Description
NSE moves 5 securities from rolling segment to Trade for Trade (BE/ST series) with 5% price band effective March 6, 2026, and lists securities continuing under Trade for Trade surveillance.
Summary
NSE’s Surveillance Department (Circular Ref. No. 160/2026, Download Ref No: NSE/SURV/73085) has directed that 5 securities be shifted from the rolling segment to the Trade for Trade (T2T) segment effective March 6, 2026, with a price band of 5% or lower. Additionally, 4 securities are confirmed to continue in the Trade for Trade segment under ongoing surveillance.
Key Points
- 4 securities shifted from Rolling segment (series: EQ) to Trade for Trade (series: BE): A2ZINFRA, USK, TARMAT, TREEHOUSE
- 1 security shifted from Rolling segment (series: SM) to Trade for Trade (series: ST): AAKAAR
- Criteria for all new shifts: Price Earnings Multiple, Price Variation & Market Capitalization
- 4 securities (ANSALAPI, SADBHAV, UNIVPHOTO, VIPULLTD) continue in Trade for Trade (series: BE/BZ)
- No netting off allowed; settlement is strictly on a trade-to-trade basis
- Action is purely for market surveillance and should not be construed as adverse action against the company
Regulatory Changes
Pursuant to Capital Market Segment Trading Regulations Part - A, 2.6, the following securities will no longer be available in the rolling segment:
Shifted from EQ to BE (5% price band):
| Symbol | Company | ISIN |
|---|---|---|
| A2ZINFRA | A2Z Infra Engineering Limited | INE619I01012 |
| USK | Udayshivakumar Infra Limited | INE0N0Y01013 |
| TARMAT | Tarmat Limited | INE924H01018 |
| TREEHOUSE | Tree House Education & Accessories Limited | INE040M01013 |
Shifted from SM to ST (5% price band):
| Symbol | Company | ISIN |
|---|---|---|
| AAKAAR | Aakaar Medical Technologies Limited | INE1GYP01013 |
Continuing in Trade for Trade (BE/BZ series):
| Symbol | Company | ISIN |
|---|---|---|
| ANSALAPI | Ansal Properties & Infrastructure Limited | INE436A01026 |
| SADBHAV | Sadbhav Engineering Limited | INE226H01026 |
| UNIVPHOTO | Universus Photo Imagings Limited | INE03V001013 |
| VIPULLTD | Vipul Limited | INE946H01037 |
Compliance Requirements
- Members must stop trading the shifted securities in the EQ/SM (rolling) series from March 6, 2026
- All trades in BE/ST/BZ/SZ series must be settled on a trade-to-trade basis with no netting off
- Members must take adequate precaution while trading in these securities
- Queries can be directed to surveillance@nse.co.in
Important Dates
- Circular Date: March 2, 2026
- Effective Date: March 6, 2026 (Friday) — shift to Trade for Trade segment takes effect
Impact Assessment
Traders and investors holding or intending to trade in A2ZINFRA, USK, TARMAT, TREEHOUSE, and AAKAAR will face significantly restricted trading conditions from March 6, 2026. The mandatory trade-to-trade settlement eliminates intraday netting, increasing capital requirements per trade and reducing liquidity. The 5% price band further limits daily price movement. These restrictions typically signal elevated surveillance concern around valuation metrics (PE multiples, price variation, market capitalization anomalies). Stocks already in BE/BZ series (ANSALAPI, SADBHAV, UNIVPHOTO, VIPULLTD) remain under the same constraints with no relaxation at this review.
Impact Justification
Directly restricts trading mode for 9 securities, imposing trade-to-trade settlement with no netting, a significant operational restriction affecting traders and investors in these stocks.