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    Is backtesting accurate? Seven gaps between an Indian options backtest and your live results

    Backtesting is accurate only about the trades and prices it can see. An Indian options backtest usually misses seven things that live trading makes you pay for: full charges, slippage, the bid-ask spread, look-ahead and survivorship bias, lot-size revisions, weekly expiry changes, and your own behaviour. In the illustrative example on this page, a backtest that reports ₹26,250 keeps about ₹2,031 once each gap is applied.

    Facts checked 13 Oct 2026 against 22 sources. No affiliate links. Not investment advice.

    Is backtesting accurate? What a backtest can and cannot see

    A backtest replays your rules on old prices and adds up the result. The arithmetic is usually right. What goes wrong is the inputs: the price it assumes you got, the costs it leaves out, the contracts it assumes you could trade, and the trader it assumes you are. So the honest answer to "is backtesting accurate" is that it is only as accurate as those inputs, and for Indian options most of them lean in the backtest's favour.

    Indian index options also changed by rule in the last two years. NSE changed the Nifty lot size twice (25 to 75, then 75 to 65), kept weekly options on Nifty alone, and moved the Nifty expiry from Thursday to Tuesday. STT on options sold went up twice. A test that runs from 2024 to 2026 crosses several different markets, and its rupee total belongs to none of them.

    Each of the seven gaps below comes with a small example. Numbers marked illustrative are made up to show the mechanics; rates, dates and circular numbers come from SEBI and NSE documents opened on 13 October 2026. This page covers NSE contracts only and gives no strategy advice. It also leaves aside overfitting (tuning a rule until it fits the past), which is about the rules themselves; the seven gaps here apply even to a rule that was never tuned. For the basics of running a test, see how backtesting works. For a look at the tools themselves, see options backtesting software.

    Gap audit: seven questions to put to your own backtest

    • Charges: does the result include brokerage, STT, exchange fees, SEBI's fee, stamp duty and GST at today's rates?

      If the tool used one STT rate for the whole period, find out which. STT on options sold was 0.0625% of premium up to 30 Sep 2024, 0.1% up to 31 Mar 2026, and 0.15% since 1 Apr 2026.

    • Slippage: does the test fill you at the exact signal price?

      Look for a slippage setting. If it is zero, every stop-loss exit in the test filled exactly at the stop, which live orders in a fast market often do not.

    • Prices: were trades priced at candle closes, mid prices or the official close?

      None of those is a price you could have bought at. Live, you buy at the ask and sell at the bid.

    • Bias: did any rule use information that only existed after the entry time?

      Also check whether the stocks tested come from today's F&O list or from the list that was live on each test date.

    • Lot size: is rupee P&L worked out with the lot each contract actually had?

      Compare results in points per trade first, then price them in the lot you will trade now.

    • Expiry: did the test trade weekly contracts or expiry weekdays that no longer exist?

      Bank Nifty, Finnifty and Midcap Select weekly options ended in November 2024, and Nifty weeklies expire on Tuesday from September 2025.

    • Behaviour: would you really have taken every signal, at the same size, after five losses in a row?

      Your own trade log answers this better than any test setting.

    One illustrative backtest, shrinking gap by gap

    Each bar is the running result before that gap: the first part is what is left after the gap, the second part is what the gap took. Illustrative numbers, not market data and not a strategy. Gap 4 (bias) is not shown because its size cannot be known without rerunning the test. The order of the steps changes how large each one looks, not the final figure.

    Left after this gapTaken by this gap
    • Backtest as reported₹26,250
    • Gap 6: weekly contracts that ended₹26,250
    • Gap 5: lot of 75 repriced at 65₹19,500
    • Gap 3: paying the bid-ask spread₹16,900
    • Gap 2: slippage on entries and stops₹15,242.5
    • Gap 1: charges at ₹20 per order₹11,017.5
    • Gap 7: skipped and oversized trades₹5,538.86

    Sources: [4], [15], [18], [19], [20]

    From ₹26,250 to ₹2,031: the arithmetic behind the bars

    The setup, all illustrative: 100 backtest trades in weekly index options, 1 lot each, every entry at a mid price of ₹110. Winners exit at a mid price of ₹130 (+20 points) and losers at ₹100 (−10 points, the stop). The tool priced every trade at 75 units and took off no costs. Each line is to the paisa; the final figure is rounded once, to the nearest rupee.

