Description

NSE announces listing of Dhara Rail Projects Limited equity shares on EMERGE SME Platform effective December 31, 2025, with trade-for-trade surveillance measures.

Summary

NSE notifies the listing of equity shares of Dhara Rail Projects Limited on the EMERGE SME Platform effective December 31, 2025. The security will commence trading in Series ‘ST’ (Trade for Trade Surveillance Segment with Settlement Type ‘W’) and will later shift to Series ‘SM’ (Normal Rolling Segment). The company has issued 15,084,000 equity shares at Rs. 126/- per share with a face value of Rs. 10/-. Market maker arrangement is in place with Hem Finlease Private Limited.

Key Points

  • Symbol: DHARARAIL
  • ISIN: INE2HJL01019
  • Total Securities: 15,084,000 equity shares
  • Face Value: Rs. 10/- per share
  • Issue Price: Rs. 126/- per share
  • Market Lot: 1,000 equity shares
  • Trading Series: ST (Trade for Trade Surveillance Segment - TFTS with Settlement Type ‘W’)
  • Market Maker Maximum Spread: Within 10%
  • Pre-open Session: Applicable for IPO category
  • Continuous Market Trading: Available as per Exchange Circular NSE/CMTR/37202

Regulatory Changes

No new regulatory changes introduced. Listing follows existing SEBI circulars CIR/MRD/DP/01/2012 and CIR/MRD/DP/02/2012 dated January 20, 2012 regarding trade-for-trade surveillance measures for SME IPOs.

Compliance Requirements

  • Members must identify the security only by its designated code (DHARARAIL)
  • Trading must be conducted in specified lot sizes of 1,000 equity shares
  • Security will participate in pre-open session for IPO category
  • Market maker must maintain spread within 10%
  • Security will later transition from Series ‘ST’ to Series ‘SM’ as per SEBI guidelines

Important Dates

  • Circular Date: December 30, 2025
  • Effective Date: December 31, 2025
  • Listing Date: December 31, 2025
  • Financial Year: April 2025 – March 2026

Impact Assessment

Market Impact: Medium - Addition of new SME security to EMERGE platform provides investment opportunities in rail infrastructure sector. Trade-for-trade surveillance reduces speculative activity initially.

Operational Impact: Medium - Members need to configure systems for new security code and comply with trade-for-trade settlement requirements. Market maker arrangement ensures liquidity support.

Investor Impact: The trade-for-trade surveillance mechanism requires compulsory delivery, reducing leverage opportunities but providing investor protection during initial trading phase.

Additional Information

Company Details:

  • Registered Office: Gala No. O, 196-K, Girgaum Gaiwadi, Mumbai - 400004
  • Corporate Office: 208, 2nd Floor, Plot-16, The Jewel Roxy Chambers, Opera House, Mumbai - 400004
  • Company Secretary: Mr. Suraj Bohra
  • Contact: +91-22-23865040, cs@drppl.com
  • Website: https://drppl.com/

Registrar & Transfer Agent: Bigshare Services Private Limited, Mumbai

Market Maker: Hem Finlease Private Limited, Jaipur

Impact Justification

Standard SME IPO listing with trade-for-trade surveillance. Relevant for SME segment participants and investors interested in new listings.