Yes. Since all derivate positions are settled in cash, the investor can short sell futures contracts without having the underlying shares in his/her Demat account.
What is FYERS RMS policy for trading?
How much margin would be blocked for futures trading?
Can the margin requirement change for the futures contract?
What happens if the margin requirement increases?
What happens if the minimum margin amount is breached?
Is there a limit on my futures order size on NSE?