Polycab stays in F&O: what NSE's 30 October circulars say after the NCLAT order
On 12 October 2026, NSE announced that futures and options on Polycab India Limited (POLYCAB) would end from 30 December 2026. On 30 October 2026, NSE withdrew that announcement. Here is the full chain, date by date, from the documents.
Published 4 November 2026 · Potoos Research Services
The short answer. On 30 October 2026, NSE said its exclusion circular for Polycab F&O contracts “stands withdrawn”, that POLYCAB “shall move out of IBC framework” with the related surveillance actions reverted, and that F&O contracts with January 2027 expiry would be available from 2 November 2026. NSE did this after the NCLAT's order dated 30 October 2026, which allowed Polycab's appeal and set aside the NCLT Ahmedabad order of 7 October 2026.
The chain of events, date by date
| Date | What happened (source) |
|---|---|
| 7 Oct 2026 | NCLT Ahmedabad admits a petition by Asier Metals Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Polycab India Limited, for an alleged operational debt of Rs 2.79 crore. (Company filing, 7 Oct) |
| 8 Oct 2026 | Polycab says it has filed an appeal before the NCLAT, listed for hearing on 9 October. (Company filing, 8 Oct) |
| 9 Oct 2026 | Interim order: the NCLAT “stayed and kept in abeyance” the NCLT order of 7 October. (Company filing, 9 Oct) |
| 12 Oct 2026 | NSE shortlists POLYCAB under its IBC framework and announces that its F&O contracts will end: no contracts from 30 December 2026. (NSE/SURV/76858 and NSE/FAOP/76865) |
| 15 Oct 2026 | The NCLAT hears the appeal and reserves its order. (Company filing, 16 Oct) |
| 30 Oct 2026 | Final order: the NCLAT allows the appeal and sets aside the NCLT order of 7 October. (Company filing, 30 Oct) |
| 30 Oct 2026 | NSE says POLYCAB moves out of the IBC framework and withdraws the F&O exclusion circular. January 2027 contracts available from 2 November. (NSE/SURV/77201 and NSE/FAOP/77218) |
The 9 October stay and the 30 October order are different
Two NCLAT orders are involved, and they are easy to mix up.
- 9 October 2026, an interim stay. Polycab told the exchanges that the NCLAT “has stayed and kept in abeyance the order dated October 07, 2026” of the NCLT. A stay pauses an order while the appeal is heard. NSE's exclusion circulars are dated 12 October, three days after this stay.
- 30 October 2026, the final order on the appeal. The NCLAT allowed the appeal and set aside the NCLT order. In its words: “We allow the Appeal and set aside the impugned order.” NSE's two update circulars are dated the same day.
What the NCLAT order says
“The orders passed by the Adjudicating Authority initiating CIRP against the Corporate Debtor and all other orders pursuant to impugned order are also set aside. The Corporate Debtor company is released from the rigours of CIRP and is allowed to function independently through its board of directors with immediate effect.”
NCLAT, Principal Bench, New Delhi, Company Appeal (AT) (Insolvency) No. 1940 of 2026, order dated 30 October 2026, para 29 (attached to Polycab's filing of 30 October 2026)
What NSE said on 12 October
NSE's surveillance circular NSE/SURV/76858 said POLYCAB “has been shortlisted under IBC framework”. Under it, no new expiry months would be issued after the October 2026 contracts, existing October, November and December 2026 contracts would trade until their expiry, and “No futures and options contracts shall be available for trading in the underlying - POLYCAB from December 30, 2026, onwards.” It also set a 100% margin on all existing derivative contracts, on open positions as on 13 October and new positions from 14 October. NSE's F&O circular NSE/FAOP/76865, the same day, announced the exclusion.
What NSE said on 30 October
“Accordingly, the scrip POLYCAB shall move out of IBC framework and the corresponding surveillance actions on POLYCAB shall be reverted. Further, the futures and options contracts with January 2027 expiry shall be made available for trading in the underlying POLYCAB w.e.f November 02, 2026.”
NSE circular NSE/SURV/77201, 30 October 2026
“…members are requested to note that circular NSE/FAOP/76865 dated October 12, 2026 regarding exclusion of Futures and Options contract on POLYCAB stands withdrawn.”
NSE circular NSE/FAOP/77218, 30 October 2026
What this means if you trade or hold Polycab
- The current NSE notices are the two dated 30 October 2026. The 12 October exclusion circular has been withdrawn.
- January 2027 expiry futures and options on POLYCAB became available from 2 November 2026.
- The surveillance actions under the IBC framework, which NSE set out in its 12 October circular, are reverted under the 30 October circular. If your broker still shows an old margin or restriction, ask them which NSE notice they are applying.
- If you only hold Polycab shares in your demat account, the F&O circulars do not change your shareholding.
New to options? Our option trading for beginners page explains expiry, lots and premium in plain words.
NCLT (National Company Law Tribunal) is the tribunal that hears insolvency cases against companies. NCLAT is the appeal tribunal above it.
IBC (Insolvency and Bankruptcy Code, 2016) is the law under which a creditor can ask the NCLT to start an insolvency process against a company. A Section 9 petition is filed by an operational creditor, such as a supplier.
CIRP (Corporate Insolvency Resolution Process) is the insolvency process that starts once the NCLT admits such a petition.
NSE's IBC framework is a set of surveillance measures NSE applies to listed companies facing IBC proceedings.
Stay means a court or tribunal pauses an order for now. Set aside means the order is cancelled.
Sources
- NSE circular NSE/FAOP/77218, 30 October 2026, “Update on Futures and Options contract on Polycab India Limited (POLYCAB)”: PDF
- NSE circular NSE/SURV/77201, 30 October 2026, “Futures and options contracts in Polycab India Limited (POLYCAB)”: PDF
- Polycab India Limited, filing of 30 October 2026 on the NCLAT order, with the order attached: PDF
- NSE circular NSE/FAOP/76865, 12 October 2026, “Exclusion of Futures and Options contract on POLYCAB”: PDF
- NSE circular NSE/SURV/76858, 12 October 2026, “Exclusion of futures and options contracts in Polycab India Limited (POLYCAB)”: PDF
- Polycab India Limited, filings of 7 October 2026 (NCLT order), 8 October 2026 (appeal filed), 9 October 2026 (NCLAT stay) and 16 October 2026 (order reserved)
Common questions
Is Polycab still in F&O on NSE?
Yes. On 30 October 2026, NSE circular NSE/FAOP/77218 said its exclusion circular NSE/FAOP/76865 “stands withdrawn”, and F&O contracts with January 2027 expiry were made available from 2 November 2026.
Why did NSE plan to remove Polycab from F&O?
On 12 October 2026, NSE circular NSE/SURV/76858 said POLYCAB had been shortlisted under NSE's IBC framework. Polycab's own filing says the NCLT Ahmedabad admitted an insolvency petition against the company on 7 October 2026. Under that framework, no F&O contracts would have been available from 30 December 2026.
What is the difference between the 9 October and 30 October NCLAT orders?
On 9 October 2026 the NCLAT stayed and kept in abeyance the NCLT order, as an interim step. On 30 October 2026 the NCLAT allowed Polycab's appeal and set aside the NCLT order of 7 October 2026.
Is Polycab still under NSE's IBC framework?
No. NSE circular NSE/SURV/77201 of 30 October 2026 says POLYCAB “shall move out of IBC framework and the corresponding surveillance actions on POLYCAB shall be reverted”.
This page reports what NSE and the company filed. It is not a recommendation to buy, sell or hold any security, and it takes no view on the legal dispute.