Description

BSE announces shift of 21 securities from rolling segment to trade-for-trade segment with 5% or lower price band, and retention of 20 securities in T2T segment, effective January 22, 2026.

Summary

BSE has announced surveillance measures affecting 41 securities through trade-for-trade (T2T) segment placement. Effective January 22, 2026, 20 securities from the rolling segment (Group B and X) will be shifted to trade-for-trade segment (Group T and XT), and 1 SME security will move to Group MT. Additionally, 20 securities will be retained in the T2T segment with a 5% or lower price band. This measure restricts intraday trading and requires mandatory delivery-based transactions.

Key Points

  • 20 securities shifting from rolling segment to T2T segment (Groups T and XT) with 5% or lower price band
  • 1 SME security (Novateor Research Laboratories Ltd) moving to Group MT
  • 20 securities being retained in T2T segment with existing restrictions
  • All changes effective from January 22, 2026
  • Trade-for-trade segment prohibits intraday trading and requires delivery settlement
  • Price band restriction of 5% or lower applies to all affected securities

Regulatory Changes

The exchange is implementing enhanced surveillance measures by moving securities to trade-for-trade groups:

New Inclusions (Rolling to T2T):

  • Group B to T: AAA Technologies Ltd, Avro India Ltd, S. M. Gold Ltd
  • Group X to XT: 17 securities including Auto Pins (India) Ltd, Avi Products India Ltd, Filmcity Media Ltd, Garware Synthetics Ltd, and others
  • Group M to MT: Novateor Research Laboratories Ltd (SME)

Retained in T2T:

  • 20 securities including Arcee Industries Ltd, Caprolactam Chemicals Ltd, Manaksia Aluminium Company Ltd, and others remain in Groups T, XT, and P

Compliance Requirements

  • Brokers and Trading Members: Must ensure all trades in affected securities are executed on a delivery basis only from January 22, 2026
  • Investors: Cannot square off positions intraday; all purchases must result in delivery and all sales must be from demat holdings
  • Market Participants: Must comply with 5% or lower price band restrictions for all affected securities
  • Systems and Risk Management: Trading systems must be updated to reflect T2T segment classification and prevent intraday trading

Important Dates

  • January 22, 2026: Effective date for shift of 21 securities to T2T segment and retention of 20 securities in T2T segment
  • January 19, 2026: Circular notification date

Impact Assessment

Market Impact:

  • Significant reduction in liquidity for 41 affected securities due to mandatory delivery-based trading
  • Elimination of intraday trading opportunities for speculators and day traders
  • Reduced trading volumes expected as T2T segment requires higher capital commitment
  • Tighter price band (5% or lower) limits price volatility but may also restrict price discovery

Investor Impact:

  • Higher capital requirements as intraday leverage not available
  • Increased holding period risk for traders
  • Delivery obligation requires sufficient demat holdings for selling
  • Potential exit difficulties due to reduced liquidity

Operational Impact:

  • Trading members must update surveillance and risk management systems
  • Enhanced monitoring required for delivery failures
  • Separate settlement tracking needed for T2T segment securities

Impact Justification

Significant trading restriction affecting 41 securities with shift to trade-for-trade segment, impacting liquidity and intraday trading for affected stocks