How are equity futures contracts settled? Option: None of the Above, Options Exercise, Physical Delivery, Cash Settlement

How are equity futures contracts settled?

Prior to the implementation of physical settlement in India, how were equity futures and options contracts typically settled?

What was the primary method of settlement for equity futures and options in India before the introduction of physical settlement?

How are options contracts settled in India?

Under physical settlement, what is the obligation of a trader holding a long futures position at expiry?

How can the forwards contract in the example be settled?