New Delhi, Sept. 11 -- Weekly index options contracts could become a thing of the past.

The Securities and Exchange Board of India will issue a consultation paper shortly seeking public views on extending the contract tenures, building on efforts to curb speculative trading in light of huge losses faced by individuals on weekly Nifty and Sensex options, said an official aware of the development.

The proposal, however, will not figure in Sebi's Friday board meeting. The capital market regulator will decide on switching to fortnightly or monthly index options contracts only after receiving feedback from stock exchanges, broker associations, market participants, and the public, the official said.

It will also decide on whether the contrac...