Description

BSE transfers securities to Trade-to-Trade settlement groups effective April 17, 2026, as a surveillance measure. Securities in Annexure I will be moved to T/XT/MT/TS Group; those in Annexure II will continue with a 5% price band.

Summary

BSE, as part of its surveillance measures and in alignment with the SEBI framework, is transferring select securities to Trade-to-Trade (T2T) settlement groups (T, XT, MT, or TS) effective April 17, 2026. Securities listed in Annexure I (meeting all criteria I, II, and III) will be newly transferred, while securities in Annexure II will continue in their respective groups (T/XT/MT/TS/P/Z/ZP) and will attract a 5% price band.

Key Points

  • Securities in Annexure I satisfying all criteria I, II, and III will be transferred to T/XT/MT/TS Group w.e.f. April 17, 2026.
  • Securities in Annexure II will remain in T/XT/MT/TS/P/Z/ZP Group and attract a 5% price band.
  • No netting off of positions will be permitted for affected securities — settlement is strictly on a trade-to-trade basis.
  • A VAR Margin of 100% will be levied on these scrips per Exchange Notice No. 20050805-12 dated August 5, 2005.
  • Shortlisting of securities is based on XBRL submissions by the respective listed companies.
  • The transfer is a temporary surveillance measure and will be periodically reviewed based on market conditions.
  • Detailed criteria for shifting scrips to/from T2T basis are available on the BSE website.

Regulatory Changes

No new regulatory framework is introduced. This action is executed under the existing SEBI surveillance framework and the criteria for T2T transfers are decided in consultation with SEBI, applied uniformly across stock exchanges, and reviewed periodically. Reference is made to Exchange Notice No. 20050805-12 (dated August 5, 2005) for the 100% VAR margin levy.

Compliance Requirements

  • Trading Members must take adequate precaution while trading in the affected securities.
  • Members must ensure all trades in affected scrips are settled on a gross/trade-to-trade basis — no netting of buy and sell positions is allowed.
  • Members must maintain the requisite 100% VAR Margin for affected scrips.
  • For clarifications, trading members may write to bse.surv@bseindia.com.

Important Dates

  • April 13, 2026 — Notice date; circular issued.
  • April 17, 2026 — Effective date for transfer of Annexure I securities to T/XT/MT/TS Group.

Impact Assessment

This circular has a high operational and financial impact on trading members dealing in the affected securities. The shift to Trade-to-Trade settlement eliminates the ability to net off intraday positions, increasing settlement obligations and capital requirements. The mandatory 100% VAR margin significantly raises the cost of trading in these scrips. The 5% price band on Annexure II securities further restricts intraday price movement. While BSE clarifies this is not an adverse action against the companies involved and is a temporary measure, it effectively reduces liquidity and increases trading friction for the listed securities. Retail and institutional traders holding or planning to trade these scrips must reassess their positions and margin requirements before April 17, 2026.

Impact Justification

Directly affects trading and settlement methodology for multiple securities; imposes 100% VAR margin and eliminates netting, significantly increasing capital requirements and restricting trading flexibility for affected scrips effective April 17, 2026.