Description

BSE announces group changes for equity shares of Investment Companies and Investment Holding Companies, with scrips moving from trade-for-trade segment to respective groups between November 13-18, 2025.

Summary

BSE has announced changes in the trading groups for equity shares of Investment Companies (ICs) and Investment Holding Companies (IHCs). Nine companies will be transferred from the trade-for-trade segment to their respective groups (A, B, or X) between November 13-18, 2025. Additionally, five companies will continue trading in the trade-for-trade segment under call auction until further notice.

Key Points

  • 9 scrips moving from trade-for-trade segment to regular groups (A, B, or X)
  • Group changes will be implemented in phases from November 13-18, 2025
  • 5 scrips to remain in trade-for-trade segment (T, XT, Z groups) under call auction
  • This is a continuation of Exchange Notice No. 20251015-50 dated October 15, 2025
  • Changes affect Investment Companies and Investment Holding Companies specifically

Regulatory Changes

The circular modifies the trading segment classification for equity shares of Investment Companies and Investment Holding Companies:

Scrips Moving to Regular Groups:

  • Group B (6 companies): Pilani Investment, Nalwa Sons Investment, Kalyani Investment, GFL Limited, SIL Investments, Welspun Investments
  • Group A (2 companies): TVS Holdings Limited, Maharashtra Scooters Limited
  • Group X (1 company): Naperol Investments Limited

Scrips Remaining in Restricted Trading:

  • Trade-for-trade segment with call auction: Vardhman Holdings (T), Kama Holdings (T), Elcid Investments (T), Haryana Capfin (XT), Easy Fincorp (Z)

Compliance Requirements

  • Trading members must note the effective dates for group changes
  • All trades in the specified scrips must follow the new group trading rules from respective effective dates
  • For scrips continuing in trade-for-trade segment, call auction procedures must be followed
  • Members should contact BSE officials (Shyam Bhagirath, Manu Thomas, or Shilpa Saboo) for clarifications

Important Dates

  • November 13, 2025: Pilani Investment (539883), Nalwa Sons Investment (532256), Kalyani Investment (533302), GFL Limited (500173) move to Group B
  • November 14, 2025: TVS Holdings Limited (520056) moves to Group A
  • November 17, 2025: Naperol Investments (500298) moves to Group X; Maharashtra Scooters (500266) moves to Group A; SIL Investments (521194) moves to Group B
  • November 18, 2025: Welspun Investments (533252) moves to Group B

Impact Assessment

Positive Impacts:

  • Enhanced liquidity for 9 scrips moving from trade-for-trade to regular groups
  • Improved trading flexibility with normal settlement cycles
  • Better price discovery mechanism compared to trade-for-trade segment

Operational Impacts:

  • Trading members need to update systems for group classification changes
  • Investors in these scrips will experience different trading rules and settlement procedures
  • Margin requirements may change based on new group classification

Market Segment Impact:

  • Limited broader market impact as changes affect only Investment Companies/Investment Holding Companies
  • Specific impact on investors and traders dealing with these 14 scrips
  • Five scrips remaining in restricted segments may face continued liquidity constraints

Impact Justification

Affects trading segments and liquidity for 14 Investment Companies and Investment Holding Companies. While significant for these specific scrips, it has limited broader market impact. Group changes affect trading mechanisms and investor participation.