NSE to drop Polycab India from F&O segment from 30 December; NCLAT stays insolvency order

The National Stock Exchange (NSE) will exclude Polycab India from its equity derivatives segment with effect from 30 December, according to an exchange circular dated 12 October. Separately, the National Company Law Appellate Tribunal (NCLAT) has stayed an insolvency admission order against the cables and wires maker.

What the NSE circular says

No futures and options (F&O) contracts in Polycab will be available for trading from 30 December, according to Angel One and The Economic Times. Existing contracts expiring in October, November and December 2026 will remain tradable until expiry, and new strikes can be introduced in those months, but no contracts will be issued for later expiry months.

• Circular date: 12 October 2026
• Exclusion effective: 30 December 2026
• October, November and December contracts continue until expiry
• 100 per cent margin on existing derivative contracts, on a T+2 basis, for open positions as of 13 October and new positions from 14 October (CNBC-TV18)

CNBC-TV18 reported that the move relates to the company being shortlisted under the exchange’s framework for securities linked to the Insolvency and Bankruptcy Code (IBC), following circulars dated 7 August and 12 October. It also reported that surveillance measures, including price bands and gross settlement, would apply from 1 January 2027. Angel One’s report did not state a reason beyond referring to an earlier NSE circular.

Insolvency case and NCLAT stay

The Ahmedabad bench of the National Company Law Tribunal (NCLT) had, by an order dated 7 October, admitted a petition by operational creditor Asier Metals Private Limited seeking corporate insolvency resolution against Polycab over an alleged operational debt of ₹2.79 crore, according to The Economic Times. The NCLAT has stayed that order and kept it in abeyance pending further orders.

Polycab’s counsel argued before the appellate tribunal that there was a pre-existing dispute over payments and credit notes, and the company offered to deposit the full amount without prejudice to its rights, the report said. The NCLAT directed that the amount be deposited within a week as a fixed deposit in the name of its Registrar. Polycab informed the stock exchanges of the stay.

Share price

Polycab shares closed 1.82 per cent higher at ₹8,405 on the NSE on Monday, 12 October, according to Angel One and The Economic Times; CNBC-TV18 reported a BSE close of ₹8,414, up 1.99 per cent. The Economic Times said the stock was up nearly 10 per cent in 2026 so far.

Sources: Angel One, CNBC-TV18 (via TradingView), The Economic Times (via inkl)