Description
NSE shifts 5 securities from Rolling segment (EQ) to Trade for Trade segment (BE) with a 5% price band effective March 19, 2026, as part of surveillance review to ensure market safety.
Summary
NSE’s Surveillance department has issued Circular 195/2026 directing that 5 securities be shifted from the Rolling segment (series: EQ) to the Trade for Trade (T2T) segment (series: BE) with a price band of 5% or lower, effective March 19, 2026 (Thursday). Additionally, 7 securities will continue in the Trade for Trade segment (series: BE/BZ). No securities are being shifted from the SME segment (SM to ST). The move is part of a routine surveillance review aimed at market safety and investor protection.
Key Points
- 5 securities shifted from EQ (Rolling) to BE (Trade for Trade) effective March 19, 2026
- Price band of 5% or lower applies to all newly shifted securities
- No netting off will be allowed; settlement is on a trade-to-trade basis
- Shifted securities will NOT be available in Rolling segment (series: EQ/SM)
- 7 securities continue in T2T segment under series BE/BZ due to prior surveillance action
- Criteria for shifting: Price Earnings Multiple, Price Variation & Market Capitalization
- Action is purely surveillance-related and should not be construed as adverse action against the companies
Regulatory Changes
Pursuant to Capital Market Segment Trading Regulations Part - A, clause 2.6, the following securities are moved to Trade for Trade segment:
Newly shifted to T2T (EQ → BE):
| Symbol | Company | ISIN |
|---|---|---|
| CLEDUCATE | CL Educate Limited | INE201M01029 |
| VIJIFIN | Viji Finance Limited | INE159N01027 |
| DCMFINSERV | DCM Financial Services Limited | INE891B01012 |
| ICDSLTD | ICDS Limited | INE613B01010 |
| UMESLTD | Usha Martin Education & Solutions Limited | INE240C01028 |
Continuing in T2T (BE/BZ):
| Symbol | Company | ISIN |
|---|---|---|
| KSR | KSR Footwear Limited | INE1SPP01016 |
| S&SPOWER | S&S Power Switchgears Limited | INE902B01017 |
| AAKASH | Aakash Exploration Services Limited | INE087Z01024 |
| ABAN | Aban Offshore Limited | INE421A01028 |
| CURAA | Cura Technologies Limited | INE117B01020 |
| NEUEON | Neueon Corporation Limited | INE333I01044 |
| RCOM | Reliance Communications Limited | INE330H01018 |
Compliance Requirements
- NSE Members must note the shift and ensure trades in the above securities are executed only in the T2T segment (BE/ST series) from March 19, 2026
- Members must take adequate precaution while trading as no netting off is permitted
- Settlement will be strictly on a trade-to-trade basis
- Members should inform their clients about the change in trading conditions for these securities
- For queries, contact: surveillance@nse.co.in
Important Dates
- Circular Date: March 16, 2026
- Effective Date: March 19, 2026 (Thursday) — securities shifted to Trade for Trade segment
Impact Assessment
Traders and investors holding or intending to trade in CLEDUCATE, VIJIFIN, DCMFINSERV, ICDSLTD, and UMESLTD will face significantly restricted trading conditions from March 19, 2026. The 5% price band limits intraday price movement, and the absence of netting increases the capital and margin requirements per trade. Liquidity in these securities is likely to decline sharply as institutional and high-frequency traders typically avoid T2T securities. The 7 securities already in T2T (including RCOM and ABAN) continue under the same restrictive conditions. The action is classified as surveillance-driven and carries no direct regulatory penalty for the companies involved, but the market perception may still be negative.
Impact Justification
Directly affects trading conditions for 12 securities — 5 being shifted to Trade for Trade (no netting allowed, 5% price band) and 7 continuing in T2T. Significant operational and liquidity impact for traders and investors in these securities.