Measure in respect of companies with high Promoter as well as non-Promoter 'Encumbrance' as per Reg. 28(3) of SEBI (SAST) Regulation 2011

Description

NSE circular updating the list of securities under surveillance for high promoter and non-promoter encumbrance. Onelife Capital Advisors Limited removed from framework and moved to LTASM effective November 10, 2025.

Summary

NSE issued a surveillance circular regarding the framework for companies with high Promoter and non-Promoter encumbrance as per Regulation 28(3) of SEBI (SAST) Regulation 2011. This is a continuation of Exchange circular NSE/SURV/51189 dated January 31, 2022. The update shows no securities are being added to the framework, while Onelife Capital Advisors Limited is being excluded and moved to the LTASM (Long Term Additional Surveillance Measure) framework.

Key Points

• No securities added to the encumbrance framework (Annexure I is nil)
• Onelife Capital Advisors Limited (ONELIFECAP, ISIN: INE912L01015) excluded from encumbrance framework effective November 10, 2025
• ONELIFECAP moved from Encumbrance to LTASM framework
• Consolidated list of securities under this framework is now nil
• Securities under this measure would attract minimum 75% margin in Equity and Equity Derivatives segments
• This measure works in conjunction with all other prevailing exchange measures

Regulatory Changes

The circular updates the list of securities under surveillance for high promoter and non-promoter encumbrance as per SEBI (SAST) Regulation 2011, Regulation 28(3). The framework is subject to periodic review and the shortlisting should not be construed as adverse action against the concerned companies.

Compliance Requirements

• Trading members must note the changes to the surveillance framework
• For any securities included (currently nil), minimum 75% margin would be required in Equity and Equity Derivatives segments on all open positions and new positions
• The margin requirements would apply from the specified effective dates
• Market participants should monitor for future updates to this framework

Important Dates

• November 07, 2025: Circular issued (Ref. No. 867/2025)
• November 10, 2025: Onelife Capital Advisors Limited excluded from encumbrance framework (effective date)
• November 11, 2025: Last day for existing positions (if securities were included)
• November 12, 2025: Margin requirements would apply for included securities (currently nil)

Impact Assessment

The impact of this circular is minimal as no securities are being added to the encumbrance surveillance framework. The consolidated list now shows nil securities under this measure. Onelife Capital Advisors Limited benefits from removal from this framework but is subject to LTASM framework instead. For market participants, this represents reduced surveillance burden under the encumbrance measure, though ONELIFECAP remains under enhanced monitoring through LTASM. The circular is primarily administrative in nature with limited immediate market impact.

Impact Justification

Routine surveillance update with no securities added to encumbrance framework. Only one security (ONELIFECAP) removed and moved to LTASM framework. No immediate market impact as consolidated list shows nil securities under this measure.