    Backtest as reported: (45 × 20 − 55 × 10) = 350 points × 75 units
    ₹26,250.00
    Gap 6: remove 15 trades in Bank Nifty, Finnifty and Midcap Select weeklies (8 won, 7 lost: +90 points × 75)Those weekly contracts ended in November 2024. 85 Nifty trades remain: 37 winners, 48 losers, 260 points
    −₹6,750.00
    Gap 5: price the 260 points at today's 65-unit Nifty lot instead of 75260 points × 10 units
    −₹2,600.00
    Gap 3: buy at the ask, sell at the bid, illustrative spread 0.30 points: 85 × 0.30 × 65Half the spread on each side: entry ₹110.15, exits ₹129.85 or ₹99.85
    −₹1,657.50
    Gap 2: slippage, illustrative 0.20 points on each of 85 entries and 1.00 point on each of 48 stop exits: 65 points × 65Final fills: in at ₹110.35; out at ₹129.85 (winners) or ₹98.85 (losers)
    −₹4,225.00
    Gap 1: charges at ₹20 per order: 37 × ₹66.64 + 48 × ₹62.77Brokerage ₹3,400.00, GST ₹690.91, STT ₹931.05, NSE ₹437.16, stamp duty ₹18.29, SEBI ₹1.23
    −₹5,478.64
    Gap 7: skip 5 signals (3 would have won, 2 lost) and take 2 losing trades at 2 lots after a losing run−3 × ₹1,200.86 + 2 × ₹810.27 − 2 × ₹763.07
    −₹3,508.18
    Live result, 80 trades, rounded to the nearest rupee
    ₹2,031

    Sources: [18], [19], [20], [15], [4]

    Gap 1: charges left out or priced at an old rate

    Many backtests report gross points, or take off brokerage and nothing else. A Nifty option round trip also pays STT on the sale, NSE's transaction charge on both sides, SEBI's fee, stamp duty on the buy, and 18% GST on brokerage and the two fees. The table below prices the example's two trade types at the rates in force on 13 October 2026. At ₹20 per order, brokerage is the largest line and STT comes next.

    The rate you test with matters as much as remembering to include it. STT on an option sale was 0.0625% of premium up to 30 September 2024, 0.1% from 1 October 2024 and 0.15% from 1 April 2026, per NSE circulars NSE/FATAX/63809 and NSE/FATAX/73524. On the example's winning exit of ₹8,440.25, that is ₹5.28, ₹8.44 or ₹12.66. A test still using the pre-October 2024 rate of 0.0625% understates today's STT by more than half on every sale.

    SEBI's FY26 study gives a sense of scale: individual traders paid about ₹25,000 crore in transaction costs that year. For one trade line by line, see the option buying charges breakdown; the charges changelog dates every rate change we could verify.

    What one round trip in the example costs, at rates in force on 13 Oct 2026

    1 Nifty lot of 65 units bought at ₹110.35, the illustrative fill from the worked example. Each line is rounded to the paisa; totals add the unrounded values, so the winner column sums to one paisa more than its total. Rates checked 13 Oct 2026.

    LineWinner, sold at ₹129.85Loser, sold at ₹98.85
    Premium bought (65 × ₹110.35)₹7,172.75₹7,172.75
    Premium sold₹8,440.25₹6,425.25
    Brokerage, 2 orders × ₹20₹40.00₹40.00
    STT, 0.15% of premium sold₹12.66₹9.64
    NSE transaction charge, 0.03553% of both sides₹5.55₹4.83
    SEBI fee, ₹10 per crore of both sides₹0.02₹0.01
    Stamp duty, 0.003% of premium bought₹0.22₹0.22
    GST, 18% of brokerage + NSE + SEBI₹8.20₹8.07
    Total charges₹66.64₹62.77

    STT 0.15% of premium sold from 1 Apr 2026 (NSE/FATAX/73524). NSE ₹3,553 per crore of premium each side, including the ₹0.01 IPFT contribution, from 1 Mar 2026 (NSE/FA/73061). SEBI ₹10 per crore, stamp duty 0.003% on the buy side, GST 18% on brokerage, SEBI and transaction charges, and ₹20 per executed option order, all from Zerodha's charges page, 13 Oct 2026. Brokerage differs by broker; the statutory lines do not.

