Description

NSE announces transfer of Dhara Rail Projects Limited from trade for trade segment (ST) to rolling segment (SM) effective January 14, 2026.

Summary

National Stock Exchange has announced the transfer of Dhara Rail Projects Limited from the trade for trade segment (Series: ST) to the rolling segment (Series: SM), effective January 14, 2026. This follows the earlier circular NSE/CML/72071 dated December 30, 2025, and is in accordance with SEBI guidelines circular CIR/MRD/DP/02/2012 dated January 20, 2012.

Key Points

  • Dhara Rail Projects Limited (Symbol: DHARARAIL) will be moved from trade for trade segment to rolling segment
  • Current segment: Trade for Trade (Series: ST)
  • New segment: Rolling Segment (Series: SM)
  • This change is related to the company’s SME IPO listing
  • References prior circular NSE/CML/72071 dated December 30, 2025

Regulatory Changes

The segment transfer is being implemented pursuant to SEBI guidelines under circular reference no. CIR/MRD/DP/02/2012 dated January 20, 2012, which governs the framework for moving securities between different trading segments.

Compliance Requirements

No specific compliance actions are required from members or market participants. The exchange will execute the segment transfer administratively. Members should note the change in trading series from ST to SM for this security.

Important Dates

  • Circular Date: December 31, 2025
  • Effective Date: January 14, 2026 - Dhara Rail Projects Limited will commence trading in rolling segment (Series: SM)

Impact Assessment

Trading Impact: The transfer from trade for trade (T2T) to rolling segment provides enhanced liquidity and trading flexibility for DHARARAIL. In the rolling segment, the stock can be traded for intraday positions, unlike the T2T segment which requires compulsory delivery. This typically attracts more trading interest and improves price discovery.

Market Participants: Brokers and traders can now engage in intraday trading in DHARARAIL shares, which was previously restricted under the T2T framework. This change is standard practice for SME IPO stocks after initial listing stabilization period.

Impact Justification

Segment transfer from T2T to rolling improves trading flexibility for Dhara Rail Projects Limited post-IPO, enabling intraday trading and increased liquidity