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The BSE has restricted the number of new strikes to be generated to three (one each for in-the-money, at-the-money and out-of-the money) for equity and index derivatives when the underlying hits a new range during the day.
That means, if Reliance Industries hits ₹1,000, new options will be generated only for 980, 1,000 and 1,020 strikes. Earlier, exchanges generated seven option strikes (three OTM, three ITM and one ATM).
The changes would be effective from July 31, for newly generated weekly options contracts expiring from September 3 onwards and newly generated monthly options contracts expiring from October 29, onwards.
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