    Sources: [18], [19], [20]

    Gap 2: slippage between the signal and the fill

    Slippage is the difference between the price your rule wanted and the price you got. A backtest usually sets it to zero unless you change the setting. Live, it comes from three places. A market order fills against whatever sellers are waiting, and a large order can use up the best price and fill the rest at worse ones. Prices move in the moment between seeing a signal and the order reaching the exchange, and if you watch a delayed chart that moment is longer (see why market data is delayed). And a stop-loss order is only sent once the trigger price trades, so in a fast fall it can fill below the stop.

    That last point is why the example puts more slippage on losing exits (1 point) than on entries (0.2 points). Both numbers are illustrative. We did not find an NSE or SEBI publication that gives typical slippage or spreads for Nifty options, so measure your own: for 20 live trades, write down the price you intended and the price on the contract note, and average the difference separately for entries and stop exits.

    Gap 3: mid, close and candle prices you could not trade at

    Most option price history is a list of candle opens and closes, last traded prices, or official closing prices. None of them tells you the ask you would have paid or the bid you would have got. Buying at the ask and selling at the bid costs the full bid-ask spread on each round trip, which is what the 0.30 points in the example stands for.

    The official close is a special case. NSE circular NSE/FAOP/74467 says an F&O contract's close price is a volume-weighted average of trades in the last half hour, which is 15:10 to 15:40 from 3 August 2026. A test that exits "at the close" exits at an average of 30 minutes of trading that no single order could have received. NSE Indices makes the related point that the spread alone understates what larger orders pay:

    “Impact cost is a practical and realistic measure of market liquidity; it is closer to the true cost of execution faced by a trader in comparison to the bid-ask spread.”
    NSE Indices, Impact cost (index concepts page), opened 13 Oct 2026

    Source: [21]

    In plain terms, NSE Indices defines the "ideal price" as the average of the best bid and the best offer, which is the mid price many backtests use, and impact cost as how much worse than that you do once your order is filled. It also says impact cost changes with order size and with the orders waiting in the book at that moment.

    Gap 4: look-ahead and survivorship bias

    Look-ahead bias means the test used something that was not yet known when the trade was placed. Common versions in options tests:

    • picking the at-the-money strike from a candle's close, then entering at that same candle's open;
    • deciding an intraday trade using the day's official close, which NSE only fixes after 15:40;
    • filtering a morning entry with that day's high, low or closing India VIX.

    Each one lets the test peek at the answer. The fix is easy to state: every input to a trade must carry a timestamp earlier than the entry.

    Survivorship bias means testing only what still exists. It mostly affects stock option tests. NSE circular NSE/FAOP/65702 of 20 December 2024 removed 16 stocks from F&O under SEBI's eligibility criteria, with no contracts left in them from 28 February 2025. A test run on today's F&O list never sees those stocks, so it never sees the trades it would have taken in them, good or bad. Use the list that was live on each test date.

    These two gaps stay out of the worked example because their size depends entirely on your rules. The only way to measure them is to rerun the test with the bias removed and compare.

    Gap 5: lot sizes that changed during the test

    Points carry across periods; rupees do not. Under SEBI's circular of 1 October 2024, an index contract must be worth at least ₹15 lakh when introduced and ₹15 lakh to ₹20 lakh on the day of review, so NSE revises lots as the index moves (its 2025 revisions cite SEBI's lot-review circular of 30 December 2024). Between late 2024 and early 2026 the Nifty lot went from 25 to 75 to 65 units. A 10-point winner was worth ₹250 per lot, then ₹750, and is ₹650 now.

    From late November 2024 to the end of January 2025, two Nifty lot sizes even traded side by side: contracts introduced from 21 November 2024 carried 75 units (the first such weekly expired on 2 January 2025), while existing monthlies kept 25 units up to the January expiry on 30 January 2025. A tool that prices a whole test at one lot size gives a rupee total that matches no real period. In the example the tool used 75 units throughout, and repricing at 65 took ₹2,600 off. The error can run the other way too: a 2024 test priced at 25 units understates what the same points mean today. Compare in points per trade, then multiply by the lot you will trade. The F&O lot size and expiry calendar lists the lots in force now.

    Nifty and Bank Nifty lot sizes by expiry, from NSE circulars

    Which lot size applied to which contracts, as each NSE circular states it. Checked against NSE's circular listing on 13 Oct 2026: no index lot revision after NSE/FAOP/70616.

