Description

NSE announces suspension of trading in securities of Gayatri Projects Limited and Dharan Infra-EPC Limited effective December 15, 2025 for non-compliance with financial results submission requirements.

Summary

NSE has issued a notice for suspension of trading in securities of Gayatri Projects Limited (GAYAPROJ) and Dharan Infra-EPC Limited (DHARAN) effective December 15, 2025. Both companies have failed to comply with Regulation 33 of SEBI Listing Regulations by not submitting financial results for two consecutive quarters (March 31, 2025 and June 30, 2025). If companies fail to comply by December 10, 2025, trading will be suspended and subsequently moved to Trade for Trade basis (Z category) after 15 days.

Key Points

  • Two companies face trading suspension: Gayatri Projects Limited and Dharan Infra-EPC Limited
  • Non-compliance with Regulation 33 for submission of financial results for Q4 FY2025 (March 31, 2025) and Q1 FY2026 (June 30, 2025)
  • Dharan Infra-EPC Limited complied at NSE for March 31, 2025 quarter on July 1, 2025, but remains non-compliant at BSE for both quarters
  • Trading suspension effective from December 15, 2025
  • After 15 days of suspension, securities will be allowed to trade on Trade for Trade basis (Z category) on first trading day of every week for six months
  • Companies have until December 10, 2025 to comply and avoid suspension

Regulatory Changes

This circular implements provisions of SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 regarding suspension of trading for non-compliance with financial results submission requirements under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Compliance Requirements

  • Companies must submit financial results for quarters ended March 31, 2025 and June 30, 2025 as per Regulation 33
  • Compliance deadline: December 10, 2025 to avoid suspension
  • If compliance not achieved, securities will face progressive restrictions:
    • Complete trading suspension from December 15, 2025
    • After 15 days of suspension: Trade for Trade basis (Z category) trading allowed only on first trading day of each week for six months
  • Suspension will continue until companies comply with Master Circular requirements

Important Dates

  • November 12, 2025: Circular issuance date
  • December 10, 2025: Last date for companies to comply and avoid suspension
  • December 15, 2025: Trading suspension effective date
  • December 30, 2025 onwards (approximately): If still non-compliant, securities move to Trade for Trade basis (Z category) with weekly trading on first trading day
  • Non-compliant quarters: March 31, 2025 and June 30, 2025

Impact Assessment

Market Impact: High - Complete trading suspension will eliminate liquidity in these securities, preventing investors from buying or selling shares. The subsequent move to Z category severely restricts trading frequency to once per week on Trade for Trade basis.

Investor Impact: Existing shareholders will be unable to exit positions during suspension period. When Z category trading begins, limited trading opportunities (once weekly) and lack of intraday settlement will significantly impact liquidity and price discovery.

Company Impact: Trading suspension damages company reputation, restricts capital raising ability, and may trigger compliance reviews by lenders and regulators. Companies risk continued listing status if prolonged non-compliance continues.

Operational Impact: The dual exchange non-compliance issue (especially for Dharan Infra-EPC Limited which complied at NSE but not BSE) demonstrates coordination challenges and may lead to harmonized suspension across exchanges despite partial compliance at one exchange.

Impact Justification

Complete trading suspension of two listed companies for failure to submit mandatory financial results for two consecutive quarters, with potential move to restricted trading category.