Description

Eight investment companies and investment holding companies to be transferred from trade for trade segment (BE series) to rolling segment (EQ series) from November 13-18, 2025.

Summary

NSE has announced the transfer of eight equity securities of Investment Companies (ICs) and Investment Holding Companies (IHCs) from the trade for trade segment (Series: BE) to the rolling segment (Series: EQ). This change follows SEBI circular CIR/MRD/DP/02/2012 dated January 20, 2012 and will be implemented between November 13-18, 2025. One security (Vardhman Holdings Limited) will continue in the trade for trade segment under call auction.

Key Points

  • Eight investment companies/holding companies being transferred from BE series to EQ series
  • Transfer effective between November 13-18, 2025 with different dates for different securities
  • Move from trade for trade segment to rolling settlement improves liquidity
  • Vardhman Holdings Limited (VHL) remains in trade for trade segment (BE series) under call auction
  • Change pursuant to SEBI guidelines and NSE circular NSE/CML/70850 dated October 15, 2025

Regulatory Changes

The circular implements the regulatory framework established by SEBI circular CIR/MRD/DP/02/2012 dated January 20, 2012 regarding classification and trading mechanism for Investment Companies and Investment Holding Companies. The transfer from BE series (trade for trade) to EQ series (rolling settlement) indicates these companies now meet the criteria for regular trading segment.

Compliance Requirements

No specific compliance requirements are outlined for market participants. The change is an administrative action by the exchange affecting the trading mechanism for the listed securities. Trading members should update their systems to reflect the series change and modified settlement mechanism for these securities.

Important Dates

  • November 13, 2025: Transfer effective for GFL Limited, Kalyani Investment Company Limited, Nalwa Sons Investments Limited, and Pilani Investment and Industries Corporation Limited
  • November 14, 2025: Transfer effective for TVS Holdings Limited
  • November 17, 2025: Transfer effective for Maharashtra Scooters Limited and SIL Investments Limited
  • November 18, 2025: Transfer effective for Welspun Investments and Commercials Limited

Impact Assessment

Positive Impact: The move from trade for trade (BE series) to rolling settlement (EQ series) is generally positive for investors as it:

  • Improves liquidity by allowing normal trading instead of auction-based settlement
  • Enables intraday trading and standard T+1 settlement cycle
  • Reduces trading restrictions and provides better price discovery
  • May attract more investor interest due to improved trading flexibility

Company-Specific: The retention of Vardhman Holdings Limited in the BE series under call auction suggests continued concerns or non-compliance with criteria for regular segment transfer.

Market Impact: Limited broader market impact as these are investment companies with typically lower trading volumes. The change primarily benefits existing shareholders and potential investors in these specific securities.

Impact Justification

This circular affects trading liquidity and settlement mechanism for eight listed investment companies, moving them from restrictive trade-for-trade to regular rolling settlement. While significant for affected companies and their investors, it has limited broader market impact.