    IndexLot (units)First expiry with this lotLast expiry with this lotNSE circular
    Nifty25Earlier contractsWeekly 19 Dec 2024; monthly 30 Jan 2025NSE/FAOP/64625, 64672
    Nifty75Weekly 2 Jan 2025; monthly 27 Feb 2025Weekly 23 Dec 2025; monthly 30 Dec 2025NSE/FAOP/64625, 70616
    Nifty65Weekly 6 Jan 2026; monthly 27 Jan 2026In force on 13 Oct 2026NSE/FAOP/70616
    Bank Nifty15Earlier contractsMonthly 30 Jan 2025NSE/FAOP/64625, 65336
    Bank Nifty30Monthly 27 Feb 2025Monthly 26 Jun 2025NSE/FAOP/64625, 65336, 67372
    Bank Nifty35Monthly 31 Jul 2025Monthly 30 Dec 2025NSE/FAOP/67372, 70616
    Bank Nifty30Monthly 27 Jan 2026In force on 13 Oct 2026NSE/FAOP/70616

    Quarterly and half-yearly contracts switched on set dates instead of at expiry (for example, existing Nifty and Bank Nifty quarterlies moved to the new lot on 30 Dec 2025 EOD under NSE/FAOP/70616). NSE/FAOP/64990 moved the start of the late-2024 revision to contracts introduced from 21 Nov 2024 because of a trading holiday on 20 Nov 2024. NSE/FAOP/64625 listed the Bank Nifty dates as 29 Jan and 26 Feb 2025 (Wednesdays); NSE/FAOP/65336 then moved those contracts to Thursday 30 Jan and 27 Feb 2025, the dates shown. Circulars opened 13 Oct 2026.

    Sources: [5], [6], [7], [8], [12], [15], [22]

    Download this table (CSV)

    Gap 6: weekly expiries that no longer exist, or moved

    SEBI's circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132 of 1 October 2024 allowed each exchange weekly contracts on only one benchmark index from 20 November 2024. NSE kept Nifty. Its circular NSE/FAOP/64506 set the last weekly expiries for the other three: Bank Nifty on Wednesday 13 November 2024, Midcap Select on Monday 18 November and Finnifty on Tuesday 19 November.

    So a rule tested on 2023 and 2024 data that traded Bank Nifty or Finnifty weeklies has results that cannot be repeated today. In the example, 15 such trades with a net +90 points came out first, which makes this the biggest single step in the example.

    The expiry day moved as well. Nifty weeklies expired on Thursday until NSE moved contracts expiring on or after 1 September 2025 to Tuesday (NSE/FAOP/68589). That followed SEBI's circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76 of 26 May 2025, which limits all of an exchange's equity derivative expiries to either Tuesday or Thursday. The first Tuesday Nifty weekly expired on 2 September 2025. A rule written as "enter on Monday, hold to expiry" held for about three days in the old data and holds for one day now, with very different time decay. Rewrite weekday rules in days to expiry before the old results mean anything for live trading.

    Rule changes a 2024 to 2026 options backtest runs through

    1. SEBI's six index derivative measures

      Circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132: one weekly benchmark index per exchange and the ₹15 lakh minimum contract value from 20 Nov 2024; upfront premium collection and no calendar spread benefit on expiry day from 1 Feb 2025.

      Source: [2]

    2. STT on options sold: 0.0625% to 0.1%

      NSE/FATAX/63809 under the Finance (No. 2) Act 2024. STT on an exercised option stayed at 0.125%.

      Source: [17]

    3. NSE ends three weekly index options

      NSE/FAOP/64506: weekly options continue only on Nifty. Last weeklies: Bank Nifty 13 Nov, Midcap Select 18 Nov, Finnifty 19 Nov 2024.

      Source: [4]

    4. Index lots resized: Nifty 25 to 75

      NSE/FAOP/64625 with corrigendum 64672: Bank Nifty 15 to 30, Finnifty 25 to 65, Midcap Select 50 to 120, Nifty Next 50 10 to 25, for new contracts. Start moved to 21 Nov 2024 by NSE/FAOP/64990.

      Source: [5]

    5. Monthly expiries of other NSE indices move to Thursday

      NSE/FAOP/65336: Bank Nifty (from Wednesday), Finnifty (Tuesday), Midcap Select (Monday) and Nifty Next 50 (Friday) monthlies move to the last Thursday, from 1 Jan 2025 EOD.

      Source: [8]

    6. 16 stocks dropped from F&O

      NSE/FAOP/65702: no new contract months; no contracts in these stocks from 28 Feb 2025.

