NSE Surveillance (Circular Ref. No. 269/2026, Download Ref: NSE/SURV/73734) has directed the shift of 14 securities from the Rolling segment (series: EQ/SM) to the Trade for Trade segment (series: BE/ST) with a price band of 5% or lower, effective April 17, 2026 (Friday). The action is taken under Capital Market Segment Trading Regulations Part-A, Regulation 2.6, as part of a periodic surveillance review to ensure market safety and investor protection. A second annexure (Annexure-2) lists securities that will continue in the Trade for Trade segment (series: BE/BZ or ST/SZ).

Key Points

• 14 securities shifted from Rolling segment (EQ/SM) to Trade for Trade segment (BE/ST) effective April 17, 2026
• A 5% or lower price band will apply to all shifted securities
• Shifted securities will no longer be available in the rolling segment (EQ/SM series)
• Settlement will be on a trade-to-trade basis — no netting off will be permitted
• All 14 securities triggered the shift based on criteria: Price Earnings Multiple, Price Variation & Market Capitalization
• Additional securities in Annexure-2 will continue in Trade for Trade segment (BE/BZ or ST/SZ)
• The action is purely a market surveillance measure and should not be construed as adverse action against the concerned companies

Regulatory Changes

Under Capital Market Segment Trading Regulations Part-A, Regulation 2.6, the listed securities are moved to the Trade for Trade (T2T) segment. This removes the availability of normal rolling settlement for the affected scrips. Criteria for shifting securities to/from Trade for Trade are published at https://www.nseindia.com/regulations/movement-securities-periodic-review.

Compliance Requirements

• NSE Members: Must take adequate precautions while trading in the affected securities
• Members: Must note that settlement will be done on a trade-to-trade basis with no netting off allowed
• Brokers/Traders: Must ensure clients are informed that the affected securities are no longer available in the EQ/SM (rolling) series
• Queries: Members may contact NSE Surveillance at surveillance@nse.co.in for further clarification

Important Dates

• Circular Date: April 13, 2026
• Effective Date: April 17, 2026 (Friday) — Trade for Trade restrictions apply from market open

Impact Assessment

All 14 affected securities will face significantly reduced liquidity and trading flexibility from April 17, 2026. The 5% price band limits intraday price movement, and the elimination of netting in settlement increases capital requirements for traders. Investors holding these securities should note:

• ASTRON (Astron Paper & Board Mill Limited | INE646X01014)
• BAFNAPH (Bafna Pharmaceuticals Limited | INE878I01022)
• BANKA (Banka Bioloo Limited | INE862Y01015)
• CTE (Cambridge Technology Enterprises Limited | INE627H01017)
• FILATFASH (Filatex Fashions Limited | INE185E01021)
• LASA (Lasa Supergenerics Limited | INE670X01014)
• MCLEODRUSS (McLeod Russel India Limited | INE942G01012)
• RSSOFTWARE (R.S. Software (India) Limited | INE165B01029)
• SAMBHAAV (Sambhaav Media Limited | INE699B01027)
• VITAL (Vital Chemtech Limited | INE0L4K01016)
• VIVIMEDLAB (Vivimed Labs Limited | INE526G01021)
• VLEGOV (VL E Governance & IT Solutions Limited | INE03HW01020)
• ACCURACY (Accuracy Shipping Limited | INE648Z01023)
• FCSSOFT (FCS Software Solutions Limited | INE512B01022)

The shift signals heightened regulatory scrutiny due to abnormal price/earnings multiples, price variation, and market capitalization concerns. Retail and institutional participants should exercise caution and reassess position sizing given the restricted settlement mechanism.

NSE has issued circular NSE/SURV/73681 (Ref. No. 259/2026) dated April 09, 2026, announcing the applicability of Additional Surveillance Measure (ASM) for companies under the Inter Creditor Agreement (ICA) framework effective April 10, 2026. Mcleod Russel India Limited (Symbol: MCLEODRUSS, ISIN: INE942G01012) has been shortlisted under Stage I of ASM ICA. No securities are moving between stages or being excluded from the ASM ICA list in this update.

Key Points

• MCLEODRUSS (Mcleod Russel India Limited, ISIN: INE942G01012) is newly shortlisted under ASM ICA Stage I effective April 10, 2026
• No securities are transitioning from Stage I to Stage II or from Stage II to Stage I
• No securities are being excluded from ASM ICA in this circular
• ASM ICA framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges
• Shortlisting under ASM ICA is purely for market surveillance purposes and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued with reference to prior circulars NSE/SURV/37979 dated June 08, 2018, NSE/SURV/42218 dated September 24, 2019, and NSE/SURV/52368 dated May 20, 2022 establishing the ASM ICA framework. The current update adds one security to Stage I of the consolidated ASM ICA list, bringing total securities under the framework to 1.

Compliance Requirements

• NSE members must note and comply with the ASM ICA applicability for MCLEODRUSS effective April 10, 2026
• Market participants must apply ASM ICA restrictions in conjunction with all other prevailing surveillance measures
• Members with queries may contact NSE Surveillance at surveillance@nse.co.in

Important Dates

• April 09, 2026: Circular issuance date
• April 10, 2026: Effective date for ASM ICA Stage I applicability for MCLEODRUSS

Impact Assessment

The placement of MCLEODRUSS (Mcleod Russel India Limited) under ASM ICA Stage I will subject the security to enhanced surveillance measures, potentially including trade-to-trade settlement and additional margin requirements. The impact is confined to traders and investors holding or trading this single stock. The ICA framework targets companies undergoing debt resolution under the Inter Creditor Agreement, signaling financial stress. Market participants should exercise caution when dealing in MCLEODRUSS. The overall market impact is low given only one security is affected in this cycle.