The futures and options, or F&O, market has four stocks under the ban list on September 25, 2026. Kaynes Technology India, LIC Housing Finance, Steel Authority of India, and Manappuram Finance are the four names in the list. At the same time, ten other stocks are on the possible entrant list, based on their latest market-wide position limit, or MWPL, use.
The most notable name on the possible entrant list is Bandhan Bank. Its latest reported MWPL use stands at 107.40%, up from 86.00% in the previous session. This is a rise of 21.40 percentage points. The stock closed at ₹182.90 after a 4.43% fall.
Patanjali Foods also crossed the 100% level in the latest data, with MWPL use at 100.58%. LIC of India stood at 96.24%. These figures place both stocks above the 95% level used for the F&O ban mechanism. IREDA, Canara Bank and Crompton Greaves also moved closer to that level.
The data shows a broad rise in MWPL use across the ten possible entrants. Each stock in the list recorded a higher T-1 figure than its T-2 figure. This does not by itself indicate the future direction of any share price. It does, however, show that derivative open interest has risen relative to the permitted position limits for these stocks.
Stocks under the F&O ban
The four stocks under the ban are Kaynes Technology India, LIC Housing Finance, Steel Authority of India and Manappuram Finance. Their latest price and MWPL data are set out below.
| Stock | Last close (₹) | Price change | T-1 MWPL | T-2 MWPL | Change |
|---|---|---|---|---|---|
| Kaynes Technology India | 3,509.50 | +1.49% | 124.14% | 103.00% | +21.14 pp |
| LIC Housing Finance | 564.25 | -1.44% | 107.96% | 92.00% | +15.96 pp |
| Steel Authority of India | 184.00 | -0.78% | 88.74% | 88.00% | +0.74 pp |
| Manappuram Finance | 324.95 | +1.42% | 81.86% | 85.00% | -3.14 pp |
Kaynes Technology India has the highest MWPL use among the four stocks, at 124.14%. The figure rose by 21.14 percentage points from 103.00% in the previous session. Its share price closed at ₹3,509.50, a rise of 1.49%.
LIC Housing Finance has the second-highest figure at 107.96%. Its MWPL use rose from 92.00% to 107.96%, a rise of 15.96 percentage points. The share price fell 1.44% to ₹564.25.
Steel Authority of India, or SAIL, has MWPL use of 88.74%, compared with 88.00% in the previous session. The change was relatively small at 0.74 percentage points. Its last reported price was ₹184.00, down 0.78%.
Manappuram Finance was the only stock among the four ban-list names to show a fall in MWPL use. Its figure declined from 85.00% to 81.86%, a fall of 3.14 percentage points. Its share price closed at ₹324.95, up 1.42%.
The presence of a stock on the F&O ban list should not be treated as a direct signal that the share price must rise or fall. The ban relates to the level of aggregate open interest in the derivatives market compared with the permitted MWPL. Price direction depends on several other factors, including company results, news, market conditions, valuation and investor demand.
Bandhan Bank leads the possible entrant list
Bandhan Bank is the main name to watch in the possible entrant table. Its T-1 MWPL use is 107.40%, compared with 86.00% in T-2. That represents a rise of 21.40 percentage points.
The share closed at ₹182.90, down 4.43%. The combination of a fall in the share price and a sharp rise in MWPL use is notable from a market-structure point of view. It does not, by itself, establish the reason for the price move or indicate what the stock may do next.
