Polycab India F&O Ban From Dec 30: Stock Falls 5%, Key Dates, Trading Rules, 100% Margin, NCLAT Stay and What Happens Next

Polycab F&O ban: NSE will have no Polycab F&O contracts from 30 Dec 2026. October, November and December contracts run to expiry. 100% margin from 14 Oct. Cause: a Rs 2.79 crore insolvency case admitted on 7 Oct and stayed by NCLAT on 9 Oct.

Updated: 13 Oct 2026 • 11:25 am

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Polycab India F&O Ban From Dec 30: Stock Falls 5%, Key Dates, Trading Rules, 100% Margin, NCLAT Stay and What Happens Next

Quick Answer

Polycab F&O ban means NSE will list no new Polycab futures and options contracts, and the existing October, November and December contracts will trade until their expiry, with none available from 30 December 2026. It is an exit from the F&O segment and not a ban on the shares, which continue to trade in the cash market, and the stock fell about 4% to 5% on 13 October. The trigger is an insolvency petition over an alleged Rs 2.79 crore operational debt that the NCLT admitted on 7 October and the NCLAT stayed on 9 October. Open positions face 100% margin, so traders need the full value in cash and should plan to square off before the contracts expire.

Polycab F&O ban is the headline term for NSE's decision to stop F&O contracts on Polycab India from 30 December 2026. Polycab shares fell more than 5% on the news, which came as an appeals tribunal paused insolvency proceedings over alleged operational dues.

This guide explains the Polycab F&O ban in plain terms: the key dates, the 100% margin rule, the insolvency case behind it, the NCLAT stay and what traders should do.

The word ban is used loosely. NSE has described this as discontinuing F&O contracts, so please read the details before assuming that you cannot trade the shares.

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Table of Contents

Polycab F&O Ban: Key Dates and Rules

Item	Detail
Existing contracts	October, November and December 2026 contracts trade until their expiry
New contracts	No new expiry months will be introduced
F&O contracts end	30 December 2026
Margin	100% on open positions as of 13 October and on new positions from 14 October
Trading stage	IRP Stage 0: normal trading and fresh buying in the cash market continue
Extra surveillance	Additional measures under the insolvency framework from 1 January 2027
Re-entry	Not before 12 months, then six straight months of eligibility and a committee review

The Polycab F&O ban applies to derivatives only. The company's shares can still be bought and sold in the cash market.

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Why NSE Acted: The Insolvency Case Behind the Polycab F&O Ban

Date	Event
26 June 2026	Default date cited by the creditor
6 August 2026	Section 8 demand notice
24 August 2026	Asier Metals files the Section 9 petition at NCLT Ahmedabad
7 October 2026	NCLT admits the petition, imposes a moratorium and appoints an interim resolution professional
9 October 2026	NCLAT stays the admission order; Polycab informs the exchanges
13 October 2026	NSE announces the F&O exit; shares fall
26 October 2026	NCLAT appeal listed for hearing

Behind the Polycab F&O ban, the creditor, Asier Metals, claims an operational debt of about Rs 2.79 crore (one law report rounds it to Rs 2.78 crore). Polycab argued that the invoices were provisional and raised counterclaims of Rs 17.52 crore, but the NCLT found no pre-existing dispute and admitted the case.

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NCLAT Stay: What It Means for the Polycab F&O Ban

The NCLAT principal bench in New Delhi stayed and kept in abeyance the 7 October order on 9 October, a key fact in the Polycab F&O ban story. The stay is conditional: the appellant must deposit the full amount in the petition by fixed deposit in the name of the NCLAT Registrar within a week, without prejudice to its case.

Polycab's filing says the appeal was filed by a person described as a suspended director, while some news reports say Polycab itself challenged the order. I could not reconcile this, so please check the filing.

The Polycab F&O ban was announced after the stay, which tells us NSE's framework responds to the admission of the case and not only to its final result. Whether the exit is reversed before 30 December is not stated in any source I found.

Scale Check: Rs 2.79 Crore Against Polycab's Business

Measure	Figure	Note
Alleged debt	Rs 2.79 crore	Operational debt claimed by Asier Metals
Q1 FY27 revenue	Rs 8,210 crore	Up 39.0% year on year; down 7.4% from Q4
Q1 FY27 net profit	Rs 797 crore	Up 32.8% year on year
Claim as share of quarterly revenue	About 0.03%	My calculation
Claim as share of quarterly profit	About 0.35%	My calculation
Market capitalisation	About Rs 1.24 lakh crore	During 13 October trade

The claim is tiny against the size of the business, yet an insolvency case under the IBC can be filed once a default crosses Rs 1 crore. That is why a small dispute can still trigger a large reaction, and why the Polycab F&O ban matters more to traders than to the company's operations.

Polycab F&O Ban: What Traders Should Do

Under the Polycab F&O ban, existing positions can be held until expiry, but all open positions face 100% margin.
The Polycab F&O ban means no new expiry month will be listed, so you cannot roll positions beyond December.
Stock derivatives usually expire on the last Tuesday, which would suggest 27 October, 24 November and 29 December (my inference, so confirm with the NSE circular).
Hedgers who used Polycab options need another way to hedge, such as sector exposure.
Plan to close positions before the final expiry to avoid delivery and settlement obligations.

A 100% margin means the full contract value must be paid up front, so there is no borrowed exposure on new Polycab F&O positions.

Share Price Reaction and Financials After the Polycab F&O Ban

Measure	Figure	Note
Previous close	About Rs 8,405 to Rs 8,414	Two reports differ slightly
9:16 am on 13 October	Rs 8,071	Down 3.97%
Intraday fall	More than 5%	About 5.3% in one report, which implies near Rs 7,970 (my calculation)
Business	Wires and cables, FMEG and EPC	Residential, commercial, industrial and infrastructure use
Board meeting	15 October 2026	Q2 and half-year results

The stock was first eligible for F&O from the September 2021 series, so the Polycab F&O ban ends a listing of about five years.

Risks and Open Questions

Case outcome: The NCLAT hearing on 26 October will decide the next step in the insolvency case behind the Polycab F&O ban.

Stay conditions: The stay depends on the deposit being made within a week.

Liquidity: The Polycab F&O ban removes a source of trading volume and hedging for the stock.

Re-entry: A removed stock cannot return to F&O for at least 12 months.

Information gaps: Exact expiry dates and the reversal process are not stated in the sources I found.

What to Watch Next

The Q2 FY27 results on 15 October 2026.
Whether the deposit required by the NCLAT stay is made.
The NCLAT hearing on 26 October 2026.
Any NSE update on the Polycab F&O ban or the 100% margin.
How trading volume changes after the Polycab F&O ban takes effect.

Conclusion

Polycab F&O ban starts on 30 December 2026, with 100% margin already in force, because of an insolvency case over about Rs 2.79 crore that is now stayed. The shares still trade in the cash market, so the main impact is on derivative traders. Consult a SEBI-registered advisor before making any decision.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).