Description
NSE will not issue new F&O contracts for CYIENT, HFCL, NCC, and TITAGARH after existing contracts expire in December 2025, following SEBI eligibility criteria.
Summary
NSE has announced the exclusion of Futures and Options contracts on four securities - CYIENT LIMITED, HFCL LIMITED, NCC LIMITED, and TITAGARH RAIL SYSTEMS LIMITED. This action follows SEBI Circular SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/116 dated August 30, 2024 regarding stock eligibility criteria. No new expiry month contracts will be issued for these securities, though existing contracts expiring in October 2025, November 2025, and December 2025 will continue trading until their respective expiries.
Key Points
- Four securities excluded from F&O segment: CYIENT, HFCL, NCC, and TITAGARH
- No new expiry month contracts will be issued upon expiry of existing contracts
- Existing unexpired contracts for October 2025, November 2025, and December 2025 will continue trading
- New strikes will continue to be introduced in existing contract months
- Complete cessation of F&O trading in these securities effective December 31, 2025
Regulatory Changes
This exclusion is based on SEBI Circular Ref. No: SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/116 dated August 30, 2024, which outlines eligibility criteria for stocks in the derivatives segment. The affected securities no longer meet the required criteria for continuation of F&O contracts.
Compliance Requirements
- Members must note that no new contract months will be available after existing ones expire
- Trading members should inform their clients about the exclusion
- Participants must plan their derivative positions accordingly and prepare for contract wind-down
- No fresh positions can be initiated beyond December 2025 expiry contracts
Important Dates
- Circular Date: October 24, 2025
- Existing Contract Months: October 2025, November 2025, December 2025 will continue trading
- Final Cessation Date: December 31, 2025 - no contracts available for trading after this date
Impact Assessment
This exclusion will have significant impact on derivative traders and market participants who use these securities for hedging or speculation. Traders with positions in CYIENT, HFCL, NCC, and TITAGARH derivatives must unwind or roll over their positions before December 31, 2025. The exclusion reduces derivative market depth for these stocks and may impact liquidity. Market participants using these F&O contracts for hedging underlying equity positions will need to explore alternative risk management strategies after the complete cessation date.
Impact Justification
Complete exclusion of F&O contracts for four securities will significantly impact derivative traders and market participants holding positions in these stocks