| Stock | Last close (₹) | Price change | T-1 MWPL | T-2 MWPL | Change |
|---|---|---|---|---|---|
| Bandhan Bank | 182.90 | -4.43% | 107.40% | 86.00% | +21.40 pp |
| Patanjali Foods | 404.85 | -1.12% | 100.58% | 80.00% | +20.58 pp |
| LIC of India | 406.00 | -0.37% | 96.24% | 83.00% | +13.24 pp |
| IREDA | 110.11 | -0.80% | 91.05% | 78.00% | +13.05 pp |
| Canara Bank | 125.90 | -0.08% | 89.62% | 75.00% | +14.62 pp |
| Crompton Greaves | 219.80 | -1.62% | 86.38% | 82.00% | +4.38 pp |
| Inox Wind | 73.09 | -2.57% | 84.86% | 81.00% | +3.86 pp |
| Ambuja Cements | 384.10 | -2.20% | 83.31% | 82.00% | +1.31 pp |
| NMDC | 80.82 | -1.44% | 76.08% | 72.00% | +4.08 pp |
| Glenmark Pharmaceuticals | 2,430.40 | -1.80% | 71.70% | 51.00% | +20.70 pp |
The table shows that all ten possible entrants had higher MWPL use in T-1 than in T-2. Bandhan Bank recorded the largest figure at 107.40%. Patanjali Foods followed at 100.58%, while LIC of India stood at 96.24%.
IREDA had MWPL use of 91.05%, followed by Canara Bank at 89.62% and Crompton Greaves at 86.38%. Inox Wind stood at 84.86%, while Ambuja Cements was at 83.31%. NMDC and Glenmark Pharmaceuticals had figures of 76.08% and 71.70%, respectively.
The size of the percentage-point move is also useful. Bandhan Bank rose by 21.40 percentage points. Patanjali Foods rose by 20.58 percentage points. Glenmark Pharmaceuticals had a 20.70 percentage-point rise. LIC of India rose by 13.24 percentage points, while Canara Bank rose by 14.62 percentage points.
What MWPL means for traders
MWPL stands for Market-Wide Position Limit. It represents the maximum aggregate open interest permitted in the derivatives of a stock under the applicable exchange framework.
When aggregate open interest rises beyond 95% of the MWPL, the stock enters the F&O ban mechanism. During the ban, market participants can reduce existing positions, while fresh positions are restricted under the applicable rules.
The ban does not mean that normal share-market trading stops. Investors can still trade the stock in the cash market, subject to normal market rules. The restriction relates to new positions in the stock’s derivatives contracts.
The ban also does not remain permanent. According to the ScanX explanation, normal F&O activity resumes once aggregate open interest falls to 80% of MWPL or below.
This distinction matters because a high MWPL figure is a measure of derivatives activity and position limits. It is not a direct measure of the financial health of a company. A stock can have high MWPL use even when its underlying business has a very different set of fundamentals.
Kaynes Technology India
Kaynes Technology India has the highest MWPL figure among the four stocks in the ban list. Its T-1 reading is 124.14%, compared with 103.00% in T-2. The increase is 21.14 percentage points.
The company has reported strong customer interest and expects to reach 90% capacity utilisation soon, according to the ScanX report. It has also set a target of ₹250-300 crore in semiconductor revenue under its Semicon 2.0 initiative. The company has a planned $1-billion OSAT expansion as part of that wider plan.
These business developments are separate from the F&O ban status. The ban reflects the level of derivative positions against the permitted market-wide limit. It should therefore not be used alone to assess the company’s business prospects.
LIC Housing Finance
LIC Housing Finance has MWPL use of 107.96%, up from 92.00%. The rise of 15.96 percentage points puts the stock above the 95% level.
The company’s recent corporate development includes a postal ballot notice for the appointment of Sandeep Kumar as MD and CEO, effective August 29, 2026. Remote e-voting for the appointment opened on September 23, 2026, according to the report.
The corporate event and the F&O position data are separate matters. Investors may assess them together as part of a broader review, but the available MWPL figures do not establish any direct link between the appointment process and the derivatives position.
Steel Authority of India
SAIL has T-1 MWPL use of 88.74%, compared with 88.00% in T-2. The rise is only 0.74 percentage points.
The company declared a final dividend of ₹2.35 per share for FY26. Its Q1FY27 results showed a 139% year-on-year rise in net profit to ₹1,636 crore, while its EBITDA margin rose to 16.7%, as reported by ScanX.
Despite its presence in the ban list, the latest reported MWPL figure is below 95%. This highlights why the timing and measurement date of MWPL data matter when a stock moves into or out of the ban framework.
