The National Stock Exchange (NSE) has announced the discontinuation of futures and options (F&O) contracts for four listed companies — Cyient Ltd, HFCL Ltd, NCC Ltd, and Titagarh Rail Systems Ltd — starting with the January 2026 expiry.
This move comes as part of a broader compliance effort with updated Securities and Exchange Board of India (SEBI) guidelines that refine the eligibility norms for stocks in the derivatives segment.
Regulatory Context and NSE Circular
In its October 24 circular, the NSE stated that no new F&O contracts will be introduced for these four securities once the existing ones expire. The action follows SEBI’s August 30, 2024 circular, which revised the selection framework for derivative-eligible stocks to ensure greater market stability, adequate liquidity, and investor protection.
Existing Contracts to Remain Tradable
According to the exchange, all existing and unexpired contracts — those set to expire in October 2025, November 2025, and December 2025 — will remain available for trading until their respective expiry dates.
Furthermore, new strike prices will continue to be introduced for these active contract months, maintaining trading flexibility for investors until the phase-out is complete.
After the December 2025 expiry, however, no F&O trading will be permitted in Cyient, HFCL, NCC, and Titagarh Rail Systems, marking a complete withdrawal of these securities from the derivatives segment.
Summary:
The NSE will withdraw F&O contracts for Cyient, HFCL, NCC, and Titagarh Rail effective January 2026, in line with SEBI’s revised eligibility criteria for derivatives trading. While existing contracts through December 2025 will remain active and tradable, no new contracts will be introduced thereafter, signaling a regulatory push toward tightening derivative market norms.
Disclaimer:
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