F&O ban list 25 September 2026: Stocks in ban and MWPL watchlist, Bandhan Bank at 107.40%
- Four stocks are currently in F&O ban, led by Kaynes Technology India at 124.14% MWPL utilisation
- Bandhan Bank tops the possible entrants watchlist with 107.40% utilisation, up 21.40 percentage points
- All ten listed possible entrants recorded an increase in MWPL utilisation from the previous session
- LIC Housing Finance saw a 15.96 percentage-point rise in utilisation to 107.96% while in ban
*this image is generated using AI for illustrative purposes only.
On September 25, 2026, four stocks are in F&O ban and ten are possible entrants, with Bandhan Bank topping the watchlist at 107.40%.
Stocks in F&O ban today
| # | Stock | Last close (₹) | Price change (%) | T-1 MWPL (%) | T-2 MWPL (%) | Change (pp) |
|---|---|---|---|---|---|---|
| 1 | Kaynes Technology India | 3,509.50 | +1.49 | 124.14 | 103.00 | +21.14 |
| 2 | LIC Housing Finance | 564.25 | -1.44 | 107.96 | 92.00 | +15.96 |
| 3 | Steel Authority of India | 184.00 | -0.78 | 88.74 | 88.00 | +0.74 |
| 4 | Manappuram Finance | 324.95 | +1.42 | 81.86 | 85.00 | -3.14 |
Kaynes Technology India recorded the highest utilisation at 124.14% in the latest session, reflecting a 21.14 percentage-point increase from the prior session. LIC Housing Finance also saw a significant rise of 15.96 percentage points to 107.96%, while Manappuram Finance was the only stock in this group to record a decrease in utilisation.
Recent news around ban-listed stocks
- Kaynes Technology India: The company reported significant customer inquiries and anticipates achieving 90% capacity utilisation soon. It is also targeting ₹250-300 crore in semiconductor revenue under its Semicon 2.0 initiative, which includes a planned $1-billion OSAT expansion.
- LIC Housing Finance: The company issued a postal ballot notice for the appointment of Sandeep Kumar as MD and CEO, effective August 29, 2026. Remote e-voting for the appointment opens on September 23, 2026.
- Steel Authority of India: SAIL declared a final dividend of ₹2.35 per share for FY26. In Q1FY27 results, net profit rose 139% YoY to ₹1,636 crore, with EBITDA margin expanding to 16.7%.
Possible F&O ban entrants
| # | Stock | Last close (₹) | Price change (%) | T-1 MWPL (%) | T-2 MWPL (%) | Change (pp) |
|---|---|---|---|---|---|---|
| 1 | Bandhan Bank | 182.90 | -4.43 | 107.40 | 86.00 | +21.40 |
| 2 | Patanjali Foods | 404.85 | -1.12 | 100.58 | 80.00 | +20.58 |
| 3 | LIC of India | 406.00 | -0.37 | 96.24 | 83.00 | +13.24 |
| 4 | IREDA | 110.11 | -0.80 | 91.05 | 78.00 | +13.05 |
| 5 | Canara Bank | 125.90 | -0.08 | 89.62 | 75.00 | +14.62 |
| 6 | Crompton Greaves | 219.80 | -1.62 | 86.38 | 82.00 | +4.38 |
| 7 | Inox Wind | 73.09 | -2.57 | 84.86 | 81.00 | +3.86 |
| 8 | Ambuja Cements | 384.10 | -2.20 | 83.31 | 82.00 | +1.31 |
| 9 | NMDC | 80.82 | -1.44 | 76.08 | 72.00 | +4.08 |
| 10 | Glenmark Pharmaceuticals | 2,430.40 | -1.80 | 71.70 | 51.00 | +20.70 |
Bandhan Bank holds the highest T-1 MWPL utilisation at 107.40%, marking a 21.40 percentage-point increase from the previous session. Ambuja Cements recorded the smallest increase among the listed entrants, rising by 1.31 percentage points. The highest reading in this table exceeds 95%.
Possible entrants and recent developments
- Bandhan Bank: The bank scheduled an analyst and investor meeting for September 28. It also hosted an institutional investor meet on September 21 as part of the J.P. Morgan India Conference 2026 in Mumbai.
- Patanjali Foods: A prohibition order was issued for a Sunrich Refined Sunflower Oil batch in Thiruvananthapuram due to TBHQ levels exceeding permissible limits. The company reported weak rural demand and sluggish sunflower oil sales in its latest results.
- LIC of India: The corporation confirmed no unpublished price-sensitive information was shared during investor meets held on September 18 and September 22, 2026. Corporate presentations from these events are available on its official website.
Sector and MWPL change view
All ten stocks in the possible entrants list recorded an increase in MWPL utilisation from T-2 to T-1. This uniform directional movement across the supplied ranking indicates a broad-based rise in derivative open interest relative to position limits for these specific names.
Understanding MWPL and the table
- MWPL is the maximum aggregate open interest permitted in a stock's derivatives.
- A stock enters the F&O ban when aggregate open interest exceeds 95% of MWPL; while it is in ban, participants may only reduce existing positions.
- Normal trading resumes when aggregate open interest falls to 80% of MWPL or below.
- T-1 is the latest completed trading session, T-2 is the preceding completed session, and Change (pp) is T-1 MWPL utilisation minus T-2 MWPL utilisation in percentage points.
How might the sharp 21-point surge in Bandhan Bank's MWPL utilisation influence its share price volatility leading up to the scheduled analyst meeting on September 28?
Will Kaynes Technology's planned $1-billion OSAT expansion provide sufficient fundamental catalysts to sustain derivative interest despite its current F&O ban restrictions?
What are the potential liquidity impacts on LIC Housing Finance's stock if the new MD and CEO appointment faces delays or governance concerns during the remote e-voting process?
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