Description
NSE surveillance action moving 6 securities from rolling segment to Trade for Trade segment with 5% price band, effective November 13, 2025.
Summary
NSE has issued surveillance measures to shift 6 securities from the rolling segment to the Trade for Trade (T2T) segment with a 5% or lower price band, effective November 13, 2025. The securities are being moved based on criteria including Price Earnings Multiple, Price Variation, and Market Capitalization concerns. Settlement will be on a trade-to-trade basis with no netting off allowed. Additionally, 3 securities will continue in the T2T segment.
Key Points
- 6 securities moving from rolling segment (EQ series) to Trade for Trade segment (BE series) with 5% price band
- No securities moving from SM series to ST series in this circular
- Affected securities will not be available in rolling segment (EQ/SM series) from November 13, 2025
- Trade-to-trade settlement means no netting off of positions is allowed
- 3 securities (BAFNAPH, CURAA, SEYAIND) will continue in T2T segment under current fortnightly review
- Action is purely surveillance-based and not an adverse action against the companies
Regulatory Changes
Pursuant to Capital Market Segment Trading Regulations Part - A, 2.6, the following changes will be implemented:
- Securities listed in Annexure-1 will be available only in Trade for Trade segment (series: BE/ST)
- Price band restriction of 5% or lower will apply
- Trading will shift from rolling settlement to trade-to-trade settlement
- Positions cannot be netted off; each trade requires individual settlement
Compliance Requirements
- Members must take adequate precautions while trading in the affected securities
- Settlement will be done strictly on trade-to-trade basis
- No netting off of positions will be allowed
- Members should refer to NSE website for criteria on shifting securities to/from T2T segment: https://www.nseindia.com/regulations/movement-securities-periodic-review
- Queries should be directed to surveillance@nse.co.in
Important Dates
- Circular Date: November 10, 2025
- Effective Date: November 13, 2025 (Thursday)
- From November 13, 2025, affected securities will be available only in BE/ST series, not in EQ/SM series
Impact Assessment
Securities Moving to T2T Segment (Annexure-1):
- ONELIFE CAPITAL ADVISORS LIMITED (ONELIFECAP) - ISIN: INE912L01015
- LANCOR HOLDINGS LIMITED (LANCORHOL) - ISIN: INE572G01025
- EXXARO TILES LIMITED (EXXARO) - ISIN: INE0GFE01026
- HB STOCKHOLDINGS LIMITED (HBSL) - ISIN: INE550B01022
- MEGASTAR FOODS LIMITED (MEGASTAR) - ISIN: INE00EM01016
- SILLY MONKS ENTERTAINMENT LIMITED (SILLYMONKS) - ISIN: INE203Y01012
All moved due to: Price Earnings Multiple, Price Variation & Market Capitalization concerns
Securities Continuing in T2T Segment (Annexure-2):
- BAFNA PHARMACEUTICALS LIMITED (BAFNAPH) - ISIN: INE878I01022
- CURA TECHNOLOGIES LIMITED (CURAA) - ISIN: INE117B01020
- SEYA INDUSTRIES LIMITED (SEYAIND) - ISIN: INE573R01012
Market Impact:
- Severely reduced liquidity for affected stocks as intraday trading and position netting is eliminated
- Increased settlement risk and margin requirements for traders
- 5% price band limits daily price movement, reducing volatility but also limiting price discovery
- Investors must take/give delivery for all trades, discouraging speculative trading
- This is a protective measure for investor safety due to identified risks in these securities
Impact Justification
Restricts trading in 6 securities to trade-for-trade basis with 5% price band, eliminating netting off and requiring full delivery settlement, significantly impacting liquidity and trading flexibility for affected stocks