Investing stock futures lot size NSE freeze quantity contract value F&O

Stock futures lot size on NSE

From WebNotes, a public knowledge base. Last updated 21 June 2026. Reading time ~12 min.

Key facts

What sets the lot size	NSE fixes it so the contract value sits in a target band, roughly Rs 15 lakh to Rs 20 lakh for index derivatives after the November 2024 framework
Single-stock target band (pre-2024 basis)	Lot sizes set so the contract value was around Rs 5 lakh to Rs 10 lakh, periodically revised
Revision cadence	Reviewed half-yearly; lot sizes adjusted when the contract value drifts out of band
Freeze quantity	The maximum quantity per order; orders above it are rejected by the exchange
Settlement	Physical delivery of shares at expiry for all single-stock F&O
Where to check	NSE contract specifications page and the Zerodha margin calculator

Single-stock futures lot size on the National Stock Exchange (NSE) is the fixed number of shares that make up one futures contract, set by the exchange so that the contract value lands inside a target rupee band rather than at a round number of shares. A futures contract on a stock priced at Rs 2,000 might carry a lot of 250 shares; a stock at Rs 200 might carry a lot of 2,500. In both cases NSE has chosen the lot so the contract is worth a comparable amount, and it revises the lot as the share price moves.

This article explains how NSE fixes and revises the lot size, the contract-value band that governs it, how the November 2024 SEBI index-derivatives framework changed the band for index contracts and left single-stock contracts on their own rules, what freeze quantity means for order size, and exactly where to read the current lot for any stock traded through the F&O segment on Zerodha . The lot size is not a detail: it sets the minimum capital to take a position, the margin, and the physical-delivery obligation at expiry.

What the lot size is

A futures or options lot is the unit in which the contract trades. A trader cannot buy half a lot or 73 shares of a stock futures contract; the position moves in whole multiples of the lot. Lot size multiplied by the share price gives the contract value, the notional rupee exposure of one lot.

The lot exists because a derivative needs a standard contract unit so that orders, margins and settlement are uniform across all participants. NSE chooses that unit for each stock individually, because share prices range from below Rs 100 to above Rs 30,000. Setting a uniform number of shares would make a contract on a high-priced stock worth many times one on a low-priced stock, so NSE sets the number of shares instead so that the rupee value is comparable.

The contract-value band

NSE fixes lot sizes to a target contract-value band. The principle is set by SEBI and applied by the exchange.

For single-stock derivatives, the historical band placed the contract value at roughly Rs 5 lakh to Rs 10 lakh. SEBI’s framework of October 2024 raised the band for index derivatives to a minimum of Rs 15 lakh, with the lot fixed so that the contract value on the review date sits between Rs 15 lakh and Rs 20 lakh. The October 2024 measures, detailed in the article on the weekly expiry contraction of November 2024 , applied that Rs 15 lakh to Rs 20 lakh band specifically to index derivative contracts; single-stock derivatives continued under their established review process and lower contract value.

The mechanics of the index revision illustrate the method. NSE observed the average closing price of each underlying over a review period of 16 September to 15 October 2024, then chose a lot size so the resulting contract value fell in band. The lot size had to be a multiple of 5 and not less than 10. Nifty 50, near 25,000 at the time, moved to a lot of 75 from the earlier 25 to reach the Rs 15 lakh floor, and was later revised to 65 from the January 2026 cycle. Single-stock lots follow the same logic against each stock’s own price.

How a lot size is revised

A stock’s lot is not permanent. As the share price rises, the contract value of the existing lot rises with it; as the price falls, the contract value shrinks. When the value drifts far enough out of band, NSE resizes the lot.

The review runs on a half-yearly cadence. NSE measures the contract value against the band and publishes revised lot sizes through a circular, with an effective date tied to a contract cycle so that positions already open are not disturbed. A revision typically applies to new contracts introduced after the effective date; the running near-month contract keeps its existing lot until it expires. This is why the lot size you see for the current month and the next month can differ during a transition.

A stock that has run up sharply, where the lot’s contract value has climbed above the band, gets a smaller lot. A stock that has fallen, where the value has dropped below the band, gets a larger lot, or is reviewed for continued F&O eligibility if liquidity has thinned. The revised lots are listed against each symbol in NSE’s circular and reflected in the Zerodha order window from the effective cycle.

Freeze quantity

Lot size sets the smallest tradable unit; freeze quantity sets the largest order. Freeze quantity is the maximum number of shares NSE allows in a single F&O order for a given stock. An order above the freeze quantity is rejected by the exchange at entry.

