Description

NSE discontinues weekly trading for Suumaya Industries Limited and Marshall Machines Limited effective December 30, 2025, after completion of mandated six-month weekly trading period for non-compliance with financial results submission.

Summary

NSE will discontinue weekly trading for Suumaya Industries Limited (SUULD) and Marshall Machines Limited (MARSHALL) effective December 30, 2025. These companies were previously placed under weekly trading restrictions on Trade for Trade basis (Series “BZ”) for non-compliance with Regulation 33 (submission of financial results) for two consecutive quarters (September 30, 2024 and December 31, 2024). The mandated six-month weekly trading period ends on December 30, 2025, after which weekly trading will cease.

Key Points

  • Two companies affected: Suumaya Industries Limited (SUULD) and Marshall Machines Limited (MARSHALL)
  • Both companies failed to comply with Regulation 33 of SEBI LODR 2015 for two consecutive quarters
  • Non-compliance periods: September 30, 2024 and December 31, 2024
  • Weekly trading was conducted on Trade for Trade basis under Series “BZ”
  • Trading occurred only on the first trading day of every week during the restriction period
  • Discontinuation effective from closing hour of December 29, 2025

Regulatory Changes

This circular implements the provisions of SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, which mandates a six-month period of weekly trading for companies suspended due to non-compliance with financial results submission requirements. Upon completion of this six-month period, weekly trading is discontinued.

Compliance Requirements

For Listed Companies:

  • Companies must comply with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • Timely submission of quarterly and annual financial results is mandatory
  • Failure to comply for two consecutive quarters triggers trading restrictions

For Market Participants:

  • Trading in these securities on weekly basis will no longer be available after December 30, 2025
  • Investors holding positions should be aware of the transition from weekly trading to complete discontinuation

Important Dates

  • May 07, 2025: Initial suspension circular issued (Ref. 0761/2025)
  • December 12, 2025: Current circular issued announcing discontinuation
  • December 29, 2025: Last day of weekly trading (closing hour)
  • December 30, 2025: Effective date of discontinuation of weekly trading

Impact Assessment

Market Impact:

  • Limited broader market impact as only two small companies are affected
  • Liquidity in these securities will be completely restricted after December 30, 2025
  • Investors currently holding these securities will have no trading window after the discontinuation

Investor Impact:

  • High impact for existing shareholders of SUULD and MARSHALL
  • No trading opportunities available after December 30, 2025 until companies remedy their compliance issues
  • Positions will remain frozen until companies submit pending financial results and trading is restored

Regulatory Impact:

  • Reinforces SEBI’s stringent approach to enforcing financial disclosure requirements
  • Demonstrates progressive penalty framework: initial suspension → weekly trading → complete discontinuation
  • Serves as deterrent for other listed companies to maintain compliance with reporting obligations

Impact Justification

Affects two specific companies transitioning from weekly trading restriction to full trading suspension. Limited broader market impact but significant for affected securities and their investors.