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When a stock is excluded from the futures and options (F&O) segment, the exchange generally stops listing contracts for new expiry months. Under the ordinary phase-out, existing unexpired contracts may continue trading until their respective expiries, while the exchange may still introduce new strikes in those remaining contract months. After the final expiry date specified in the exchange notice, no F&O contracts in that stock are available on that exchange.
The timeline is security-specific: check the relevant exchange circular for the remaining expiries and the date from which contracts will no longer be available. Exclusion from F&O is not the same as a temporary F&O ban, and it does not by itself mean the stock has been delisted from the cash market.
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What changes when a stock is excluded?
For a routine phase-out, the exchange stops issuing fresh contracts for new expiry months in the stock. This does not necessarily cancel every derivative contract immediately. The unexpired contracts already listed may remain available for trading until their own expiry dates, and the exchange may introduce additional strikes within those existing contract months.
That means a stock can temporarily have a shrinking set of F&O expiries after an exclusion notice. A trader looking at the contract list may still see futures and options, but not a new far-month contract beyond the months identified in the notice. Each remaining expiry then runs off according to the schedule announced by the exchange.
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Once the final date in the notice arrives, the stock has no F&O contracts available to trade on that exchange. The exclusion concerns the derivatives segment; it is not, by itself, a statement that the company’s shares have been removed from the cash market.
How to read the exclusion timeline
Do not assume every exclusion takes effect on the day a notice is published, or that every stock receives the same run-off period. The circular for the particular security is the controlling reference for its remaining contract months and the date from which contracts will no longer be available.
- Find the exchange notice for the specific stock. Confirm the security name and read the notice’s effective-date language. A circular may identify several expiry months that remain available and a later date from which no contracts will be available.
- List the expiries that remain. Under the routine process, existing unexpired contracts can continue trading until their respective expiries. The notice’s listed months—not a general assumption about how many months are usually listed—set the practical schedule.
- Check whether new strikes are permitted. Some exclusion notices expressly state that new strikes may be introduced in the existing contract months. That does not mean the exchange is issuing a fresh expiry month.
- Mark the final availability date exactly as stated. Use the exchange’s wording rather than calculating a presumed last trading session from a calendar date. Contract details and any exchange updates take precedence over a general description of the phase-out.
- Check for a separate surveillance instruction. NSE’s published criteria allow compulsory closeout in specified surveillance or corporate-action circumstances. Therefore, ordinary expiry run-off is not a guarantee that every open position can always remain available until expiry.
The notice describes exchange-level availability. It does not establish how a particular broker will display an expiring contract in its app, or what operational steps that broker may apply. For a specific position, check the circular, the exchange contract details and the broker’s position information.
Why a stock may leave the F&O segment
NSE’s current published selection criteria describe several routes for an existing F&O stock to exit. Under the ordinary eligibility and Product Success Framework (PSF) route, an existing stock exits if it fails any relevant criterion for three consecutive months, after it has completed at least six months from its introduction to the derivatives segment.
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The criteria include measures of the stock’s cash-market size and activity, as well as the use and liquidity of its derivatives. NSE’s current page gives the following eligibility measures:
- It must rank among the top 500 stocks by average daily market capitalization and traded value.
- Its median quarter-sigma order size must be at least ₹75 lakh.
- Its market-wide position limit (MWPL) must be at least ₹1,500 crore.
- Its average daily delivery value in the cash market must be at least ₹35 crore.
The PSF also considers trading participation, the number of days traded, derivatives turnover and notional open interest. The criteria page names these factors but the thresholds for them are not specified here; a reader should not infer a numerical cutoff from the four measures above.
The cross-exchange eligibility test
The exit test is based on the underlying stock’s cash-market performance across exchanges. NSE quotes the rule that if a stock meets the eligibility criteria on any exchange, it continues to be eligible for the derivatives segment on all exchanges. In practical terms, the stock does not fail the cross-exchange test simply because it falls short on one exchange if it meets the applicable eligibility criteria on another.
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Repeated temporary ban periods can be relevant
NSE also describes a possible phase-out route for a stock repeatedly subject to a new-position ban for a significant portion of the month for three months, after confirmation. That possibility links ban history to eligibility, but it does not make a temporary ban and an exclusion the same mechanism. A ban restricts position-increasing trades for a period; exclusion phases out the stock’s listed expiry months.