The freeze quantity exists to prevent a single fat-finger or manipulative order from disturbing the order book. It is set per stock and expressed in shares, so it translates into a maximum number of lots per order. A trader who needs a position larger than the freeze quantity must split it across several orders, each within the limit. The operational handling of this on Zerodha sits in the article on how to handle freeze quantity in F&O . Freeze quantity is distinct from a position limit, which caps the total open interest a participant may hold across all orders; freeze quantity caps a single order.

Physical settlement raises the stakes of lot size

For single-stock F&O the lot size carries a delivery consequence that index contracts do not. All single-stock futures and options on NSE are physically settled at expiry under SEBI circular SEBI/HO/MRD/DP/CIR/P/2018/167.

A futures position held into expiry obliges the trader to deliver or take delivery of the full lot of shares at the settlement price. The rupee value of that delivery is the full contract value, the lot size multiplied by the price, not the margin posted to hold the futures. A lot worth Rs 8 lakh held into delivery demands the full Rs 8 lakh of shares or cash, against a futures margin that may have been a fraction of it. This is why Zerodha squares off open single-stock F&O positions in the last two to three trading days before expiry unless the client has arranged delivery, a process set out in physical settlement of stock F&O . The larger the lot, the larger the delivery obligation a forgotten position creates.

Where to check the current lot size

There are three authoritative places to read a stock’s current lot size, in order of primacy:

NSE contract specifications. The exchange publishes the market lot for every F&O stock and index on its equity derivatives contract specifications page, and announces revisions through dated circulars. This is the primary source.
The Kite order window. Selecting a stock futures or options contract on Kite displays the lot size and the quantity field in multiples of the lot. The quantity shown reflects the lot for the contract month selected, which matters during a revision transition.
The Zerodha margin calculator. The Zerodha margin calculator shows the lot size alongside the SPAN and exposure margin for the contract, so a trader can read the lot and the capital requirement together before placing an order.

Avoid third-party aggregators for the current lot. A revised lot takes effect on a specific cycle, and a stale figure on a data site can be one revision behind. NSE’s circular and the Kite order window carry the live number.

Lot size, margin and capital required

Lot size is the input to two figures a trader needs before taking a position: the contract value and the margin.

The contract value, lot multiplied by price, is the exposure. The SPAN margin plus the exposure margin is the capital NSE requires to hold one lot, typically a low double-digit percentage of the contract value for futures, and higher for short options on the same stock. A larger lot means a larger contract value, a larger margin and a larger delivery obligation, in proportion. A trader sizing a position should read the lot first, then the contract value, then the margin, rather than the other way round, because the lot is the fixed unit everything else scales from.

External references

References

NSE, Equity derivatives contract specifications, single-stock market lots.
SEBI, Measures to strengthen the index derivatives framework, circular dated 1 October 2024 (Rs 15 lakh to Rs 20 lakh band for index contracts).
NSE circular FAOP, revised lot sizes for index derivatives effective from the January 2026 cycle.
SEBI Circular SEBI/HO/MRD/DP/CIR/P/2018/167, physical settlement of stock derivatives.
NSE, freeze quantity specifications for the futures and options segment.

Frequently asked questions

How is the lot size of a stock futures contract decided?

NSE fixes the lot size so the contract value, lot size multiplied by share price, sits inside a target band. For single-stock derivatives the band has historically been around Rs 5 lakh to Rs 10 lakh; the November 2024 framework raised the band for index derivatives to Rs 15 lakh to Rs 20 lakh.

Why do different stocks have different lot sizes?

Because lot size is set by share price, not by company. A stock trading at Rs 200 needs a larger lot than one at Rs 4,000 to reach the same contract value. NSE publishes the exact market lot for every F&O stock in its contract specifications.

How often does NSE revise stock futures lot sizes?

NSE reviews lot sizes on a half-yearly basis and revises a stock’s lot when its price has moved enough to push the contract value out of the target band. Revisions take effect from a specified contract cycle so existing positions are not disrupted mid-contract.

What is freeze quantity in stock futures?

Freeze quantity is the largest quantity allowed in a single F&O order. An order above the freeze quantity is rejected by the exchange. It is expressed in shares and set per stock, so a large position must be split into several orders.

Where can I check the current lot size for a stock on Zerodha?

Open the contract in the Kite order window or use the Zerodha margin calculator, which shows the current lot size and the margin required. NSE’s contract specifications page carries the authoritative market lot for every F&O stock.

Reviewed and published by

WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed: 21 June 2026
Conflicts of interest: WebNotes is independent. No relationship with any broker, registrar or bank named in this article.