Nithin Kamath, CEO of Zerodha, known for his candid and often humorous takes on market trends, shared a light-hearted "obituary" for the Bank Nifty Weekly contracts.
Taking to the social media platform X, formerly Twitter, Kamath wrote, "An old trader friend of mine shared this "
It announced the “passing” of Bank Nifty Weekly, humorously attributing it to “a brief struggle with regulation” and marking its lifespan as 27.05.2016 – 13.11.2024.
The message resonated with the trading community and included this memorable line:
"We regret to inform you that Bank Nifty Weekly expired (for the final time) this Wednesday, after a brief struggle with regulation. In her short life, she saw many ups and downs. She was wild and mysterious, leaving us speculating about her every move. We are forever enriched by her presence (7% of us, that is; 93% of traders make losses from F&O trading). Wednesdays will never be the same without her.”
"Bank Nifty Weekly is survived by her oving mother, NSE, her brothers, Bank Nifty Monthly and Quarterly, and her sister, the Nifty 50 weekly contract" it added.
The Regulatory Hammer Falls
The decision to discontinue Bank Nifty Weekly contracts follows SEBI's new regulations aimed at reducing speculation in the derivatives market.
SEBI's updated policy permits each exchange to offer only one type of weekly contract. Consequently, NSE has chosen to retain the Nifty 50 weeklies, while the BSE has kept the Sensex contracts.
This shift marks the end of Bank Nifty Weekly contracts, which had gained immense popularity and accounted portion of NSE’s trading volume
A Final Word from Kamath
The "obituary" Kamath shared ended on a poignant yet humorous note, featuring two fitting quotes. The first was from Helen Keller: “What we have once enjoyed we can never lose,” followed by a tongue-in-cheek remark from an unnamed trader: “I don’t know, man, I lost a lot of money.”
Netizens Reaction
Responding to Kamth's post, an X user wrote, "Goodbye, #Banknifty (2016-2024). You’ve been a wild ride, full of lessons and memories. It’s hard to imagine trading without you, but your impact will always stay with us."
Another user added, "I will miss badly. What should I do from next Wednesday?"
Screengrab of the comments |
