Description

BSE shifts 21 securities from rolling segment to trade-for-trade segment and 6 SME securities to trade-for-trade with 5% price band, effective November 13, 2025.

Summary

BSE has announced the movement of securities from the rolling segment to the trade-for-trade (T2T) segment with a price band of 5% or lower, effective from November 13, 2025. This surveillance measure affects 21 securities in the main segment (Groups X and B moving to XT and T) and 6 securities in the SME segment (Group M moving to MT). Additionally, the circular lists securities that will be retained in the trade-for-trade segment.

Key Points

  • 21 securities shifted from rolling segment to trade-for-trade segment in main market
  • 6 SME securities moved to trade-for-trade segment (MT group)
  • All affected securities will have a 5% or lower price band
  • Changes effective from November 13, 2025
  • List includes securities being retained in trade-for-trade segment
  • Securities from Groups X and B moving to XT and T respectively
  • SME securities from Group M moving to MT

Regulatory Changes

The exchange is implementing enhanced surveillance measures by shifting identified securities to the trade-for-trade segment. In this segment:

  • Only delivery-based trading is permitted (no intraday trading)
  • Price band restricted to 5% or lower
  • All trades must result in delivery
  • Increased settlement obligations for market participants

Securities affected include moves from:

  • Group X to XT (17 securities in main segment)
  • Group B to T (4 securities in main segment)
  • Group M to MT (6 securities in SME segment)

Compliance Requirements

  • Brokers and traders must ensure all transactions in affected securities are settled through delivery
  • No intraday square-off permitted for these securities from November 13, 2025
  • Market participants must adjust trading strategies to accommodate delivery-based settlement
  • Margin requirements and position limits apply as per trade-for-trade segment rules
  • Trading systems must be updated to reflect the new segment classification

Important Dates

  • Effective Date: November 13, 2025 - All segment shifts become effective
  • Announcement Date: November 10, 2025

Impact Assessment

Market Impact: The shift to trade-for-trade segment typically results in:

  • Reduced trading volumes due to delivery requirements
  • Lower liquidity in affected securities
  • Increased margin requirements for traders
  • Elimination of intraday speculation
  • Potential price volatility during transition period

Investor Impact:

  • Only investors seeking delivery positions can trade these securities
  • Day traders must exit positions in these scrips before implementation
  • Increased capital requirement for taking positions
  • Settlement risk reduced through mandatory delivery

Operational Impact:

  • Trading systems need updates to reflect segment changes
  • Risk management systems require recalibration
  • Client communication necessary to inform about trading restrictions
  • Back-office operations must prepare for delivery-based settlement

This measure is part of BSE’s ongoing surveillance mechanism to maintain market integrity and protect investor interests in securities showing unusual price or volume patterns.

Impact Justification

Movement to trade-for-trade segment with reduced price band restricts intraday trading and increases delivery requirements for 27 securities, impacting liquidity and trading patterns for affected scrips.