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This is an archive article published on December 25, 2003

BSE, NSE to shift 512 stocks out of ‘T’ segment

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have decided to shift 512 stocks from ‘T’ category (trade-to...

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The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have decided to shift 512 stocks from ‘T’ category (trade-to-trade) to normal rolling settlement and shift another 179 stocks from normal rolling settlement to T group. The prominent stocks to be shifted from normal rolling to T category includes Essar Oil, ITC Hotels and Punjab Tractors.

In the T segment, each transaction has to result in a delivery and no netting of positions on the same day is permitted. As a result, scrips that have been transferred to the trade-to-trade segment usually witness a drop in volumes.

“Why did the exchanges move these stocks from T segment? Was there any pressure on the exchanges to shift them? This happened after Sensex shot up by 65 per cent in the last five months,” said a broker. This decision will come into force from December 30, 2003. Theses SEs have also decided to retain 13 stocks in the T group as a part of surveillance measure. Trading in “T group” stocks would have to result in compulsory delivery of shares, BSE chief operating officer (COO) Rajnikant Patel said and added, “The exchange has decided to move 512 stocks from trade to trade category to normal rolling settlement from December 30 after conducting a surveillance review and meeting with the regulator.”

The stocks which have been retained in T category are; Ambica Agarbati, Genius Commu trades, GG Auto, Gujarat Fiscon, Hindustan softel, Indotech Cap, IT Microsystem, Kolar Info, Media Matrix, Rashal Agrotech, Shree Shulabh Info, Soundcraft and White Lion.

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