      Source: [9]

    7. Monday expiry announced, then deferred

      NSE/FAOP/66938 planned Monday expiries from 4 Apr 2025. NSE/FAOP/67338 of 27 Mar 2025 deferred it "until further notice" after SEBI's consultation paper on expiry days.

      Source: [11]

    8. Bank Nifty lot 30 to 35

      NSE/FAOP/67372: Midcap Select 120 to 140; Nifty stays at 75. First Bank Nifty monthly with 35 units: 31 Jul 2025.

      Source: [12]

    9. SEBI limits expiries to Tuesday or Thursday

      Circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76: all of an exchange's equity derivative expiries on either Tuesday or Thursday, with one weekly benchmark index option on the chosen day; exchanges to send proposals by 15 Jun 2025.

      Source: [3]

    10. Tuesday expiry agreed

      NSE/FAOP/68589: SEBI agreed to NSE's proposed Tuesday expiry. Contracts expiring on or after 1 Sep 2025 expire on Tuesday; NSE/FAOP/68747 lists 2 Sep 2025 as the first Tuesday Nifty weekly.

      Source: [13]

    11. Index lots resized again: Nifty 75 to 65

      NSE/FAOP/70616: Bank Nifty 35 to 30, Finnifty 65 to 60, Midcap Select 140 to 120. First Nifty weekly with 65 units: 6 Jan 2026.

      Source: [15]

    12. STT on options sold: 0.1% to 0.15%

      NSE/FATAX/73524 under the Finance Act 2026, which received assent on 30 Mar 2026. STT on an exercised option also became 0.15%.

      Source: [18]

    13. F&O close moves to 15:40

      NSE/FAOP/74467: normal market closes at 15:40; the close price is the volume-weighted average of trades from 15:10 to 15:40.

      Source: [16]

    What SEBI's FY26 study found about individual F&O traders

    Individual traders who made losses in FY26
    87.7%
    Active individual traders fell from 98.1 lakh in FY25 to 78.6 lakh in FY26

    Source: [1]

    Aggregate net losses of individuals, FY26
    About ₹91,685 crore
    About ₹1.12 lakh crore in FY25

    Source: [1]

    Share of those losses from options
    About 92%

    Source: [1]

    Transaction costs paid by individuals, FY26
    About ₹25,000 crore
    About ₹1 lakh crore over FY22 to FY26

    Source: [1]

    Index options turnover in contracts expiring that day
    About 59%
    About 97% within one week of expiry

    Source: [1]

    SEBI released these studies with press release PR No. 50/2026 on 20 August 2026. The profitability study used data from the top 15 brokers, covering about 90% of individual traders in the segment; the behaviour study mainly used a random sample of 5,000 traders. Both cover FY25 and FY26. They describe traders as a group, not any single rule, and appear here for context only.

    Gap 7: the trader in the backtest never hesitates

    A backtest takes every signal, at the planned size, with no memory of the last trade. People do not. Three habits cause most of this gap:

    • Skipped signals. After a few losses it is easy to sit out the next one. In the example, 5 skipped signals happened to include 3 winners.
    • Exits moved by feel. Pulling a target closer, or a stop further away, turns the backtest's fixed +20 and −10 into different numbers.
    • Bigger size after losses. Doubling up to win it back turns a normal loss into a double one. In the example, two such trades cost ₹1,526.14 more than the rule would have.

    SEBI's behaviour study for FY25 to FY26 found that higher trading intensity, such as more turnover relative to capital, went with higher loss rates. It also found that among traders with both profitable and loss-making quarters, nearly 79% had average gains smaller than their average losses.

    Comparing backtest and journal expectancy

    Expectancy is the average result per trade. In the example, the backtest reports ₹262.50 per trade (₹26,250 over 100 trades) and the live version makes ₹25.38 (₹2,030.68 over 80 trades). What you want to find out is which of the seven gaps caused the drop, and only a record of live trades can tell you.

    To compare fairly, log every live trade of the strategy with its planned stop and target, and mark where you deviated and why. After a few dozen trades, put three numbers side by side: backtest points per trade before costs, live points per trade before costs, and live rupees per trade after charges. The difference between the first two is execution and behaviour. The difference between the last two is costs. A plain list of signals you skipped completes it, because the backtest took every one of them.

    Backtest vs live trading: questions traders ask

    Is backtesting accurate?+

    It is accurate arithmetic on the inputs it is given. For Indian options those inputs often leave out some charges, the bid-ask spread and slippage, and can include look-ahead or survivorship bias, plus contracts or lot sizes that no longer exist. Treat a backtest result as optimistic until you have checked each gap in the audit above.

