Description

BSE moves 21 securities from rolling segment to trade-for-trade segment with 5% price band and retains 20 securities in T2T segment effective January 22, 2026.

Summary

BSE has announced the transfer of 21 securities from the rolling segment to the trade-for-trade (T2T) segment with a reduced price band of 5% or lower, effective January 22, 2026. This includes 20 securities moving to T, XT groups and 1 SME security moving to MT group. Additionally, 20 securities will be retained in the T2T segment. This measure is part of enhanced surveillance to curb excessive speculation and volatility.

Key Points

  • 20 securities shifting from rolling segment (Group B/X) to T2T segment (Group T/XT) with 5% price band
  • 1 SME security shifting from Group M to MT with 5% price band
  • 20 securities to be retained in existing T2T segment (Groups T, XT, P)
  • Changes effective from January 22, 2026
  • Trade-for-trade mechanism requires compulsory delivery with no intraday squaring off
  • Price band restricted to 5% or lower for all affected securities

Regulatory Changes

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

  • Compulsory delivery-based settlement (no intraday trading allowed)
  • Price band limitation of 5% or lower
  • Enhanced surveillance monitoring
  • All trades must result in actual delivery and cannot be squared off intraday

Compliance Requirements

  • Trading members must ensure all transactions in these securities result in delivery
  • No intraday positions allowed in T2T securities
  • Clients must have adequate funds and demat holdings before placing orders
  • Brokers should inform clients about the T2T classification and its implications
  • Margin requirements as applicable for delivery-based trades must be collected upfront

Important Dates

  • Effective Date: January 22, 2026 - All 21 securities move to T2T segment
  • Announcement Date: January 19, 2026

Impact Assessment

Liquidity Impact: Severe reduction in liquidity expected as intraday trading will be completely restricted. Trading volumes likely to drop significantly.

Investor Impact: Retail and day traders will not be able to trade these securities for intraday profit. Only delivery-based investors can participate.

Price Discovery: Limited to 5% daily movement, which may lead to circuit hits if there’s significant buying/selling pressure.

Market Sentiment: Movement to T2T segment typically seen as negative signal, indicating regulatory concerns about price manipulation or volatility.

Operational Impact: Trading members need to update systems, risk management tools, and client communication regarding these restrictions.

Securities Moving to T2T Segment (Effective January 22, 2026)

Main Board Securities (Group B/X to T/XT):

  1. AAA Technologies Ltd (543671) - B to T
  2. Auto Pins (India) Ltd (531994) - X to XT
  3. Avi Products India Ltd (523896) - X to XT
  4. Avro India Ltd (543512) - B to T
  5. Filmcity Media Ltd (531486) - X to XT
  6. Garware Synthetics Ltd (514400) - X to XT
  7. Golkonda Aluminium Extrusions Ltd (513309) - X to XT
  8. LE Lavoir Ltd (539814) - X to XT
  9. Lippi Systems Ltd (526604) - X to XT
  10. Machhar Industries Ltd (543934) - X to XT
  11. Mukat Pipes Ltd (523832) - X to XT
  12. PG Foils Ltd (526747) - X to XT
  13. Photoquip India Ltd (526588) - X to XT
  14. S. M. Gold Ltd (542034) - B to T
  15. Scan Projects Ltd (531797) - X to XT
  16. Shahlon Silk Industries Ltd (542862) - X to XT
  17. Siddheswari Garments Ltd (526877) - X to XT
  18. Sybly Industries Ltd (531499) - X to XT
  19. United Van Der Horst Ltd (522091) - X to XT
  20. Vantage Knowledge Academy Ltd (539761) - X to XT

SME Securities (Group M to MT):

  1. Novateor Research Laboratories Ltd (542771) - M to MT

Securities Retained in T2T Segment

20 securities including Arcee Industries Ltd, Caprolactam Chemicals Ltd, Manaksia Aluminium Company Ltd, Mangalam Drugs & Organics Ltd, Rollatainers Ltd, and others will continue in T2T segment with existing restrictions.

Impact Justification

Restricts 21 securities to trade-for-trade with 5% price band, significantly impacting liquidity and trading flexibility for affected stocks. This is a surveillance measure targeting scrips with potential concerns.