One of the most important changes in the financial sector over the past few decades has been the advent of stock futures. The banking industry is undergoing a structural transition with the primary goal of lowering the danger of economic spending plans. NSE has introduced a variety of financial derivatives to keep up with the rest of the globe and maintain the competence and consistency of financial markets. NSE began trading stock futures on November 9, 2001, with a modest number of common shares. The NSE has grown to become a leading global exchange for trading stock futures, and its range of futures contracts is now among the most extensive in the world. Currently, 160 stocks can be traded in the futures market on the NSE. There are a maximum of three different contract lengths available on the NSE Futures market: one month, two months, and three months. These lengths are determined by the underlying asset, the lot size, and the expiration date of the futures contract. After the expiration of the previous month's contracts, new ones are introduced. Futures contracts expire on the final Thursday of every month. If Thursday is not a trading day, the expiration date will be the day before. The impact of the contract's expiration date is felt in the turnover and prices of underlying securities when buyers and sellers close out their positions on or before the contract's expiration date. Nifty Bank is one of the most liquid and highly volatile indices in the sector, so this research looked specifically at how expiration days affect the price changes of Nifty Bank equities on the National Stock Exchange. Nifty Bank is made up of the 12 largest and most actively traded banking equities on the National Stock Exchange. Since trading on the Nifty Bank Index began on June 13, 2005, we included data through the year 2012 in our analysis. The data clearly show that expiration days have more turnover than other days. The considerable increase in turnover on expiration days lends empirical credence to the theory that the expiration-day impact results from arbitrageurs unwinding hedging deals on the expiration day in order to reap the benefits of a risk-free profit. Stock prices are used for empirical examination of impact on return, volatility, and price reversal. Due to the winding up of cash positions by arbitrageurs, all trades on both sides were cancelled out, keeping the market balance in some stocks without putting any downward pressure on returns. The effect of expiration days on the volatility of Nifty Bank Stocks was found to be mixed in the study. While the expiration coefficient is statistically significant for Bank of Baroda, HDFC Bank, ICICI Bank, IDFC FIRST Bank, Ratnakar Bank, and State Bank of India, Axis Bank, Federal Bank, IndusInd Bank, Kotak Bank, Punjab National Bank, and Yes Bank all found the same volatility on maturity days as the rest of the days. If arbitrageurs close all their bets in one direction, together with the increased asymmetry of information, price volatility is likely to be observed.