There are 2 reasons for restricting entering into a long position in the stock options in the last 2 days of the expiry.
Physical Delivery: Contracts nearing expiry are exposed to physical delivery. Hence, to avoid physical delivery of shares trade is restricted.
Margin Requirements: Margin requirements can exponentially increase if your option contracts become due for physical delivery. Since stock options can be illiquid, it becomes difficult to exit the contract which increases the risk.
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