A board lot is the standard minimum number of shares in a single tradeable unit as defined by a stock exchange. In India, most listed equities have a board lot of one share, meaning investors can buy or sell even a single share. However, derivatives contracts have standardised lot sizes prescribed by the exchanges—for instance, the Nifty 50 futures contract has a lot size of 25 units. Lot sizes for individual stock futures and options vary by company and are periodically revised by SEBI based on the stock's market capitalisation, ensuring that the notional contract value remains within an accessible range for market participants.
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