Description

BSE shifts Rajvir Industries Ltd to 'Z' group effective January 9, 2026, due to non-compliance with SEBI LODR Regulation 27(2) for two consecutive quarters (June 2025 and September 2025).

Summary

BSE has announced the continuation of Rajvir Industries Ltd (Scrip Code: 532665) in the ‘Z’ group effective January 9, 2026, pursuant to SEBI Master Circular dated November 11, 2024. The company has failed to comply with Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters - June 2025 and September 2025. The company was already classified under the ‘Z’ group prior to this notice.

Key Points

  • Rajvir Industries Ltd (Scrip Code: 532665) to remain in ‘Z’ group from January 9, 2026
  • Non-compliance relates to Regulation 27(2) of SEBI LODR Regulations, 2015
  • Violations occurred for two consecutive quarters: June 2025 and September 2025
  • Company was already in ‘Z’ group before this action
  • All trades will be settled on Trade for Trade (T4T) basis
  • Action taken pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024

Regulatory Changes

No new regulatory changes introduced. This circular implements existing penal provisions under SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 regarding non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Compliance Requirements

For Rajvir Industries Ltd:

  • Must comply with Regulation 27(2) of SEBI LODR Regulations, 2015 (Corporate Governance requirements)
  • Need to rectify non-compliances to be eligible for removal from ‘Z’ group

For Market Participants:

  • All trades in Rajvir Industries Ltd must be executed on Trade for Trade basis
  • Settlement will follow T4T mechanism with no intraday trading allowed
  • Queries to be directed to bse.soplodr@bseindia.com

Important Dates

  • Notice Date: December 29, 2025
  • Effective Date: January 9, 2026 (continuation in ‘Z’ group)
  • Non-Compliance Periods: June 2025 quarter and September 2025 quarter

Impact Assessment

Trading Impact:

  • Severely restricted liquidity due to Trade for Trade settlement
  • No intraday trading permitted
  • Higher settlement risk and reduced investor participation
  • Potential price volatility due to restricted trading mechanism

Investor Impact:

  • Existing shareholders face limited exit options
  • Mandatory delivery-based settlement increases capital requirements
  • Potential difficulty in price discovery
  • Reputational concerns regarding company’s governance standards

Company Impact:

  • Negative market perception due to continued Z-group classification
  • Difficulty in capital raising activities
  • Reduced trading volumes and investor interest
  • Need to urgently address corporate governance deficiencies to restore normal trading status

Impact Justification

High impact for Rajvir Industries shareholders due to Z-group restrictions and trade-for-trade settlement, but medium overall importance as it affects only one company already in Z-group