India’s derivatives landscape is set for another reshuffle at year-end. On Thursday, December 18, the National Stock Exchange (NSE) said four companies—Swiggy, Waaree Energies, Premier Energies and Bajaj Holdings & Investment—will be admitted to the Futures & Options (F&O) segment from December 31, 2025, expanding the tradable universe for stock futures and stock options right as the new series goes live. [1]
The move matters for both traders and long-term investors: entry into the F&O segment typically brings sharper price discovery and more hedging tools, but also tends to amplify near-term activity and volatility as leveraged positions become possible. [2]
Which stocks are entering the NSE F&O segment on December 31
According to multiple reports citing the exchange communication, the following stocks will be available for trading in the derivatives market starting December 31, 2025:
- Swiggy Ltd.
- Waaree Energies Ltd.
- Premier Energies Ltd.
- Bajaj Holdings & Investment Ltd. [3]
NSE also indicated that key contract micro-details will be shared just ahead of launch, a routine step before single-stock derivatives go live. [4]
Lot sizes, strike prices, and quantity freeze: what will be announced on December 30
Investors tracking these names for derivatives trading should mark December 30 on their calendars.
NSE is expected to communicate:
- the market lot (contract size),
- the scheme of strikes (strike intervals and available strikes), and
- the quantity freeze limits (maximum permissible order quantity per order in the derivatives order book, typically shared via the contract file). [5]
This sequencing—announcement first, contracts live next day—helps brokers, risk systems, and traders prepare margins and operational settings in time for the rollout.
The bigger picture: 208 single-stock F&O names today, and a year-end reshuffle underway
NSE’s single-stock derivatives list is already large. One report noted that 208 stocks are currently available for trading in the NSE F&O segment, along with index derivatives in Nifty 50, Nifty Bank, Nifty Financial Services, Nifty Midcap Select, and Nifty Next 50. [6]
The timing is important because the four additions land alongside a parallel year-end exit of other names (details below), underscoring how the post-2024 rulebook is now actively reshaping which stocks qualify for derivatives trading.
Why F&O inclusion is seen as a milestone—especially for newer listings like Swiggy
Being added to F&O is not simply symbolic. It changes how a stock can be traded:
- Hedging becomes easier: Investors can hedge a cash portfolio using stock futures or protective puts.
- Two-way trading expands: Traders can express bullish or bearish views more efficiently (within the exchange’s margin and risk framework).
- Liquidity and price discovery often improve: With more participant types (hedgers, arbitrageurs, market-makers), bid-ask spreads can tighten and price signals can strengthen. [7]
It is also a notable marker for recently listed companies. As highlighted in one report, Swiggy listed in November 2024, while Waaree Energies and Premier Energies debuted in October and September 2024, respectively—meaning three of the four entrants are relatively new compared with many long-standing F&O constituents. [8]
Market context: where these four stocks sit in NSE’s index ecosystem
Index presence often correlates with liquidity and broad investor participation—factors that matter under the current eligibility framework.
NDTV Profit reported that Waaree Energies, Premier Energies, and Swiggy are part of the Nifty MidCap 150, while Bajaj Holdings & Investment is part of the Nifty 100. [9]
That split also highlights what this batch represents: a mix of consumer internet (Swiggy), renewables/energy manufacturing (Waaree, Premier), and a large, established investment holding company (Bajaj Holdings)—sectors that can attract different hedging needs and trading behavior once derivatives are introduced.
What SEBI’s 2024 derivatives overhaul has to do with this decision
NSE’s decision is rooted in the tighter eligibility criteria introduced by the Securities and Exchange Board of India (SEBI) in 2024—a framework designed to ensure that only stocks with sufficient underlying cash-market depth and liquidity are admitted to derivatives.
In its circular dated August 30, 2024 (SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/116), SEBI flagged a core risk: derivatives enhance price discovery and liquidity, but without adequate cash-market depth and safeguards, risks of manipulation and volatility rise. [10]
The key thresholds: MQSOS, MWPL and delivery value were raised sharply
SEBI revised multiple entry criteria, including:
- Median Quarter Sigma Order Size (MQSOS) raised to ₹75 lakh (from ₹25 lakh) [11]
- Market-Wide Position Limit (MWPL) raised to ₹1,500 crore (from ₹500 crore) [12]
- Average Daily Delivery Value (ADDV) raised to ₹35 crore (from ₹10 crore) [13]
NSE’s own “Equity Derivatives—Selection Criteria” page mirrors these requirements and explains that new F&O stocks are selected by assessing (among other measures) average daily market capitalisation, traded value, quarter-sigma metrics, MWPL and delivery value, and that the stock is chosen from the top 500 by market-cap and traded value over a rolling period. [14]
A key caution: F&O entry can increase short-term volatility
While being added to the derivatives segment can be viewed as a positive structural development, it can also change a stock’s short-term trading character:
- leveraged positions can magnify intraday moves,
- option activity can concentrate around specific strikes,
- and expiry-week dynamics can become more visible in price action.
A glimpse of the immediate “in focus” effect was visible in Swiggy’s trading on December 18: Moneycontrol data showed Swiggy trading higher on the day, with the NSE live quote reflecting a gain of roughly 2.95% at the close snapshot shown. [15]
(Price moves can be driven by multiple factors in the same session; the announcement is one of several possible catalysts.)
The flip side of the reshuffle: four stocks set to exit F&O from December 31
The same effective date—December 31, 2025—also marks an exit for another set of names.
An NSE circular (F&O Segment, dated October 24, 2025) lists Cyient, HFCL, NCC, and Titagarh Rail Systems for exclusion, stating that no contracts shall be available for trading in these securities with effect from December 31, 2025 (while existing unexpired contracts could continue until their respective expiries). [16]
Moneycontrol also referenced this removal decision when reporting the four new additions, reinforcing that the end-of-year date is a key transition point for the derivatives roster. [17]
What to watch next if you trade (or invest in) these stocks
With less than two weeks between the announcement and the effective date, market participants will likely focus on four practical items:
- The December 30 circular: This should reveal the market lot sizes and strike scheme that will define how accessible the contracts are for retail and how hedges are structured. [18]
- Contract specifications and “quantity freeze”: Traders will check the contract file details to understand order-size constraints and operational limits. [19]
- Liquidity in early sessions: The first few days of trading often reveal whether the options chain attracts meaningful participation across strikes and expiries.
- Risk management and margins: Stock derivatives involve leverage. Position sizing and margin awareness matter more once F&O trading begins.
Bottom line
The NSE’s December 18 announcement places Swiggy, Waaree Energies, Premier Energies and Bajaj Holdings & Investment on track to join the F&O segment from December 31, 2025, with contract details expected on December 30. [20]
The inclusion aligns with SEBI’s tighter post-2024 eligibility framework—built around higher liquidity and market-depth thresholds—and arrives alongside the scheduled removal of Cyient, HFCL, NCC and Titagarh Rail Systems from the derivatives list on the same effective date. [21]
References
1. www.moneycontrol.com, 2. www.business-standard.com, 3. www.moneycontrol.com, 4. www.moneycontrol.com, 5. www.moneycontrol.com, 6. www.moneycontrol.com, 7. www.business-standard.com, 8. m.economictimes.com, 9. www.ndtvprofit.com, 10. www.cse-india.com, 11. www.cse-india.com, 12. www.cse-india.com, 13. www.cse-india.com, 14. www.nseindia.com, 15. www.moneycontrol.com, 16. nsearchives.nseindia.com, 17. www.moneycontrol.com, 18. www.moneycontrol.com, 19. www.moneycontrol.com, 20. www.moneycontrol.com, 21. www.cse-india.com
