lakh cr.

Open interest against market value

Notional value of equity futures and options open at month end, NSE (SEBI Bulletin) and BSE (BSE's statistics), over NSE's month-end market value. From April 2014.

How to read it. Higher means more exposure carried in derivatives relative to the market. Month-end readings swing with the expiry calendar, so follow the trend more than single months.

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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Method JSON

Open interest by exchange

Notional value open at month end.

How to read it. BSE's block appears with the Sensex relaunch in 2023.

NSEBSE

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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Method JSON

NSE and BSE

BSE relaunched Sensex options in May 2023. Measured by premium, its share of options across the two exchanges was 31.2% in Sept 2026.

BSE's share of index options

Share of NSE and BSE combined, monthly from January 2023. Complete months only.

How to read it. Follow the heavier line: premium is the fair measure. Notional counts each option at the full value of its underlying, so it overstates trading in cheap, far out-of-the-money options.

By premiumBy notional turnover

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Source: NSE business growth statistics; BSE Key Statistics (equity derivatives and cash market), via Data bank nse_business_growth_history, bse_derivatives_business, bse_equity_business
Method JSON

BSE's share of open interest

Notional value open at month end, share of NSE and BSE combined.

How to read it. Open interest shows positions carried, where premium shows money traded; BSE's share of each tells a different part of the story.

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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Method JSON
NSE and BSE by financial year, from 2015-16, when both exchanges publish option premium. Shares are of the two combined.
YearBSE share, premiumBSE share, notionalNSE premiumBSE premiumMore
2026-27 (6 months)34.9%48.4%₹60.4 lakh cr₹32.4 lakh cr
2025-2627.9%42.5%₹124.7 lakh cr₹48.2 lakh cr
2024-2514.1%26.5%₹135.7 lakh cr₹22.4 lakh cr
2023-243.4%9.3%₹138.2 lakh cr₹4.9 lakh cr
2022-230.0%0.9%₹109.6 lakh cr₹880 cr
2021-220.0%3.9%₹58.4 lakh cr₹1,188 cr
2020-210.1%5.6%₹26.3 lakh cr₹1,555 cr
2019-200.0%0.1%₹10.8 lakh cr₹500 cr
2018-190.0%0.0%₹6.5 lakh cr₹8.7 cr
2017-180.0%0.0%₹4.6 lakh cr₹0.0 cr
2016-170.0%0.0%₹3.5 lakh cr₹33.4 cr
2015-160.2%8.2%₹3.5 lakh cr₹660 cr

By financial year

NSE's equity derivatives by financial year. Option turnover at notional value; premium from 2015-16.

NSE equity derivatives by financial year.
YearContractsIndex-option premiumStock-option premiumIndex futuresStock futuresNotional turnoverMore
2026-271,915.6 crore₹60.8 lakh cr₹9.5 lakh cr₹24.7 lakh cr₹149.0 lakh cr₹28,913 lakh cr
2025-263,696.4 crore₹124.7 lakh cr₹17.8 lakh cr₹73.5 lakh cr₹320.4 lakh cr₹64,190 lakh cr
2024-2510,329.3 crore₹135.7 lakh cr₹19.8 lakh cr₹87.5 lakh cr₹375.4 lakh cr₹78,360 lakh cr
2023-249,520.1 crore₹138.2 lakh cr₹13.8 lakh cr₹74.2 lakh cr₹255.5 lakh cr₹79,928 lakh cr
2022-234,176.6 crore₹109.6 lakh cr₹9.3 lakh cr₹95.2 lakh cr₹190.7 lakh cr₹38,223 lakh cr
2021-221,866.0 crore₹58.4 lakh cr₹10.4 lakh cr₹84.3 lakh cr₹210.4 lakh cr₹16,952 lakh cr
2020-21853.5 crore₹26.3 lakh cr₹5.8 lakh cr₹90.5 lakh cr₹181.0 lakh cr₹6,436 lakh cr
2019-20512.5 crore₹10.8 lakh cr₹2.3 lakh cr₹66.8 lakh cr₹148.7 lakh cr₹3,445 lakh cr
2018-19316.5 crore₹6.5 lakh cr₹2.0 lakh cr₹55.7 lakh cr₹161.5 lakh cr₹2,376 lakh cr
2017-18191.4 crore₹4.6 lakh cr₹1.5 lakh cr₹48.1 lakh cr₹156.0 lakh cr₹1,650 lakh cr
2016-17140.0 crore₹3.5 lakh cr₹95,570 cr₹43.4 lakh cr₹111.3 lakh cr₹944 lakh cr
2015-16209.9 crore₹3.5 lakh cr₹61,394 cr₹45.6 lakh cr₹78.3 lakh cr₹648 lakh cr
2014-15183.7 crore––₹41.1 lakh cr₹82.9 lakh cr₹556 lakh cr
2013-14128.4 crore––₹30.8 lakh cr₹49.5 lakh cr₹382 lakh cr
2012-13113.1 crore––₹25.3 lakh cr₹42.2 lakh cr₹315 lakh cr
2011-12120.5 crore––₹35.8 lakh cr₹40.7 lakh cr₹313 lakh cr
2010-11103.4 crore––₹43.6 lakh cr₹55.0 lakh cr₹292 lakh cr
2009-1067.9 crore––₹39.3 lakh cr₹52.0 lakh cr₹177 lakh cr

The workings

Method

Data

Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.

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