Description

BSE announces shift of 17 securities from rolling segment to trade-for-trade segment with 5% price band, and retention of 26 securities in T2T segment, effective October 16, 2025.

Summary

BSE has announced surveillance measures affecting 44 securities, with 18 securities being shifted from the rolling segment to the trade-for-trade (T2T) segment with a price band of 5% or lower, effective October 16, 2025. Additionally, 26 securities will be retained in the T2T segment. The move includes 17 securities from the main board (shifted to T or XT groups) and 1 SME security (shifted to MT group). This action is part of BSE’s ongoing surveillance framework to monitor securities with unusual price movements or trading patterns.

Key Points

  • 17 securities to be shifted from rolling segment to T2T segment (main board) effective October 16, 2025
  • 1 SME security (Zinema Media And Entertainment Ltd) to be shifted to MT group
  • 25 securities to be retained in T2T segment (XT group) on main board
  • 1 SME security (Pecos Hotels and Pubs Ltd) to be retained in MT group
  • All affected securities will have a price band of 5% or lower
  • T2T trading restricts intraday trading and requires compulsory delivery

Securities Shifting to T2T Segment (Main Board - Effective October 16, 2025)

Moved to T Group:

  • Akshar Spintex Ltd (541303)
  • Ishan Dyes and Chemicals Ltd (531109)
  • Orchasp Ltd (532271)
  • Palred Technologies Ltd (532521)
  • We Win Ltd (543535)
  • Zenith Steel Pipes & Industries Ltd (531845)

Moved to XT Group:

  • Citi Port Financial Services Ltd (531235)
  • Cubical Financial Services Ltd (511710)
  • Decorous Investment & Trading Co Ltd (539405)
  • Gayatri Sugars Ltd (532183)
  • Jeevan Scientific Technology Ltd (538837)
  • Organic Coatings Ltd (531157)
  • Rajnish Retail Ltd (530525)
  • Skyline Millars Ltd (505650)
  • Sujala Trading & Holdings Ltd (539117)
  • Trio Mercantile & Trading Ltd (534755)
  • True Green Bio Energy Ltd (533407)

SME - Moved to MT Group:

  • Zinema Media And Entertainment Ltd (538579)

Securities Retained in T2T Segment

Main Board (XT Group) - 25 Securities:

  • AAA Technologies Ltd, Alan Scott Enterprises Ltd, Candour Techtex Ltd, Chandrima Mercantiles Ltd, Easun Capital Markets Ltd, ECS Biztech Ltd, GDL Leasing & Finance Ltd, Genesis Ibrc India Ltd, Hiliks Technologies Ltd, IEC Education Ltd, Jayabharat Credit Ltd, Kashyap Tele-Medicines Ltd, Magnus Steel and Infra Ltd, Natura Hue Chem Ltd, Omansh Enterprises Ltd, Oscar Global Ltd, Rotographics (India) Ltd, Sarthak Global Ltd, Shree Krishna Paper Mills & Industries Ltd, SRM Energy Ltd, Synthiko Foils Ltd, Systematix Securities Ltd, Tradewell Holdings Ltd, Tricom Fruit Products Ltd, Vas Infrastructure Ltd

SME (MT Group) - 1 Security:

  • Pecos Hotels and Pubs Ltd (539273)

Regulatory Changes

This circular implements enhanced surveillance measures under BSE’s regulatory framework. Securities in the T2T segment are subject to:

  • No intraday trading allowed
  • Compulsory delivery of shares
  • Settlement on a T+1 basis
  • Price band restriction of 5% or lower
  • Enhanced monitoring for price manipulation and unusual trading activity

The classification into different groups (T, XT, MT) represents varying levels of surveillance based on the segment and risk profile of the securities.

Compliance Requirements

  • Trading members must ensure compliance with T2T trading norms for affected securities
  • All trades in these securities must result in delivery; squared-off positions are not permitted
  • Clients must be informed about the T2T classification and associated trading restrictions
  • Adequate funds and securities must be available before placing orders
  • Trading members should update their risk management systems to reflect the new classifications

Important Dates

  • Effective Date: October 16, 2025 - All 18 securities will be shifted to their respective T2T groups
  • Circular Date: October 13, 2025

Impact Assessment

Market Impact:

  • Significant reduction in liquidity for affected securities as intraday trading will not be permitted
  • Likely decrease in trading volumes due to compulsory delivery requirements
  • Investors holding these stocks will face restricted exit options
  • Price discovery may be affected due to reduced trading activity

Investor Impact:

  • Existing shareholders cannot engage in intraday trading
  • Higher capital requirements as full payment/delivery is mandatory
  • Potential difficulty in exiting positions quickly
  • Limited arbitrage and hedging opportunities

Operational Impact:

  • Brokers need to update systems and risk management frameworks
  • Enhanced monitoring and reporting requirements for trading members
  • Clients need to be educated about T2T trading restrictions
  • Margin and exposure limits need adjustment

This surveillance measure is typically applied to securities exhibiting high volatility, unusual price movements, or low liquidity, aimed at protecting investor interests and maintaining market integrity.

Impact Justification

High impact as 18 securities will face severe trading restrictions with shift to T2T segment and 5% price band, significantly affecting liquidity and trading patterns for investors holding these stocks