What happened
NSE excluded Polycab India from the equity derivatives segment effective 30 December 2026, while NCLAT stayed an NCLT CIRP admission in the Asier Metals case.
Why it matters
F&O traders lose Polycab contracts after 30 December 2026, and the CIRP stays parked pending a one-week FDR deposit.
Remember this
Polycab exits F&O, insolvency stays paused.
More context & who is affected
Polycab India will stop trading in NSE derivatives from 30 December 2026. Existing October, November and December contracts stay open until expiry, while a 100% margin on a T+2 basis has already been levied on all open and fresh F&O positions.
A separate Asier Metals insolvency petition over Rs 2.79 crore has been put on hold. NCLAT stayed the NCLT Ahmedabad order that admitted CIRP on 7 October, after Polycab agreed to park the full disputed amount in an FDR within a week, keeping all its contentions intact.
Polycab calls the case a commercial dispute and cites a zero-debt balance sheet with over Rs 4,000 crore in net cash, saying the NCLT order will not hit its operations. The stock still closed at Rs 8,405 on 12 October, up 1.82%.
- F&O exit date
- 30 Dec 2026 Date from which Polycab India contracts stop trading in the NSE equity derivatives segment.NDTV Profit
- Alleged operational debt
- Rs 2.79 crore Amount claimed by Asier Metals that triggered the NCLT CIRP admission, now stayed by NCLAT pending an FDR deposit.National Stock Exchange of India (NSE) — Corporate DisclosureNDTV Profit
- Polycab close (12 Oct 2026)
- Rs 8,405 (+1.82%) NSE closing price on 12 October 2026, after the F&O exclusion news hit the market.NDTV Profit
Timeline
- 7 Oct 2026 — NCLT Ahmedabad admits CIRP against Polycab India in the Asier Metals case.
- 12 Oct 2026 — NSE announces Polycab's F&O exclusion effective 30 December 2026.
- 13 Oct 2026 — NCLAT stays the NCLT order and directs Polycab to park the disputed amount as an FDR within one week.
- 30 Dec 2026 — No new Polycab contracts will be issued after this date; IBC surveillance follows from 1 Jan 2027.
Derivatives Traders
F&O traders lose Polycab contracts after 30 December 2026; IBC surveillance takes over from 1 January 2027.
Market Investors · Business Executives
NCLAT stay keeps the CIRP out of Polycab's operations for now, preserving its stated zero-debt, high-liquidity position.
Market Investors
Polycab closed at Rs 8,405 on 12 October, up 1.82%, after the F&O exclusion news hit.
Reporting fromNDTV Profit ↗National Stock Exchange of India (NSE) — Corporate Disclosure ↗
Sources & verification2 sources · 4 claims
These are the records behind this briefing. Linked reporting is not the same as independent confirmation.
- NDTV ProfitReporting
Polycab To Exit F&O As NSE Sets Dec. 30 Deadline; NCLAT Puts Insolvency Order On Hold ↗
Published Oct 12, 2026 · Accessed Oct 13, 2026 - National Stock Exchange of India (NSE) — Corporate DisclosureFiling
Polycab India Ltd — Intimation to Stock Exchange dated October 8, 2026 (C.P.(IB)/273/9/AHM/2026) ↗
Published Oct 8, 2026 · Accessed Oct 13, 2026
Claims and linked sources
NSE has excluded Polycab India from its equity derivatives segment with effect from 30 December 2026.
NCLAT stayed the NCLT Ahmedabad's 7 October 2026 order that admitted a CIRP petition against Polycab India by Asier Metals over an alleged Rs 2.79 crore debt.
Polycab India maintains a zero-debt balance sheet with net cash over Rs 4,000 crore and does not expect a material impact from the NCLT order.
For Q1 FY2027 Polycab grew revenue 39% YoY to Rs 8,209 crore and EBITDA 32.5% YoY to Rs 1,136 crore at a 13.8% margin.
