If you hold IRCTC shares in your portfolio, today is a day for a major strategy check. While the headlines have been focused on train ticket prices, a massive regulatory shift is happening behind the scenes in the stock market. The National Stock Exchange (NSE) has officially confirmed that IRCTC will be excluded from the Futures and Options (F&O) segment effective February 25, 2026.
This decision comes as part of a broader cleanup by SEBI and the NSE to ensure only the most liquid and stable stocks remain in the high-risk derivatives category. For retail investors, this news is far more significant than a simple daily price fluctuation.
Why is IRCTC Leaving the F&O Segment?
The exclusion isn’t about the company’s performance which remains strong but rather about the new, stricter eligibility criteria set by SEBI. To stay in the F&O “club,” a stock must now meet higher thresholds for:
- Average Daily Delivery Value (ADDV): The actual amount of shares being bought and held, rather than just traded intraday.
- Market-Wide Position Limits (MWPL): A measure of how many open contracts exist relative to the company’s free-float market cap.
Since IRCTC is being removed, it suggests the stock did not meet these revised liquidity benchmarks over the rolling six-month review period.
What Happens to Your Current Holdings?
If you are a long-term investor holding IRCTC shares in your demat account, you do not need to panic.
- Spot Market Trading: You can continue to buy and sell IRCTC shares in the regular “Cash” or “Spot” market exactly as you do now. The stock is not being delisted from the exchange.
- Existing F&O Contracts: If you have active trades for the December 2025, January 2026, or February 2026 expiries, these will remain valid. You can trade them until their respective expiry dates.
- No New Contracts: After the February 2026 expiry, no new monthly contracts (like March or April 2026) will be introduced.
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The Impact: Lower Volatility Ahead?
While being removed from F&O is often seen as a “prestige” loss, it can actually be a blessing for conservative investors.
Stocks in the F&O segment are frequently targeted by heavy speculative trading, which leads to sharp, unpredictable price swings. Without the influence of high-leverage derivative bets, IRCTC’s price movement is expected to become more stable and closely tied to its actual business earnings and railway sector fundamentals.
Current Market Snapshot (Dec 23, 2025):
- Stock Price: ~₹682
- 52-Week High: ₹838.35
- Market Sentiment: Neutral to Positive (boosted by the recent fare hike news).
Timeline of Major IRCTC Changes
| Date | Event | Impact on User |
| Dec 23, 2025 | F&O Exit Announcement | Market adjusts to new liquidity status |
| Dec 26, 2025 | 2 Paise/KM Fare Hike | Boosts IRCTC’s revenue from ticketing |
| Jan 2026 | Last New F&O Monthly Series | Final opportunity for new derivative bets |
| Feb 25, 2026 | Official F&O Exit | Stock trades in Cash segment only |
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Stock market investments are subject to market risks. The information regarding NSE and SEBI regulations is based on official circulars available as of December 23, 2025. Always consult with a certified financial advisor before making any investment decisions.
