Option in securities defined as contracts granting future rights to buy or sell securities, including puts and calls. Option in securities is defined as a contract granting a right to buy or sell, or to buy and sell, securities in future; it expressly includes market forms and specified types such as teji, mandi, teji mandi, galli, and put, call or put-and-call arrangements in securities, thereby characterising such instruments as contracts conferring future trading rights in securities.