Description

NSE adds Tourism Finance Corporation of India Limited to surveillance framework requiring 75% margin due to high promoter and non-promoter encumbrance under SEBI SAST regulations.

Summary

NSE has updated its surveillance measure for companies with high promoter and non-promoter encumbrance under Regulation 28(3) of SEBI (SAST) Regulation 2011. Tourism Finance Corporation of India Limited (TFCILTD) has been added to the framework, requiring 75% minimum margin in equity and equity derivatives segments.

Key Points

  • Tourism Finance Corporation of India Limited (TFCILTD) added to surveillance framework
  • 75% minimum margin requirement applies to both equity and equity derivatives segments
  • No securities excluded from the measure in this update
  • Consolidated list now contains 6 securities under the framework
  • Measure applies in conjunction with other prevailing exchange measures

Regulatory Changes

  • Addition of TFCILTD (ISIN: INE305A01015) to high encumbrance surveillance measure
  • Continued application of 75% margin requirement for all securities under this framework
  • Framework subject to periodic review by the exchange

Compliance Requirements

  • Trading members must ensure 75% margin on all open positions for listed securities
  • Margin requirement applies to new positions created from August 28, 2025
  • Compliance required for both equity and equity derivatives segments

Important Dates

  • August 25, 2025: TFCILTD becomes eligible for inclusion in surveillance measure
  • August 26, 2025: Cut-off date for existing open positions
  • August 28, 2025: 75% margin requirement becomes effective for TFCILTD

Impact Assessment

The addition of TFCILTD to the surveillance framework will increase trading costs and reduce leverage availability for this security. The 75% margin requirement significantly limits speculative trading and may reduce liquidity. Current framework affects 6 securities total, indicating focused application to specific high-risk encumbrance situations.

Impact Justification

Adds one security to surveillance with 75% margin requirement, moderate impact on affected stock trading