Upcoming F&O Expiry - Feb’ 2026
As the Indian derivative market approaches the February 2026 series, the market is preparing for a high-octane month. The February series is most distinct as it begins with a Sunday trading session for the Union Budget on February 1 and concludes with the monthly settlement of NSE & BSE.
As the new set of lot sizes and the new expiry timelines (applicable from January 2026) are in full swing, it is essential to understand the exact expiry timelines for position management, rollover, and hedging. In this article, we will provide a comprehensive insight into all the key F&O expiry dates that are to take place in the month of February 2026.
What are F&O expiry dates?
In the derivatives market, the expiry date refers to the last day of validity of a futures or options contract on which the trading is permitted. After expiry, the contract expires, and the traders have to do one of the following:
- Square off positions: Close open positions before expiry, to avoid settlement.
- Roll over positions: Exit the current contract and move into the next month's contract.
- Let the contract expire: In options, the out-of-the-money (OTM) options expire worthless, while the in-the-money (ITM) options are cash-settled options. In contrast to the above, futures contracts are cash settled based on the final settlement price.
Expiry sessions see higher volumes, sharp movements in prices and volatility; thus, traders need to keep track of F&O expiry calendar in advance.
Important changes for February 2026
With the Union Budget announcement on February 1st 2026, India VIX (Volatility Index) is likely to be elevated. The February 3rd (NSE) and February 5th (BSE) week expiries might see significant gamma spikes as the market absorbs the budget announcements.
You might want to check Last 15 years market trends on Budget Day
The February expiry cycle continues to follow the landmark changes implemented in the Indian derivative ecosystem earlier this year, in January, when NSE and BSE revised Expiry Day with revised lot sizes.
Index expiries in Feb 2026 (NSE & BSE)
The contract cannot expire on a holiday. If any expiry is on a holiday, then expiry dates are shifted to the preceding business day. Let's understand NSE and BSE index expiries.
NSE Derivative Expiries
The NSE has a Tuesday expiry cycle for both the weekly contracts and the monthly contracts.
BSE Derivative Expiries
The BSE follows the Thursday expiry cycle for both weekly and monthly contracts.
Stock expiries in Feb 2026 (NSE & BSE)
Individual stock options expire on the last Tuesday of every month on NSE; futures follow the same. BSE stocks also follow the same index pattern, where the stock options and futures expire on the last Thursday of the expiry month.
Commodity expiries in Feb 2026 (MCX)
Commodity traders need to track the expiry cycles for these assets individually because they do not follow a uniform last Tuesday/Thursday expiry cycle. MCX expiry dates differ as per the different types of commodities such as metal, energy and agricultural commodities.
To wrap up
The expiry cycle in February 2026 is a test of the traders’ ability to adjust to the new norms and the fiscal policies of the country. With the special budget session acting as the catalyst, February is a month that requires discipline in position sizing and attention to dates. Whether it is closing positions in intraday trading or carrying over positions to March, being aware of these dates is the first line of defence for traders against market surprises.