Manappuram Finance
Manappuram Finance has T-1 MWPL use of 81.86%, down from 85.00%. The fall of 3.14 percentage points is the only decline among the four stocks in the current ban group.
Its last reported share price was ₹324.95, which marked a 1.42% rise. The lower MWPL figure suggests that the position level moved down from the previous session. However, it remains above the 80% level cited as the point for a return to normal F&O activity.
This means the stock remains relevant to the ban list even though its latest MWPL figure is lower than the prior session.
Other stocks close to the threshold
The possible entrant table has several names that deserve attention because their MWPL use is already close to or above the 95% level.
Patanjali Foods has a T-1 figure of 100.58%, up 20.58 percentage points from 80.00%. LIC of India stands at 96.24%, up from 83.00%. IREDA is at 91.05%, while Canara Bank is at 89.62%.
Crompton Greaves has a reading of 86.38%. Inox Wind is at 84.86%. Ambuja Cements is at 83.31%. NMDC stands at 76.08%, while Glenmark Pharmaceuticals is at 71.70%.
These figures do not mean every stock will enter the ban list. The position data can change from one session to the next. The final status depends on the applicable exchange data and rules.
Recent company developments
Bandhan Bank has scheduled an analyst and investor meeting for September 28. The bank also held an institutional investor meeting on September 21 as part of the J.P. Morgan India Conference 2026 in Mumbai. These events are separate from the MWPL data, but they may form part of the information set that market participants review when assessing the stock.
Patanjali Foods has faced a regulatory development related to a Sunrich Refined Sunflower Oil batch in Thiruvananthapuram. A prohibition order was issued because TBHQ levels were reported above the permitted limit. The company has also reported weak rural demand and slower sunflower oil sales in its latest results.
LIC of India has confirmed that no unpublished price-sensitive information was shared during investor meetings held on September 18 and September 22, 2026. Corporate presentations from those meetings are available on the company’s official website.
These developments should be read separately from the F&O data. The presence of a corporate event does not establish that it caused a change in MWPL use or share price.
What the data shows
The most important feature of the September 25 data is the broad rise in MWPL use among the ten possible entrants. Every stock in that group recorded a higher T-1 figure than its T-2 figure.
Bandhan Bank had the highest reported level at 107.40%. Patanjali Foods was next at 100.58%, followed by LIC of India at 96.24%. These three names were above the 95% level in the supplied table.
The remaining seven stocks were below 95%, although IREDA and Canara Bank were relatively close to that level at 91.05% and 89.62%.
The data also shows that a high MWPL figure does not always come with a share-price rise. Bandhan Bank, for example, had a 21.40 percentage-point increase in MWPL use while its share price fell 4.43%. Kaynes Technology India had a 21.14 percentage-point rise in MWPL use while its share price rose 1.49%.
This difference is important. MWPL and share price measure different aspects of market activity. One relates to derivative position limits, while the other reflects the price at which shares changed hands.
Conclusion
The September 25 F&O data places four stocks in the ban list and ten stocks on the possible entrant watchlist. Kaynes Technology India has the highest MWPL use among the four ban-list stocks at 124.14%. LIC Housing Finance follows at 107.96%.
Bandhan Bank is the main name on the possible entrant list, with MWPL use at 107.40%, up 21.40 percentage points from 86.00%. Patanjali Foods and LIC of India are also above the 95% level in the supplied data.
The broader picture shows a rise in MWPL use across all ten possible entrants. Still, the data should be treated as a market-structure indicator rather than a standalone signal for future share-price performance.
For market participants, the key point is to separate the F&O ban mechanism from the underlying business of each company. A ban restricts fresh derivative positions under the applicable rules. It does not by itself establish whether a company’s shares are attractive or unattractive, nor does it provide a reliable standalone signal for the next price move.
The figures above are based on the ScanX report published at 7:31 AM and updated at 7:31 AM on September 25, 2026. MWPL figures and F&O status can change with subsequent exchange data. Readers should verify the latest exchange information before taking any market position.
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