Futures and Options (F&O) contracts on Indian Railway Catering and Tourism Corporation Ltd (IRCTC) will be phased out starting February 25, 2026, following
a review under the revised eligibility norms introduced by SEBI in August 2024. The National Stock Exchange (NSE) will stop issuing 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, remains a closely tracked PSU stock in the cash market. Existing Contracts To Continue Till Expiry All existing unexpired contracts — with expiries in December 2025, January 2026, and February 2026 — will continue to trade until their respective expiry dates. NSE will also keep introducing new strike prices for these live contract months. In a circular issued on Monday, NSE stated that the existing contracts would remain available for trading until expiry, after which no further F&O contracts would be introduced for the stock. Once the February 2026 series expires, IRCTC will no longer be available in the F&O segment with effect from February 25, 2026. Why IRCTC Is Being Removed From F&O The inclusion and exclusion of stocks from the F&O segment is now governed by stricter SEBI norms announced in August 2024. Under the revised framework:
- Median Quarter Sigma Order Size (MQSOS) must be at least ₹75 lakh, up from ₹25 lakh earlier
- Market Wide Position Limit (MWPL) must be a minimum of ₹1,500 crore, increased from ₹500 crore
- Average Daily Delivery Value (ADDV) in the cash market must be at least ₹35 crore, compared to the earlier threshold of ₹10 crore
These tighter benchmarks were introduced after a sharp rise in overall market activity and delivery volumes.
Recent F&O Changes At NSE
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.
