What happens if there are no buyers of option contract

what happens if there are no buyers of option contract ,

will it be consider as zero value or settle at last trading price.

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Option contracts are settled on the day of expiry. When the contract turn illiquid, the settlement will happen at the intrinsic value of the contract.

Intrinsic value of a Call option = [Spot - Strike], if the value is negative then treat it as zero

Intrinsic value of a Put option = [Strike - Spot], if the value is negative then treat it as zero

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If you are the buyer of the option and the option is in-the-money, then the option is "excercised" at the closing price of the security. 

But the STT collected in this case is .125% of the underlying security value and not on the Option value. so for example,

if Nifty closes at 7235, and you have 1 lot of 7200 CE at the end of thursday, then your option value will be 35, while your STT will be .125% of (7235*50) = 452.

Information on this is here :
http://www.nseindia.com/products/content/derivatives/equities/sec_tranc_tax.htm

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there may not be any buyer at genuine price at a given moment…but whn u have bought an option somebody has sold that and vice versa…
its giving and taking…
in this case…option are settled on expiry day as explained above

Is this the same for Index and stocks?
Ex:- Someone has bought BAJFINANCE PE feb23 2022 expiry. On the day of expiry feb23, there are no buyers of this option. So what will happen? Do I have to sell X quantity of BAJFINANCE? or buy X quantity of BAJFINANCE?

Index options are cash settled, while Stock options are physically settled.

If Index option position expires ITM, it’ll be settled at the intrinsic value. While OTM option will expire worthless.

If an Stock option position expires ITM, you will have to give or take delivery of underlying shares depending on your position (Take delivery: Long Call, Short Put. Give delivery: Short Call, Long Put).

If the option is OTM, it will expire worthless.

You can learn more about physical settlement here: What is Zerodha's policy on the physical settlement of equity derivatives on expiry?

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