If the future contract that I wanna trade is listed under ‘Securities under ban’, can I trade that future for the next expiry?
means, considering the current month expiry ( Sep ) and the future that I wanna trade is listed under Securities under ban, can I still take a trade of that future for the next expiry ( OCT ) ?
No, you cannot. A security will enter a ban period when the combined OI of market-wide position limit across all futures and options crosses 95% across exchanges. When a security is a ban period, you can only unwind your existing positions and you cannot take fresh positions as this will increase the OI and a penalty will be levied.
Normal trading will resume once the OI drops to 80% and below.