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NSE’s October 12, 2026 circular removes POLYCAB from derivatives trading on a phased schedule: existing October, November and December 2026 contracts remain available until their respective expiries, but no POLYCAB F&O contracts will be available from December 30, 2026. The circular also sets margin and surveillance measures. It concerns derivatives access; it does not say that Polycab equity shares are cancelled or delisted, and it does not establish that the announcement caused a particular share-price move.
What NSE announced for POLYCAB F&O
NSE circular NSE/SURV/76858, dated October 12, 2026, says POLYCAB was shortlisted under the Insolvency and Bankruptcy Code (IBC) framework. It provides for a phased end to derivatives contracts rather than an immediate end to all existing contracts.
| Measure | Schedule in the circular |
|---|---|
| Existing October, November and December 2026 contracts | May continue to trade until their respective expiry dates. |
| New expiry-month contracts | No new expiry-month contracts will be issued after the October 2026 contracts expire. |
| POLYCAB F&O availability | No contracts will be available from December 30, 2026, onwards. |
| 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. |
| Additional surveillance measures | Price band and gross settlement, among other IBC-framework measures, are to apply from January 1, 2027, after existing contracts expire. |
The circular states: “No futures and options contracts shall be available for trading in the underlying POLYCAB from December 30, 2026, onwards.” NSE circular NSE/SURV/76858, October 12, 2026, reproduced by NoticeBlue.
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The margin terms are those specified by the circular. They should not be read as a calculation of the precise margin burden on every account or position.
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What the exclusion does—and does not—mean for shareholders
It changes derivatives access
The direct operational effect is on futures and options contracts linked to POLYCAB. Traders with existing contracts need to account for the stated expiry schedule and the circular’s margin terms. After December 30, 2026, the circular says POLYCAB contracts will no longer be available.
It does not announce an equity delisting
The circular addresses the derivatives segment and related surveillance measures. It does not state that POLYCAB equity shares are being cancelled, delisted, or removed from shareholders’ demat accounts, nor does it change ownership rights by itself. Do not treat an F&O exclusion as an announcement that equity holders must sell.
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It does not establish a share-price cause
The circular alone cannot show whether it caused a move in Polycab’s equity price. If discussing a market reaction, use dated exchange price and volume data and distinguish a move that occurred around the announcement from a proven cause. No independently sourced market statistic or causal price analysis is established here.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsWhy this is not described as a routine liquidity-based exit
NSE’s ordinary equity-derivatives selection criteria assess stocks using rolling market capitalisation and traded-value rankings, quarter-sigma order size, market-wide position limit, and average daily deliverable value. The exchange’s criteria page also describes normal exit conditions, including failure to meet specified eligibility or product-success criteria for three consecutive months, with at least six months since introduction. NSE Selection Criteria – Equity Derivatives.
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Those general rules provide context, but the POLYCAB circular identifies the IBC framework as the basis for this action. It does not say that POLYCAB failed the routine liquidity thresholds. NSE’s general criteria page says existing unexpired contracts can continue to expiry, continued eligibility on any exchange preserves F&O eligibility across exchanges, an excluded stock is not considered for re-inclusion for one year, and reintroduction requires six consecutive months meeting criteria and exchange action subject to SEBI approval. These general provisions should not be mistaken for a specific re-entry timetable or assurance for POLYCAB.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the insolvency proceeding relates to the announcement
A company disclosure dated October 8, 2026, reproduced by BazaarWatch, says the NCLT Ahmedabad Bench admitted a Section 9 IBC petition on October 7, filed by Asier Metals Private Limited. The disclosure describes alleged operational debt of ₹2.79 crore; that amount is an allegation in the disclosure, not a finding about liability. Polycab India Limited disclosure reproduced by BazaarWatch.
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An October 12, 2026 Economic Times report says the NCLAT stayed and kept in abeyance the NCLT admission order pending further orders. The primary NCLAT order is not linked here, so the report does not establish the precise scope or legal consequences of the stay. The Economic Times, October 12, 2026. Readers assessing the current status should check the tribunal record and Polycab’s latest exchange filings. The reported appellate development does not, by itself, change the dates or measures stated in NSE’s circular.
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What shareholders can check next
- Read the full NSE circular and any later exchange notice for changes to contract availability, margin, or surveillance dates.
- For the insolvency case, rely on the primary NCLAT order and subsequent company exchange filings to determine the current procedural status.
- Separate the company’s equity listing and shareholding from the availability of derivatives contracts; they are distinct matters.
- Before making an investment decision, use current, dated market information and consider your own financial circumstances rather than treating an F&O notice as a buy or sell instruction.
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