Surveillance or corporate-action cases
NSE says surveillance or corporate-action circumstances may lead to compulsory closeout when continued contracts are considered harmful to market integrity or safety. This is an important exception to the routine expectation that existing contracts remain available until expiry. If a notice or exchange instruction requires closeout, do not rely on the ordinary run-off schedule as a promise that a position can remain open.
F&O exclusion versus a temporary F&O ban
In market conversation, “F&O ban” can refer to the temporary restriction triggered by open interest reaching a position-limit threshold. “Excluded from the F&O segment” refers to the phase-out of listed contracts. The word “ban” should not be used as if it means the stock has already been removed from the derivatives list.
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|---|---|---|
| What triggers it? | Aggregate open interest across exchanges crosses the MWPL threshold. | Failure of eligibility or PSF criteria, repeated ban-position conditions, or specified surveillance or corporate-action circumstances. |
| What trading is allowed? | Clients and trading members may trade only to reduce positions through offsetting trades while the restriction applies. | Under an ordinary phase-out, remaining unexpired contracts may trade until their respective expiries; the exchange stops issuing fresh expiry months. |
| How long does it last? | Until aggregate open interest falls to the stated resumption level. | According to the security-specific expiry and availability dates in the exchange notice. |
| Can normal availability return? | Normal trading resumes when the open-interest condition for resumption is met. | Re-inclusion is not immediate: NSE states a one-year wait before consideration, followed by six consecutive months meeting eligibility criteria and subject to SEBI approval. |
NSE Clearing states that when aggregate open interest across exchanges exceeds 95% of the MWPL, the restriction begins from the next day. Clients and trading members may then trade only to decrease positions through offsetting trades. Normal trading resumes when aggregate open interest falls to 80% or below. Those percentages describe the temporary position-limit mechanism, not an exclusion schedule.
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Historical examples of security-specific schedules
Two NSE notices from 2026 show how the schedule can vary. They are historical examples, not a current list of excluded securities.
NSE notice dated February 23, 2026
NSE named HUDCO, PPLPHARMA, TATATECH and TORNTPOWER in its February 23, 2026 circular. It allowed existing February, March and April 2026 expiry contracts to remain available through their respective expiries, and stated that no contracts would be available from April 29, 2026. The notice also said new strikes would be introduced in the existing contract months. This illustrates the distinction between adding strikes within a listed month and issuing a fresh expiry month.
NSE notice dated April 16, 2026
NSE’s April 16, 2026 circular named SAMMAANCAP. It allowed existing April, May and June 2026 expiry contracts to remain available through their respective expiries and stated that no contracts would be available from July 1, 2026.
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These dates belong to those notices. They should not be treated as evidence that any of the named securities is currently excluded, or as a template for the date schedule of another stock. For a live question, use the latest exchange circular for that security.
Can an excluded stock return to F&O?
Exclusion does not mean a stock can never return. NSE’s published criteria state that a stock will not be considered for re-inclusion for one year. After that waiting period, it must meet the stated eligibility criteria for six consecutive months, and reintroduction is subject to SEBI approval.
Passing the waiting period alone is not enough. The stock must satisfy the applicable criteria through the required consecutive-month period, and approval is still required. A past exclusion notice therefore does not establish when—or whether—a stock will return to the segment.
What to verify before acting on a particular contract
An exclusion notice changes the available contract months, but it does not determine what an individual trader should do. The available evidence establishes exchange-level rules and dates, not a suitable decision for a particular position. Before relying on a contract’s availability, check:
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- the exact remaining expiry month and the notice’s final availability date;
- whether the notice permits new strikes only within existing expiry months;
- whether a separate surveillance or corporate-action instruction affects continued trading; and
- the broker’s contract and position details for the specific instrument.
Do not assume that a contract visible in a broker interface is a newly issued expiry, or that a general phase-out rule overrides a security-specific exchange instruction. The circular and the contract’s exchange details are the relevant sources for the schedule.
Quick Recap
Official sources
- National Stock Exchange of India, “Selection Criteria – Equity Derivatives,” current criteria page, accessed October 13, 2026.
- National Stock Exchange of India, circular NSE/FAOP/72950, February 23, 2026, “Exclusion of Futures and Options contracts on Four Securities.”
- National Stock Exchange of India, circular NSE/FAOP/73769, April 16, 2026, “Exclusion of Futures and Options contract on SAMMAANCAP.”
- Securities and Exchange Board of India, circular SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/116, August 30, 2024, “Review of eligibility criteria for entry/exit of stocks in derivatives segment.”
- NSE Clearing Limited, “Position Limits,” accessed October 13, 2026; page updated November 19, 2025.
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