F&O stocks are included or excluded according to SEBI standards that were released in August 2024. Bajaj Holdings and Investment Limited, Premier Energies Limited, Swiggy Limited, and Waaree Energies Limited were just declared by NSE to be included to the F&O list as of December 31st.
IRCTC to Be Dropped from F&O Trading Next Year
After a review under the updated stock eligibility guidelines published by the Securities and Exchange Board of India (SEBI), futures and options (F&O) contracts on Indian Railway Catering and Tourism Corporation Ltd (IRCTC) will be phased out. After the current series expires, NSE will not issue new IRCTC contracts with expiration months. Indian Railways’ online ticketing, catering, and tourist division, IRCTC, is a public-sector stock that is frequently traded on the cash market.
Even so, current unexpired contracts with expiration dates of December 2025, January 2026, and February 2026 will continue to be tradable until those dates. Additionally, during these live contract months, exchanges will keep introducing fresh strikes.
“The existing unexpired contracts of expiry months December 2025, January 2026, and February 2026 would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months,” the NSE stated in a circular released on Monday.
As on February 25, 2026, no F&O contracts on IRCTC will be tradable following the conclusion of the February 2026 series.
What standards apply to F&O stocks?
The Median Quarter Sigma Order amount (MQSOS) of F&O stocks must now be at least Rs 75 lakh, up from the previous amount of Rs 25 lakh, according to new standards set by SEBI in August 2024. The Market Wide Position Limit (MWPL) was also raised from Rs 500 crore to at least Rs 1,500 crore. Due to a notable increase in average daily delivery value, the stock’s cash market Average Daily Delivery Value was updated from Rs 10 crore to Rs 35 crore.
FAQs on IRCTC Exiting the F&O Segment
Why is IRCTC being removed from the F&O list?
IRCTC is being phased out of the futures and options (F&O) segment following a review under updated SEBI eligibility norms released in August 2024. The stock no longer meets the revised criteria required for inclusion in the F&O segment.
When will IRCTC be fully removed from F&O trading?
IRCTC will be completely removed from the F&O segment after February 25, 2026, following the expiry of the February 2026 derivatives series.
Will existing IRCTC F&O contracts continue to trade?
Yes. All existing unexpired contracts with expiry months of December 2025, January 2026, and February 2026 will remain available for trading until their respective expiry dates.
Will new IRCTC F&O contracts be introduced before February 2026?
No new expiry-month contracts will be issued. However, new strike prices will continue to be introduced during the live contract months until the February 2026 series expires.
What did NSE say about IRCTC’s F&O contracts?
In a circular, NSE stated that existing unexpired IRCTC contracts will continue to trade until their expiry and that fresh strikes will be added only within the existing contract months, with no new expiry cycles introduced.
What are the new SEBI eligibility criteria for F&O stocks?
As per SEBI’s August 2024 norms:
Median Quarter Sigma Order Size (MQSOS) must be at least ₹75 lakh (earlier ₹25 lakh)
Market Wide Position Limit (MWPL) must be at least ₹1,500 crore (earlier ₹500 crore)
Average Daily Delivery Value (cash market) must be ₹35 crore, up from ₹10 crore earlier
Does IRCTC remain tradable in the cash market?
Yes. IRCTC will continue to trade normally in the cash market. The change only affects its availability in the F&O (derivatives) segment.
Which stocks were recently added to the F&O list?
According to NSE, Bajaj Holdings and Investment Limited, Premier Energies Limited, Swiggy Limited, and Waaree Energies Limited were added to the F&O list as of December 31.
Is IRCTC a public-sector company?
Yes. IRCTC is a public-sector undertaking (PSU) under Indian Railways and operates in online ticketing, catering, and tourism services.
What does IRCTC’s F&O exit mean for traders?
After February 25, 2026, no futures or options trading will be allowed in IRCTC, meaning traders will have to rely solely on cash market transactions for the stock.
