Description

BSE announces transfer of securities to/from periodic call auction mechanism based on trading activity from October 2025 to March 2026, effective April 10, 2026.

Summary

BSE has announced the updated list of securities to be traded under the Periodic Call Auction (PCAS) mechanism, effective April 10, 2026. This update is based on trading activity observed between October 1, 2025 and March 30, 2026, and is in line with SEBI circular CIR/MRD/DP/38/2013 dated December 19, 2013.

Key Points

  • Securities moving into periodic call auction mechanism are listed in Annexure I, effective April 10, 2026.
  • Securities moving out of periodic call auction mechanism are listed in Annexure II, effective April 10, 2026.
  • The criteria for shifting securities is decided in consultation with SEBI and applied uniformly across stock exchanges.
  • The list is reviewed periodically based on trading activity.
  • Trading members must exercise additional due diligence when trading in these securities, whether on own account or on behalf of clients.

Regulatory Changes

This notice is issued under the framework established by SEBI circular CIR/MRD/DP/38/2013 (December 19, 2013) and BSE Exchange Notice No. 20131220-26 (December 20, 2013) on rationalized Periodic Call Auction for illiquid scrips. No new regulatory framework is introduced; this is a periodic update within the existing surveillance mechanism.

Compliance Requirements

  • Trading members must note the updated list of securities entering and exiting the periodic call auction mechanism.
  • Members are required to exercise additional due diligence while trading in affected securities.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • Review Period: October 1, 2025 to March 30, 2026
  • Effective Date: April 10, 2026 (for both additions and removals from PCAS)

Impact Assessment

Trading members dealing in illiquid equities will be affected as certain scrips will move into or out of the call auction trading window. Securities entering the periodic call auction will have restricted trading to scheduled auction sessions, reducing intraday liquidity. Securities exiting the mechanism will revert to normal continuous trading. This is a routine surveillance action with moderate operational impact on members trading in low-liquidity stocks.

Impact Justification

Routine periodic review of illiquid scrips moving into or out of call auction mechanism; affects trading members dealing in illiquid securities but is a standard surveillance measure with a defined effective date.