Zerodha co-founder Nithin Kamath bid farewell to the nation’s hottest derivatives contract, the Financial institution Nifty weekly choices. In a put up on microblogging website X (previously Twitter), Kamath shared an ‘obituary’ to Financial institution Nifty Weekly. The put up is captioned “An outdated dealer buddy of mine shared this 😬”.
For these unaware, Securities and Trade Board of India (SEBI) issued a round on October 10, asserting the tip of weekly index choice contracts in 3 indices together with Nifty Financial institution. Launched by the Nationwide Inventory Trade (NSE) in 2016, it attracted hundreds of thousands of small buyers.
Right here’s what Zerodha co-founder Nithin Kamath mentioned
The obituary reads “In loving reminiscence. We remorse to tell you that Financial institution Nifty Weekly expired (for the ultimate time) this Wednesday, after a short battle with regulation. In her brief life, she noticed many ups and downs. She was wild and mysterious, leaving us speculating about her each transfer. We’re without end enriched by her presence (7% of us, that’s, 93% of merchants make losses from F&O buying and selling). Wednesdays won’t ever be the identical with out her. Financial institution Nifty Weekly is survived by her loving mom, NSE, her brothers, Financial institution Nifty Month-to-month and Quarterly, and her sister, the Nifty 50 weekly contract”.
The obituary additionally consists of two quotes, one was by Helen Keller, that learn “What we’ve got as soon as loved we are able to by no means lose.” One other from an “nameless dealer” that reads “I don’t know, man, I misplaced some huge cash.”
How X customers reacted
Commenting on the put up, one person mentioned “Goodbye, #Banknifty 🥲 (2016-2024). You’ve been a wild experience, filled with classes and recollections. It’s arduous to think about buying and selling with out you, however your affect will all the time stick with us.🙏” One other remark learn “Farewell, Financial institution Nifty Weekly! 📉 A calmer Wednesday forward? What’s subsequent for merchants?”. A 3rd person wrote “Expensive Financial institution Nifty Weekly, You’ve got been our rollercoaster experience, our adrenaline rush, and the guts assault we by no means requested for however secretly loved. As you bid us adieu, might your strikes relaxation in peace and your premiums all the time be in our favor within the afterlife.”
