📢 Introduction of Pre-Open Session in Equity Derivatives (F&O) on NSE & BSE

General Announcements 🔊
1

Both NSE and BSE have announced the launch of a Pre-Open Session for Index & Stock Futures from Monday, December 08, 2025. This feature aligns the derivatives market closer to the equity market structure and helps bring smoother price discovery at market open.

Below is a summary of what changes for you as a trader.

:magnifying_glass_tilted_left: Applicable Exchange Circulars

  • NSE Circular: Circular Ref. No. NSE/FAOP/71092 dated Nov 03, 2025

  • BSE Circular: Notice No. 20251110-40 dated Nov 10, 2025

:nine_o_clock: Pre-Open Session Timings (Both NSE & BSE)

Session Timings What Happens ?
Order Entry Period 9:00 AM – 9:07/08 AM Enter/modify/cancel orders. System-driven random closure between 7–8 minutes.
Order Matching & Confirmation 9:08 AM – 9:12 AM Opening price is determined; orders are matched. No modifications allowed.
Buffer Period 9:12 AM – 9:15 AM Transition to normal market.

:right_arrow: Normal F&O trading begins at 9:15 AM as usual.

:pushpin: Where Is Pre-Open Applicable?

Pre-Open will apply to Futures contracts only:

:white_check_mark: Applicable Contracts

  • Current-month Index Futures

  • Current-month Stock Futures

  • Next-month Futures (only in the last 5 trading days before the current-month expiry)

:cross_mark: Not Applicable To

  • All Options contracts (Index & Stock)

  • Calendar Spread / Spread contracts

  • Far-month (M3) Futures

  • Futures on the ex-date of a corporate action due to scheme of arrangement

:memo: Order Types Allowed in Pre-Open

Allowed

  • Limit Orders

  • Market Orders

  • IOC Orders (BSE only; NSE does not allow IOC)

Not Allowed

  • Stop-Loss Orders

  • Disclosed Quantity

  • Any other special-condition orders

AMO Orders in F&O & Equity will be allowed to be entered till 8:55AM in the morning.

:counterclockwise_arrows_button: What Happens to Unmatched Orders?

Limit Orders

  • Move automatically to the normal market order book

  • Original timestamp is retained

Market Orders

  • If opening price is discovered → converted to Limit Orders at opening price

  • If opening price is not discovered → shifted as Limit Orders at previous day’s close

:shield: Risk Management (Important for Traders)

  • All orders placed in Pre-Open are subject to margin availability checks.

  • If sufficient margin is not available, your order will not be accepted.

  • Self-Trade Prevention is fully active in Pre-Open.

:light_bulb: Key Takeaways for Traders

  • F&O Futures will now open with a 15-minute Pre-Open Session, similar to equities.

  • You can place limit/market orders during Pre-Open for eligible contracts.

  • Opening price will be discovered before the normal session begins.

  • Unmatched orders seamlessly move to the normal market.

  • Options remain fully outside the pre-open mechanism for now.