Description

NSE moves 4 securities to Trade for Trade segment with 5% price band effective December 26, 2025, as part of surveillance measures to ensure market safety and investor protection.

Summary

NSE has taken surveillance action to shift 4 securities from rolling segment to Trade for Trade (T2T) segment with a 5% or lower price band, effective December 26, 2025. Two securities (ARVEE and SELMC) will move from EQ series to BE series, while two securities (JALAN and MARINETRAN) will move from SM series to ST series. Additionally, 4 securities will continue in T2T segment. The action is taken to ensure market safety and safeguard investor interests based on criteria including Price Earnings Multiple, Price Variation, and Market Capitalization.

Key Points

  • 4 securities being moved to Trade for Trade segment effective December 26, 2025 (Friday)
  • Price band restriction of 5% or lower will apply
  • Securities will not be available in rolling segment (EQ/SM series) after the change
  • Settlement will be on trade-to-trade basis with no netting off allowed
  • 4 additional securities will continue in T2T segment as per current fortnightly review
  • Action is purely surveillance-based and not an adverse action against companies

Regulatory Changes

Under Capital Market Segment Trading Regulations Part - A, 2.6:

  • From Rolling to T2T (BE series): ARVEE LABORATORIES (INDIA) LIMITED and SEL MANUFACTURING COMPANY LIMITED
  • From Rolling to T2T (ST series): JALAN TRANSOLUTIONS (INDIA) LIMITED and MARINETRANS INDIA LIMITED
  • All moved securities will have 5% or lower price band
  • Securities will no longer be available for normal rolling settlement

Compliance Requirements

  • Members must take adequate precaution while trading in these securities
  • Settlement will be done on trade-to-trade basis only
  • No netting off of positions will be allowed
  • Members should refer to NSE website for criteria on movement of securities to/from T2T segment
  • For queries, members can write to surveillance@nse.co.in

Important Dates

  • Circular Date: December 22, 2025
  • Effective Date: December 26, 2025 (Friday)

Impact Assessment

Liquidity Impact: Securities moved to T2T segment will experience reduced liquidity as no intraday netting is allowed and each trade requires full delivery.

Trading Impact: Price band restriction of 5% limits price movement, reducing volatility but also restricting price discovery.

Investor Impact: Investors holding these securities must be prepared for compulsory delivery-based settlement. Day trading and speculative activities will be significantly restricted.

Market Safety: The surveillance action is designed to protect investors by reducing excessive speculation and ensuring genuine delivery-based transactions in securities showing concerning patterns in Price Earnings Multiple, Price Variation, and Market Capitalization.

Affected Securities Details:

  • ARVEE (INE006Z01016) - ARVEE LABORATORIES (INDIA) LIMITED
  • SELMC (INE105I01020) - SEL MANUFACTURING COMPANY LIMITED
  • JALAN (INE349X01015) - JALAN TRANSOLUTIONS (INDIA) LIMITED
  • MARINETRAN (INE0P1P01017) - MARINETRANS INDIA LIMITED

Impact Justification

Affects trading mechanism for specific securities by moving them to T2T segment with restricted price band, impacting liquidity and settlement for these stocks. Part of routine surveillance action.