Reproduced from NSE site
Cheers
http://www.nse-india.com/content/nsccl/nsccl_fosettprice.htm
Settlement Price
Product Settlement Settlement Price
Futures Contracts on Index or Individual Security Daily Settlement Closing price of the futures contracts on the trading day. (The closing price is the last half hour weighted average price of the contract).
Un-expired illiquid futures contracts Daily Settlement Theoretical Price computed as per formula F=S * ert
Futures Contracts on Index or Individual Securities Final Settlement Closing price of the relevant underlying index / security in the Capital Market segment of NSE, on the last trading day of the futures contracts.
(The closing price of the underlying index / security is its last half an hour weighted average value / price in the Capital Market segment of NSE).
Options Contracts on Individual Securities Interim Exercise Settlement Closing price of such underlying security on the day of exercise of the options contract.
(The closing price of the underlying security is its last half an hour weighted average price in the Capital Market Segment of NSE). Options Contracts on Index and Individual Securities Final Exercise Settlement Closing price of such underlying security (or index) on the last trading day of the options contract.
(The closing price of the underlying security (or index) is its last half an hour weighted average price in the Capital Market Segment of NSE).