All the long-term Nifty contracts with a lot size of 75 are subject to change from June 25, 2021, and will be reduced to 50. Left out positions in the contract will be thought of as odd lots. You won’t be able to exit these old lot positions, and the exchange will settle these during the expiry. 

NSE made this declaration back in March 2021 and for long-dated option they stated –

The lot size of all existing Nifty long-term option contracts that have an expiry of more than 3 months will be amended from 75 to 50 after the expiry of June 2021 contracts. 

For instance, at the moment, you own 1 lot or a quantity of Nifty September 2021 calls from June 25th 2021. If you sell this one lot, only 50 quantities will be sold. The left over 25 quantities will be termed as an odd lot that you have to hold until expiry. 

In this situation, you have two alternatives –

  • Exit all your Nifty options positions that expire in September 2021 and onwards before the end of June 24. 
  • If you don’t wish to exit, then add or deduct to your existing position to be in multiples of 50 (i.e., a new lot size). You can add or deduct in the multiples of 75, your current lot size, but you will have to change your existing position to figures such as 150, 300, 450, 600, and so on. 

If you keep holding quantities such as 75, 225, 375 and so on, then by the end of June 24, you will have an odd lot which you will be unable to get out of.