Description

BSE announces movement of 16 securities from Rolling segment to Trade for Trade segment with 5% price band effective December 11, 2025, and retention of 24 securities in T2T segment.

Summary

BSE has announced surveillance measures affecting 40 securities through Trade-to-Trade (T2T) segment modifications effective December 11, 2025. Sixteen securities will be shifted from Rolling segment to T2T segment with 5% or lower price band, while 24 securities will be retained in the T2T segment. This action restricts these securities to delivery-based trading only, eliminating intraday trading capabilities.

Key Points

  • 16 securities moving from Rolling segment to Trade for Trade segment effective December 11, 2025
  • 13 securities moving to “XT” group, 3 securities moving to “T” group
  • All moved securities will have 5% or lower price band
  • 24 securities to be retained in existing T2T segment with continued restrictions
  • No SME securities being added to T2T segment in this circular
  • 1 SME security (Milestone Furniture Ltd) retained in “MT” group
  • T2T segment requires compulsory delivery of shares, no intraday trading permitted

Securities Being Moved to T2T Segment

Moving to XT Group (from X Group):

  1. Aadi Industries Ltd (530027)
  2. Containerway International Ltd (540597)
  3. Dhruva Capital Services Ltd (531237)
  4. Fruition Venture Ltd (538568)
  5. Gallops Enterprise Ltd (531902)
  6. Halder Venture Ltd (539854)
  7. KCD Industries India Ltd (540696)
  8. KZ Leasing & Finance Ltd (511728)
  9. Lexoraa Industries Ltd (531944)
  10. Multipurpose Trading & Agencies Ltd (504356)
  11. Umiya Tubes Ltd (539798)
  12. Vinayak Polycon International Ltd (534639)

Moving to T Group (from B Group):

  1. Axita Cotton Ltd (542285)
  2. Nectar Lifesciences Ltd (532649)
  3. Ortin Global Ltd (539287)
  4. Shyam Century Ferrous Ltd (539252)

Securities Retained in T2T Segment

24 securities will continue in T2T segment including Equippp Social Impact Technologies Ltd, Future Enterprises Ltd, Gujarat Raffia Industries Ltd, Tiaan Consumer Ltd, and 20 others across XT, T, Z, and P groups.

Regulatory Changes

This circular implements BSE’s surveillance framework by:

  • Applying stricter trading restrictions on identified securities
  • Limiting price movements to 5% or lower bands
  • Requiring 100% delivery-based settlement
  • Preventing speculative intraday trading activity

Compliance Requirements

  • Trading Members: Must ensure clients are aware of T2T restrictions before accepting orders
  • Investors: Must take compulsory delivery of purchased shares; no square-off permitted
  • Settlement: All transactions must result in actual delivery and payment
  • Price Band: Trading restricted to maximum 5% circuit limits

Important Dates

  • Effective Date: December 11, 2025 - All changes to securities grouping become effective
  • Circular Date: December 8, 2025

Impact Assessment

High Impact on affected securities and investors:

  • Liquidity Impact: Significant reduction in trading volumes expected as intraday traders exit
  • Investor Impact: Only delivery-based investors can trade; margin trading and intraday strategies not permitted
  • Price Discovery: May experience reduced liquidity affecting price discovery mechanism
  • Surveillance Signal: Inclusion indicates regulatory concerns about trading patterns or corporate governance
  • Market Perception: Negative signal potentially affecting investor sentiment
  • Trading Costs: Higher impact cost due to reduced liquidity and wider bid-ask spreads expected

Impact Justification

Affects trading mechanism for 40 securities with shift to T2T segment indicating enhanced surveillance, significantly restricting intraday trading and liquidity for affected stocks.