Description

BSE announces group change for Vardhman Holdings Limited and continuation of Trade for Trade segment for four investment companies.

Summary

BSE has announced changes to the trading group classification for certain Investment Companies (ICs) and Investment Holding Companies (IHCs). Vardhman Holdings Limited will be transferred from the Trade for Trade segment to Group B effective November 20, 2025. Four other investment companies will continue trading in the Trade for Trade segment with call auction until further notice.

Key Points

  • Vardhman Holdings Limited (Scrip Code: 500439) will move from Trade for Trade segment to Group B on November 20, 2025
  • Four companies will remain in Trade for Trade segment with call auction: Kama Holdings Limited, Elcid Investments Limited, Haryana Capfin Limited, and Easy Fincorp Limited
  • This circular is a continuation of previous notices dated November 3, 2025 (No. 20251103-36) and October 15, 2025 (No. 20251015-50)
  • The changes specifically target Investment Companies (ICs) and Investment Holding Companies (IHCs)

Regulatory Changes

BSE is implementing a differentiated trading mechanism for investment companies and investment holding companies. Companies meeting certain criteria are being moved out of the Trade for Trade surveillance segment, while others remain under enhanced surveillance measures.

Compliance Requirements

  • Trading members must note the group change for Vardhman Holdings Limited effective November 20, 2025
  • Trading members must continue to execute trades in the four listed companies through Trade for Trade segment with call auction mechanism
  • No immediate action required from listed companies; this is a trading mechanism change by the exchange

Important Dates

  • November 6, 2025: Notice date
  • November 20, 2025: Effective date for Vardhman Holdings Limited group change from Trade for Trade to Group B
  • Until further notice: Continuation of Trade for Trade with call auction for the four other companies

Impact Assessment

Market Impact: Medium - The move of Vardhman Holdings Limited to Group B removes trading restrictions, potentially improving liquidity. However, the four companies remaining in Trade for Trade segment face continued restrictions on trading.

Liquidity Impact: Positive for Vardhman Holdings Limited as it transitions to normal trading; restricted liquidity continues for Kama Holdings, Elcid Investments, Haryana Capfin, and Easy Fincorp.

Investor Impact: Investors in Vardhman Holdings will benefit from easier trading post-November 20, 2025. Investors in the four companies continuing in Trade for Trade segment should note the call auction mechanism and potential liquidity constraints.

Companies Affected:

  • Vardhman Holdings Limited (500439) - Group B
  • Kama Holdings Limited (532468) - Group T (Trade for Trade)
  • Elcid Investments Limited (503681) - Group T (Trade for Trade)
  • Haryana Capfin Limited (532855) - Group XT (Trade for Trade)
  • Easy Fincorp Limited (511074) - Group Z (Trade for Trade)

Impact Justification

Affects trading mechanism for five investment companies with one moving out of Trade for Trade segment while four remain under surveillance