Expiry

The date at which the options contract expires.

The shares we buy in cash can be hold for as long as you want. In case of options, the contract comes with an expiry date. You cannot hold the option contact after its expiry date.
Each options contact has its own expiry date which could be a month, quater, half-year or higher based on the underlying asset.

Note:

1. The expiry date is predefined by the exchange.
2. On expiry of the contract, new contracts (monthly/quarterly/ half yearly contracts as applicable) are introduced at new strike prices for both call and put options.
3. Options contracts in India expire on the last Thursday of the expiry month. If the last Thursday is a trading holiday, the contracts expire on the previous trading day.