Futures and Options (F&O) contracts on Indian Railway Catering and Tourism Corporation Ltd (IRCTC) will be phased out from February 25, 2026, following
a review under the revised eligibility norms introduced by the Securities and Exchange Board of India (SEBI) in August 2024. The National Stock Exchange (NSE) will stop introducing new expiry-month F&O contracts for IRCTC once the current series runs its course. IRCTC, the ticketing, catering and tourism arm of Indian Railways, will continue to remain actively traded in the cash market. However, the existing unexpired contracts with expiry months December 2025, January 2026 and February 2026 will continue to be available for trading till their respective expiry dates. NSE will also introduce new strike prices in the existing contract months to facilitate smooth trading. In a circular issued on Monday, the exchange clarified that no contracts shall be available for trading in the above-mentioned security with effect from February 25, 2026, once the February 2026 series expires.
Why IRCTC Is Being Removed From the F&O Segment
The inclusion and exclusion of stocks in the F&O segment is now governed by tighter SEBI norms announced in August 2024. These include higher thresholds for Median Quarter Sigma Order Size, Market Wide Position Limit and Average Daily Delivery Value in the cash market. IRCTC failed to meet one or more of these revised criteria during the latest review period.
Recent Changes in the F&O Space
Recently, NSE announced the inclusion of Bajaj Holdings and Investment Ltd, Premier Energies Ltd, Swiggy Ltd and Waaree Energies Ltd in the F&O segment, effective December 31, 2025.
However, the existing unexpired contracts of expiry months December 2025, January 2026 and February 2026would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months.
