NSE’s October 12, 2026 circular removes Polycab (POLYCAB) from futures and options (F&O) trading on a phased schedule: existing October, November and December contracts can continue until their respective expiries, but no Polycab F&O contracts will be available from December 30, 2026. The circular concerns derivatives access; it does not say that Polycab’s equity shares are cancelled or delisted, and it does not establish that the announcement caused any particular share-price move.
What NSE announced and when it takes effect
NSE circular NSE/SURV/76858, dated October 12, 2026, identifies POLYCAB as shortlisted under the Insolvency and Bankruptcy Code (IBC) framework. It says no contracts for new expiry months will be issued after the October 2026 contracts expire. Existing October, November and December contracts may remain available until their respective expiries. The circular states that no POLYCAB futures and options contracts will be available from December 30, 2026 onward.
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The circular’s terms set out this transition:
| Measure | Timing and effect stated by NSE |
|---|---|
| Existing contracts | October, November and December 2026 expiries may trade until their respective expiry dates. |
| New expiry-month contracts | No new expiry-month contracts will be issued after the October 2026 contracts expire. |
| F&O availability ends | No POLYCAB contracts will be available from December 30, 2026. |
| Margin | 100% margin on a T+2-day basis for positions open as of October 13, 2026, and new positions created from October 14, 2026. |
| Further IBC-framework surveillance | Price band and gross settlement measures are to apply from January 1, 2027, after existing contracts expire. |
The circular does not specify the precise margin burden for every account or position. Traders should check the applicable exchange and broker notices rather than assume the stated margin translates into the same account-level requirement in every case. The circular is reproduced at NoticeBlue.
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What the exclusion means—and does not mean—for shareholders
It changes access to Polycab derivatives
F&O traders face a defined wind-down: existing listed expiries remain on the stated schedule, new expiry months stop, and the circular sets out margin and later surveillance measures. Once contracts are unavailable, investors will not be able to open or maintain POLYCAB positions through NSE’s F&O segment under those contracts.
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It is not an equity delisting announcement
The circular addresses derivatives and related surveillance. It does not say that Polycab’s listed equity shares are being cancelled, that shareholders’ ownership is being removed, or that the stock is being delisted from the cash market. Do not treat an F&O exclusion as equivalent to an equity delisting.
It does not establish a share-price cause
The circular alone cannot show whether or why Polycab’s equity price moved. A price change around the announcement is not proof that the exclusion caused it. Any claim about a market reaction needs dated price and volume data and should distinguish timing from demonstrated causation.
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Why this is not the same as a routine liquidity-based exit
NSE’s general equity-derivatives criteria assess stocks using rolling market-capitalization and traded-value rankings, quarter-sigma order size, market-wide position limit and average daily deliverable value. Its ordinary exit process includes specified eligibility or product-success tests over three consecutive months, with at least six months since a stock’s introduction. The criteria also state that existing unexpired contracts may continue until expiry. See NSE’s Selection Criteria – Equity Derivatives.
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Those general rules are useful context, not an explanation of Polycab’s specific action. The October 12 circular cites shortlisting under the IBC framework. It does not say Polycab failed the routine liquidity or market-size tests, so attributing the exclusion to those thresholds would go beyond the stated reason.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the insolvency proceedings fit into the timeline
A Polycab disclosure dated October 8, 2026, reproduced by BazaarWatch, says the NCLT Ahmedabad Bench admitted a Section 9 IBC petition filed by Asier Metals Private Limited on October 7. The disclosure describes the claim as alleged operational debt of ₹2.79 crore; that figure is an allegation, not a finding that the debt is owed.
An October 12, 2026 Economic Times report says the National Company Law Appellate Tribunal (NCLAT) stayed and kept in abeyance the NCLT admission order pending further orders. The primary appellate order is not established here, so the exact scope and legal consequences of the reported stay should not be inferred from that summary. The report is available from The Economic Times; the company disclosure is reproduced by BazaarWatch.
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What shareholders can check
- For an existing POLYCAB F&O position, confirm its expiry date and applicable margin and settlement requirements with the exchange and broker. The circular’s specified dates are October 13 for open positions and October 14 onward for new positions.
- For developments after the circular, check NSE’s current notices and Polycab’s exchange filings. The announced further surveillance measures have a January 1, 2027 start date, but later notices or legal developments could affect the status.
- For the insolvency matter, rely on the primary NCLAT order and subsequent company filings for the current procedural position; a news report’s description does not establish the order’s full terms.
- For an equity investment decision, assess the company and your own financial circumstances separately. The F&O circular does not, by itself, provide a buy-or-sell signal for shareholders.
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