Current Lot Sizes for Major F&O Instruments (2026)
Lot sizes are reviewed quarterly by SEBI. These are the current lot sizes:
| Instrument | Lot Size | Approx. Value per Lot |
|---|---|---|
| NIFTY 50 | 75 units | ~₹16-17 lakh (notional) |
| BANKNIFTY | 35 units | ~₹18-19 lakh (notional) |
| FINNIFTY | 65 units | ~₹14-15 lakh (notional) |
| MIDCPNIFTY | 75 units | ~₹8-9 lakh (notional) |
SEBI update (Nov 2024): SEBI increased lot sizes for NIFTY and BANKNIFTY to reduce retail speculation in high-risk weekly options. NIFTY went from 50 to 75 units; BANKNIFTY from 25 to 35 units.
Capital Required for Options Buying
Option buying requires only the premium amount — no additional margin.
Example: NIFTY options buying capital
| Option type | Typical premium | Capital per lot (NIFTY 75) |
|---|---|---|
| ATM option (expiry week) | ₹80-150 | ₹6,000 - ₹11,250 |
| ATM option (next week) | ₹180-280 | ₹13,500 - ₹21,000 |
| OTM option (1 strike) | ₹30-70 | ₹2,250 - ₹5,250 |
| Deep OTM | ₹5-20 | ₹375 - ₹1,500 |
Minimum capital to start buying NIFTY options: ~₹10,000-15,000 (enough for 1-2 ATM lots with some buffer for losses).
Recommended starting capital for options buying: ₹50,000-1,00,000 (allows for proper position sizing where each trade is 10-20% of capital).
Capital Required for Options Selling
Options selling requires SPAN + Exposure margin. This is significantly higher than buying.
| Strategy | Approx margin required |
|---|---|
| Naked NIFTY CE/PE sell (1 lot) | ₹90,000 - ₹1,20,000 |
| NIFTY Straddle (sell CE + PE) | ₹1,20,000 - ₹1,60,000 |
| Bull Put Spread (sell + buy) | ₹20,000 - ₹35,000 |
| Iron Condor | ₹30,000 - ₹50,000 |
Minimum capital for options selling: ₹2,00,000+ (naked selling is extremely risky; hedged strategies need less but still significant margin).
Recommended for options selling: ₹3,00,000-5,00,000 (allows proper position sizing and buffer for margin calls).
BANKNIFTY Margins
BANKNIFTY is more volatile and more expensive:
| Strategy | Approx margin required |
|---|---|
| Naked BANKNIFTY CE/PE sell (1 lot) | ₹1,00,000 - ₹1,40,000 |
| ATM option buying (1 lot, 35 units) | ₹4,000 - ₹8,000 |
MCX Commodity Margins
| Commodity | Lot size | Margin for futures |
|---|---|---|
| Gold (GOLD) | 1 kg | ₹45,000 - ₹55,000 |
| Gold Mini (GOLDM) | 100g | ₹4,500 - ₹6,000 |
| Silver (SILVER) | 30 kg | ₹45,000 - ₹60,000 |
| Silver Mini (SILVERM) | 5 kg | ₹7,000 - ₹10,000 |
| Crude Oil (CRUDEOILM) | 100 bbl | ₹15,000 - ₹25,000 |
| Natural Gas | 1250 mmBtu | ₹20,000 - ₹30,000 |
MCX margins fluctuate based on commodity volatility. Check your broker's margin calculator before trading.
Transaction Costs Per Trade (All-In)
For a NIFTY options buy and sell (1 lot, premium ₹100):
| Cost component | Amount |
|---|---|
| Brokerage (₹20 × 2) | ₹40 |
| STT (0.0125% × sell side) | ~₹1-7 |
| Exchange charges | ~₹3-5 |
| GST on brokerage+exchange | ~₹8-10 |
| SEBI charges | ~₹0.50 |
| Total round-trip cost | ~₹52-62 |
On a ₹7,500 position (100 premium × 75 lots), this represents ~0.7-0.8% cost just to enter and exit. Factor this into your breakeven calculation.
Practical Capital Planning
For a trader starting with ₹50,000:
- Max per trade (2% rule): ₹1,000
- This means: buy options where your maximum loss is ₹1,000 per trade
- If ATM option costs ₹100/lot = ₹7,500 per lot — this is TOO large for the account
- Solution: Use OTM options at ₹10-15 each = ₹750-1,125 per lot exposure
For a trader starting with ₹2,00,000:
- Max per trade (2% rule): ₹4,000
- Can buy 1 lot ATM options (₹80-100 premium = ₹6,000-7,500) with reasonable risk
- Enough to explore simple spreads
Practice position sizing and margin management on PaperPe before putting real money at risk. Understanding how margin works in paper trading prevents expensive real-money mistakes.