BSE’s options trading volumes have opened the month of July sharply lower compared to early June, according to a note from brokerage Equirius reviewing the exchange’s first two trading sessions following a Reserve Bank of India circular that took effect on July 1.
On the expiry day, or zero days to expiry, premium turnover stood at Rs 54,702 crore on July 2, about 19 percent below the first quarter FY27 average expiry day turnover of Rs 67,918 crore and around 11 percent below the June 2026 average of Rs 61,729 crore. Against the first week of June, when expiry day turnover stood at Rs 71,680 crore, the July 2 figure is roughly 24 percent lower.
On one day to expiry, turnover came in at Rs 35,511 crore on July 1, about 9 percent below the first quarter FY27 average of Rs 38,949 crore and around 11 percent below the June average of Rs 39,725 crore. Against the first week of June, when one day to expiry turnover stood at Rs 56,128 crore, the July 1 figure is about 37 percent lower.
Daily data through the second quarter shows both zero day and one day to expiry turnover trending broadly lower through April, May and June, with expiry day premium turnover falling from Rs 85,211 crore on April 2 to a range mostly between Rs 48,000 crore and Rs 78,000 crore through the following months, while one day to expiry turnover moved from Rs 43,457 crore on April 1 down to as low as Rs 10,356 crore on May 26 before stabilising in the Rs 26,000 crore to Rs 56,000 crore range through June.
Equirius noted that while the July trend is based on only two trading sessions and should be treated as an early read, volumes have started the month meaningfully lower than June, which poses a risk of downward revisions to premium average daily turnover estimates for the exchange going forward. The brokerage’s review comes amid a broader pattern of declining options premium turnover across exchanges following the RBI circular, with MCX also reporting a similar pullback in recent sessions.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. The figures and securities mentioned are for analysis and illustration, not recommendations. Markets carry risk, and readers should conduct their own research or consult a registered financial adviser before making any investment decision.
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