Description

BSE shifts 35 securities from rolling segment to trade-for-trade segment with 5% price band, effective December 26, 2025.

Summary

BSE announced the shifting of 35 securities from the rolling segment to the trade-for-trade (T2T) segment with a price band of 5% or lower, effective December 26, 2025. This includes 29 securities moving to T/XT groups and 6 SME securities moving to MT group. Additionally, 15 securities will be retained in the T2T segment. This is a surveillance measure to curb excessive speculation and protect investor interests.

Key Points

  • 29 securities shifting from X/B group to XT/T group in rolling segment
  • 6 SME securities shifting from M group to MT group
  • All shifts effective from December 26, 2025
  • Price band restricted to 5% or lower for all affected securities
  • 15 securities to be retained in existing T2T segment
  • Trade-for-trade segment requires compulsory delivery with no intraday squaring off

Regulatory Changes

Securities moved to trade-for-trade segment will be subject to:

  • Compulsory delivery-based settlement only
  • No intraday trading allowed
  • 5% or lower price band restriction
  • Enhanced surveillance measures
  • All trades must result in actual delivery and cannot be squared off on the same day

Compliance Requirements

  • Trading members must ensure all trades in these securities result in delivery
  • No carry forward or rollover positions allowed
  • Clients must have sufficient funds/securities before placing orders
  • Brokers should inform clients about T2T restrictions on these securities
  • Settlement obligations must be met through actual delivery

Important Dates

  • Circular Date: December 22, 2025
  • Effective Date: December 26, 2025 - Securities shift to T2T segment

Impact Assessment

Liquidity Impact: Significant reduction in trading volumes expected as intraday trading is prohibited. Investors can only take delivery-based positions, which typically reduces speculative activity and overall liquidity.

Price Discovery: The 5% price band may limit price movements and potentially slow down price discovery mechanisms for these securities.

Investor Impact: Existing shareholders may face difficulty in exiting positions due to reduced liquidity. New investors will need full funding before purchase. The measure protects retail investors from excessive speculation but may reduce trading interest.

Market Segment: Primarily affects securities in X, B, and M (SME) groups, indicating these stocks were already under some form of surveillance or had trading concerns.

Impact Justification

Surveillance measure affecting 35 securities with trading restrictions that limit liquidity and impose 5% price band, impacting existing shareholders and traders.