    Does backtesting work for options trading in India?+

    It can show whether a rule had an edge in points before costs. It is weaker on rupee results, because lot sizes, expiry days and STT rates all changed between October 2024 and April 2026. Test in points, price the result in today's lot and charges, then check it against your own live trades.

    Why are my backtest results different from live trading?+

    Usually a mix of costs (charges, spread, slippage), data (mid or closing prices, look-ahead or survivorship bias), contract changes (lot size, discontinued weeklies, a new expiry day) and behaviour (skipped, resized or early-exit trades). The worked example above shows how these add up.

    How much slippage should I assume in an options backtest?+

    We found no NSE or SEBI figure for typical slippage on Nifty options, so any fixed number is a guess. Measure your own: compare the intended price with the contract-note price over a few dozen live trades, and keep entries and stop-loss exits separate, since stops tend to slip more.

    Sources

    Every figure on this page comes from one of these. Each was checked on the date shown.

    1. [1]SEBI press release PR No. 50/2026, SEBI studies indicate key trends in retail participation, trading behaviour and profitability in the equity derivatives, 20 Aug 2026 · checked 13 Oct 2026
    2. [2]SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, Measures to strengthen equity index derivatives framework, 1 Oct 2024 · checked 13 Oct 2026
    3. [3]SEBI circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76, Final Settlement Day (Expiry Day) for Equity Derivatives Contracts, 26 May 2025 · checked 13 Oct 2026
    4. [4]NSE circular NSE/FAOP/64506, Discontinuation of weekly derivatives contracts on BANKNIFTY, MIDCPNIFTY and FINNIFTY, 10 Oct 2024 · checked 13 Oct 2026
    5. [5]NSE circular NSE/FAOP/64625, Contract size revision for index derivatives, 18 Oct 2024 · checked 13 Oct 2026
    6. [6]NSE circular NSE/FAOP/64672, Corrigendum to contract size revision for index derivatives, 22 Oct 2024 · checked 13 Oct 2026
    7. [7]NSE circular NSE/FAOP/64990, Contract size revision for index derivatives: update, 8 Nov 2024 · checked 13 Oct 2026
    8. [8]NSE circular NSE/FAOP/65336, Revision in expiry day of index derivatives contracts, 29 Nov 2024 · checked 13 Oct 2026
    9. [9]NSE circular NSE/FAOP/65702, Exclusion of futures and options contracts on 16 securities, 20 Dec 2024 · checked 13 Oct 2026
    10. [10]NSE circular NSE/FAOP/66938, Revision in expiry day of index and stock derivatives contracts, 4 Mar 2025 · checked 13 Oct 2026
    11. [11]NSE circular NSE/FAOP/67338, Revision in expiry day: update (deferral), 27 Mar 2025 · checked 13 Oct 2026
    12. [12]NSE circular NSE/FAOP/67372, Revision in market lot of derivative contracts on indices, 28 Mar 2025 · checked 13 Oct 2026
    13. [13]NSE circular NSE/FAOP/68589, Revision in expiry day of index and stock derivatives contracts, 17 Jun 2025 · checked 13 Oct 2026
    14. [14]NSE circular NSE/FAOP/68747, Revision in expiry day: update, 25 Jun 2025 · checked 13 Oct 2026
    15. [15]NSE circular NSE/FAOP/70616, Revision in market lot of derivative contracts on indices, 3 Oct 2025 · checked 13 Oct 2026
    16. [16]NSE circular NSE/FAOP/74467, Closing auction session: change in trading modalities in equity derivatives, 29 May 2026 · checked 13 Oct 2026
    17. [17]NSE circular NSE/FATAX/63809, Changes in rates of STT, 9 Sep 2024 · checked 13 Oct 2026
    18. [18]NSE circular NSE/FATAX/73524, Changes in rates of STT, 31 Mar 2026 · checked 13 Oct 2026
    19. [19]NSE circular NSE/FA/73061, Revision in transaction charges, 27 Feb 2026 · checked 13 Oct 2026
    20. [20]Zerodha charges page · checked 13 Oct 2026
    21. [21]NSE Indices: Impact cost (index concepts) · checked 13 Oct 2026
    22. [22]NSE exchange communication circulars listing (1 Oct 2024 to 13 Oct 2026) · checked 13 Oct 2026