Description

NSE shifts 12 securities to Trade for Trade segment with price bands effective December 02, 2025, and maintains surveillance measures on 19 existing securities.

Summary

NSE has announced surveillance measures affecting multiple securities, shifting 12 securities to the Trade for Trade (T2T) segment effective December 02, 2025. Six securities will move from Rolling Segment (EQ series) to T2T segment (BE series), and six securities will move from Rolling Segment (SM series) to T2T segment (ST series). All shifted securities will have a price band of 5% or lower. Additionally, 17 securities will continue in T2T segment due to ongoing surveillance actions, and Jet Airways will remain in T2T as per previous circulars.

Key Points

  • 6 securities shifting from EQ to BE series (Trade for Trade with 5% price band)
  • 6 securities shifting from SM to ST series (Trade for Trade with 5% price band)
  • 17 securities continuing in T2T segment under surveillance criteria
  • Jet Airways continues in T2T as per special circulars NSE/SURV/41288 & NSE/CML/42146
  • All changes effective from December 02, 2025 (Tuesday)
  • Securities selected based on criteria A, B, C, or D (specific surveillance triggers)
  • One security (GSLSU) satisfies criteria at BSE exchange
  • One security (SWANDEF) satisfies criteria at BSE exchange

Regulatory Changes

Securities moved to Trade for Trade segment will face:

  • Compulsory delivery-based settlement (no intraday squaring off allowed)
  • Reduced price band of 5% or lower (2% for some securities in BZ/SZ series)
  • Enhanced monitoring under NSE surveillance framework
  • Trading restrictions to curb excessive speculation and protect investor interests

Compliance Requirements

  • Trading members must ensure all trades in T2T securities result in delivery
  • No intraday positions allowed in these securities
  • Clients must have adequate funds/securities before trading
  • Brokers should update their systems to reflect segment changes
  • Risk management systems must be adjusted for the new price bands
  • Investors trading these securities must take/give delivery of shares

Important Dates

  • December 02, 2025 (Tuesday): Effective date for all segment changes and continued T2T surveillance measures

Impact Assessment

Market Impact: Movement to T2T segment significantly reduces liquidity as intraday trading is not permitted. This typically results in lower trading volumes and wider bid-ask spreads.

Investor Impact: Retail traders and intraday speculators will be unable to trade these securities for short-term gains. Only delivery-based investors can participate, requiring full capital commitment.

Operational Impact: Trading members must update their risk management systems, margin requirements, and client communication. The 5% price band limits daily price movement, reducing volatility but also limiting trading opportunities.

Securities Affected by Criteria:

  • Criteria A: 8 securities (typically price volatility or market manipulation concerns)
  • Criteria B: 3 securities (unusual trading patterns)
  • Criteria C: 3 securities (corporate governance or disclosure issues)
  • Criteria D: 1 security (other surveillance concerns)
  • Preceding Fortnight: 7 securities (continued from previous surveillance period)

The surveillance measures aim to protect investors in securities showing abnormal trading patterns, price movements, or corporate governance concerns.

Impact Justification

Affects liquidity and trading conditions for 31 securities. Trade for Trade segment restricts intraday trading and requires compulsory delivery, significantly impacting traders in these securities.