Mumbai, Dec 18 (IANS) The National Stock Exchange (NSE) on Tuesday said it has received security market regulator SEBI's approval to start weekly options contracts on the Nifty50 index.

The weekly options will have seven consecutive weekly expiry contracts, excluding the week where monthly contracts expire, the NSE said in a statement.

"All contracts shall expire at the normal market closing time on the expiry day or such other time as decided by the exchange," it said.

The new serial weekly options contract shall be introduced after the expiry of the respective week's contract, it added.

--IANS rrb-rv/pgh/bg