Description

NSE adds Gayatri Highways Limited to surveillance framework for high promoter and non-promoter encumbrance, requiring 75% margin in equity and derivatives segments effective January 30, 2026.

Summary

NSE has included Gayatri Highways Limited (GAYAHWS) under the surveillance measure for companies with high promoter and non-promoter encumbrance as per Regulation 28(3) of SEBI (SAST) Regulation 2011. The security will attract a minimum 75% margin requirement in both Equity and Equity Derivatives segments effective January 30, 2026. This circular continues the framework established by NSE circular NSE/SURV/51189 dated January 31, 2022. No securities are being excluded from this measure in this update. The consolidated list now includes 8 securities under this surveillance framework.

Key Points

  • Gayatri Highways Limited (GAYAHWS, ISIN: INE287Z01012) added to high encumbrance surveillance framework
  • Minimum 75% margin required on all open positions as of January 29, 2026 and new positions from January 30, 2026
  • Applies to both Equity and Equity Derivatives segments
  • No securities excluded from the framework in this update (Annexure II shows Nil)
  • Consolidated list now contains 8 securities under this measure
  • Framework operates in conjunction with all other prevailing exchange measures
  • Subject to periodic review by the exchange
  • Shortlisting should not be construed as adverse action against the company

Regulatory Changes

This circular implements surveillance measures under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which deals with encumbrance of shares. The measure addresses situations where both promoter and non-promoter shareholdings have high levels of encumbrance, posing potential risks to market stability and investor protection.

Compliance Requirements

For Trading Members:

  • Ensure 75% margin is collected on Gayatri Highways Limited (GAYAHWS) in both Equity and Equity Derivatives segments
  • Apply margin requirements to all open positions as on January 29, 2026
  • Apply margin requirements to all new positions created from January 30, 2026 onwards
  • Comply with this measure alongside all other prevailing exchange surveillance measures
  • Direct queries to surveillance@nse.co.in

For Market Participants:

  • Be aware of enhanced margin requirements when trading GAYAHWS
  • Ensure adequate margin availability before taking positions
  • Monitor for periodic reviews that may change the list of affected securities

Important Dates

  • January 27, 2026: Circular issued (Ref. No. 62/2026)
  • January 28, 2026: Securities in Annexure II eligible to move out (not applicable as Annexure II is Nil)
  • January 29, 2026: Last date before margin requirements apply to open positions
  • January 30, 2026: 75% margin requirement becomes effective for GAYAHWS on all open positions and new positions

Impact Assessment

Market Impact:

  • High - The 75% margin requirement significantly increases the capital needed to trade Gayatri Highways Limited, likely reducing liquidity and trading volumes in the security
  • Existing position holders must arrange for substantial additional margins by January 30, 2026
  • New traders face high barriers to entry due to steep margin requirements

Operational Impact:

  • Trading members must update margin systems and risk management frameworks
  • Increased monitoring and compliance burden for brokers handling these securities
  • Potential for margin calls and forced liquidation if clients cannot meet requirements

Securities Under Framework: The consolidated list (Annexure III) includes 8 securities:

  1. Future Market Networks Limited (FMNL) - INE360L01017
  2. Gayatri Highways Limited (GAYAHWS) - INE287Z01012 (newly added)
  3. Indo Tech Transformers Limited (INDOTECH) - INE332H01014
  4. N R Agarwal Industries Limited (NRAIL) - INE740D01017
  5. RKEC Projects Limited (RKEC) - INE786W01010
  6. Setco Automotive Limited (SETCO) - INE878E01021
  7. Shalimar Paints Limited (SHALPAINTS) - INE849C01026
  8. Visa Steel Limited (VISASTEEL) - INE286H01012

All these securities remain subject to enhanced surveillance and margin requirements until they satisfy exit criteria in future periodic reviews.

Impact Justification

Requires 75% margin on affected security, significantly impacting trading positions and liquidity for Gayatri Highways Limited and existing encumbered securities