Market Sub-Segments

The following sub-segments shall be available in the SME segment:

Rolling Settlement

In a rolling settlement, each trading day is considered as a trading period and trades executed during the day are settled based on the net obligations for the day. The securities in rolling settlement made available in “SM” series.

At NSE, trades in rolling settlement are settled on a T+2 basis i.e. on the 2nd working day. For arriving at the settlement day all intervening holidays, which include bank holidays, NSE holidays, Saturdays and Sundays are excluded. Typically trades taking place on Monday are settled on Wednesday, Tuesday's trades settled on Thursday and so on. The securities in Rolling settlement are made available for trading under SM series.

Trade for Trade Settlement

The securities in Trade for Trade settlement are made available for trading under ST series. The settlement of securities available in this segment is done on a trade for trade basis and no netting off is allowed.

Odd Lot Segment

Trading in SME securities is allowed in standard lot sizes. There will be different lot sizes for different securities. Any quantity which is less than the minimum lot size will be considered as odd lot. As per SEBI guidelines, in order to facilitate odd lot trading, a separate trading window is provided for odd lots.

Under odd lot market orders with the same price and quantity will match on time priority. The base price, price band and tick size will be same as corresponding normal market (series SM / ST) on that day. The series for odd lot market is “SO” and market is odd lot (“O”).