Continuation of Trading in Securities under Z Category

As an investor, you may often hear about companies being placed in the Z Category. But what does this really mean for you? At NSE, we want to make sure you clearly understand the implications so you can make informed decisions.

What is Z Category?

The Z Category is meant for companies that have not followed important compliance rules laid out by SEBI, such as submitting their quarterly shareholding patterns or fulfilling disclosure requirements on time. When a company falls short of these obligations, it gets shifted to the Z Category.

Why is this important for investors?

Z Category shares are treated as high-risk. To safeguard you, all trades in these securities are settled on a Trade-for-Trade basis. That means you cannot do intraday speculation, every trade must result in actual delivery of shares. This ensures better control and transparency in trading, while also warning investors to be cautious with such companies.

Companies continuing in Z Category

As per SEBI’s Master Circular dated November 11, 2024, the following companies have been identified as non-compliant with Regulation 31 for two consecutive quarters (March 31, 2025, and June 30, 2025). Hence, from September 26, 2025, they will continue to remain in the Z Category (“BZ” Series):