Zerodha co-founder Nithin Kamath bid farewell to the country’s most popular derivatives contract, the Bank Nifty weekly options. In a post on microblogging site X (formerly Twitter), Kamath shared an ‘obituary’ to Bank Nifty Weekly. The post is captioned “An old trader friend of mine shared this 😬”.
For those unaware, Securities and Exchange Board of India (SEBI) issued a circular on October 10, announcing the end of weekly index option contracts in 3 indices including Nifty Bank. Launched by the National Stock Exchange (NSE) in 2016, it attracted millions of small investors.
Here’s what Zerodha co-founder Nithin Kamath said
The obituary reads “In loving memory. 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 loving mother, NSE, her brothers, Bank Nifty Monthly and Quarterly, and her sister, the Nifty 50 weekly contract”.
The obituary also includes two quotes, one was by Helen Keller, that read “What we have once enjoyed we can never lose.” Another from an “anonymous trader” that reads “I don’t know, man, I lost a lot of money.”
How X users reacted
Commenting on the post, one user said “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 comment read “Farewell, Bank Nifty Weekly! 📉 A calmer Wednesday ahead? What’s next for traders?”. A third user wrote “Dear Bank Nifty Weekly, You’ve been our rollercoaster ride, our adrenaline rush, and the heart attack we never asked for but secretly enjoyed. As you bid us adieu, may your strikes rest in peace and your premiums always be in our favor in the afterlife.”