The National Stock Exchange (NSE) has excluded Hexaware Technologies, Tata Elxsi and Union Bank of India from the futures and options (F&O) segment and their contracts would no longer be available come December 27, 2019.
The existing unexpired contracts of the expiry months of October, November and December would continue to be available for trading and new strikes would also be introduced, according to a statement by the NSE.
The stocks have been excluded as they have failed to meet the enhanced eligibility criteria set by the Securities and Exchange Board of India (Sebi) in its circular dates April 11, 2018.
According to the circular, the criteria for inclusion in F&O is that the stock should be among the top 500 stocks in terms of daily market capitalisation, the market wide position limit should not be less than Rs 500 crore and the average daily delivery value in the cash market should not be less than Rs 10 crore in the previous six months.
The stocks on which F&O contracts are proposed need to meet the above criteria for a continous period of six months.