Nifty India FPI 150 futures and options launched: All you need to know

The National Stock Exchange on Wednesday launched futures and options contracts on the Nifty India FPI 150, adding a new product to its index derivatives segment. The index is widely tracked to manage and hedge exposure to a diversified basket of companies with high foreign investment limits.

The cash-settled contracts are available in three serial monthly cycles for both index futures and index options. NSE had received approval last month to offer derivatives trading on the Nifty India FPI 150, and the new contracts are being introduced from August 12.

What is Nifty India FPI 150

The Nifty India FPI 150 Index was launched on August 16 last year. It tracks the performance of the top 150 stocks from the Nifty 500 that ensure accessibility and investibility for foreign investors. The stocks are selected on the basis of six-month average foreign investible free-float market capitalisation, covering the most liquid and high free-float stocks. The weight of each stock in the index is based on its foreign investible free-float market capitalisation.

The base date for the index is October 03, 2022, and the base value is 1000. The index is reconstituted and rebalanced every quarter. It acts as a benchmark for asset managers and as a reference index for passive funds, including exchange traded funds, index funds and structured products.

Index sector weight

The index had its highest sector representation from financial services at 26.15 per cent. Oil, Gas and Consumable Fuels accounted for 10.03 per cent, while healthcare had a weight of 7.51 per cent as of June 2026. As per the exchange report, Financial Services account for 25.59 per cent of the index weight. Here's infographic:  

F&O derivatives: Rationale

In a press note, Sriram Krishnan, Chief Business Development Officer, at NSE said the introduction of derivatives on the Nifty India FPI 150 would complement the existing index derivatives product suite. He said the index represents a broad and diversified segment of the Indian equity market, comprising 150 liquid stocks across multiple segments while maintaining a focus on liquidity and investibility, making it a suitable underlying for hedging and portfolio diversification.

Futures and options contracts: Key details

NSE said it will introduce three serial monthly contracts for both index futures and index options. The contracts will be cash settled, with a lot size of 1,100 and a tick size of Re 0.05.

For the initial launch on August 12, the exchange is offering three expiry cycles: August 2026, expiring on August 25, 2026; September 2026, expiring on September 29, 2026; and October 2026, expiring on October 27, 2026.

The expiry date for monthly contracts will be the last Tuesday of the expiry month. If the last Tuesday is a trading holiday, the expiry day will be the previous trading day.

Options structure

The Nifty India FPI 150 options contracts will comprise European-style call and put options. NSE has specified two strike-range structures for the contracts, HDFC Sky reported. The narrow-range strike scheme will use a step value of 5 with a 20-1-20 strike scheme, while the wide-range strike scheme will use a step value of 20 with a 12-1-12 strike scheme, it noted.

The wide-range structure will include 20 strikes because of the 5-point strike interval. These specifications form part of the contract structure for the new index derivatives.