Description

NSE adds ONELIFECAP and TFCILTD to the high encumbrance surveillance framework effective February 27, 2026, requiring minimum 75% margin in equity and equity derivatives segments. The consolidated list now contains 8 securities.

Summary

NSE’s Surveillance Department has updated the list of securities subject to the high Promoter and non-Promoter Encumbrance measure under Regulation 28(3) of SEBI (SAST) Regulations 2011. Two new securities — Onelife Capital Advisors Limited (ONELIFECAP) and Tourism Finance Corporation of India Limited (TFCILTD) — have been added to the framework, requiring a minimum 75% margin in the Equity and Equity Derivatives segments effective February 27, 2026. No securities are being removed from the framework in this update.

Key Points

  • New additions (Annexure I): ONELIFECAP (Onelife Capital Advisors Limited, INE912L01015) and TFCILTD (Tourism Finance Corporation of India Limited, INE305A01023) are newly shortlisted.
  • Minimum 75% margin is applicable in both Equity and Equity Derivatives segments for all open positions as on February 26, 2026 and all new positions from February 27, 2026.
  • No exclusions (Annexure II): Nil — no securities are being removed from the framework effective February 25, 2026.
  • Consolidated list (Annexure III): 8 securities now under the framework: FMNL, GAYAHWS, INDOTECH, ONELIFECAP, RKEC, SETCO, TFCILTD, VISASTEEL.
  • This measure operates in conjunction with all other prevailing surveillance measures imposed by the Exchanges.
  • Inclusion in this measure should not be construed as an adverse action against the concerned company.
  • Circular reference: NSE/SURV/72962, Circular Ref. No. 144/2026, continuing from NSE/SURV/51189 dated January 31, 2022.

Regulatory Changes

This circular is issued under the framework established by NSE/SURV/51189 (January 31, 2022) and implements Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, which mandates surveillance action when promoter or non-promoter encumbrance on a company’s shares crosses specified thresholds. The update expands the securities list from 6 to 8 securities.

Compliance Requirements

  • NSE Trading Members must ensure a minimum 75% margin is collected/maintained for positions in ONELIFECAP and TFCILTD in Equity and Equity Derivatives segments effective February 27, 2026.
  • Members must apply the 75% margin requirement to all open positions in newly added securities as on February 26, 2026.
  • Members must apply the 75% margin requirement to all new positions created from February 27, 2026 onwards.
  • This margin requirement applies to all 8 securities in the consolidated Annexure III list.
  • For queries, members may contact surveillance@nse.co.in.

Important Dates

  • February 24, 2026: Circular issued.
  • February 25, 2026: Effective date for the updated framework (exclusions, if any, would apply from this date).
  • February 26, 2026: Reference date for open positions in newly added securities subject to 75% margin.
  • February 27, 2026: 75% margin requirement becomes effective for ONELIFECAP and TFCILTD for all open positions as on February 26, 2026 and all new positions.

Impact Assessment

Trading members and investors holding or planning positions in ONELIFECAP and TFCILTD will face significantly higher margin requirements (minimum 75%) in both cash and derivatives segments starting February 27, 2026. This is expected to reduce leveraged trading activity in these securities and may lead to position unwinding by margin-constrained participants. The broader consolidated list of 8 securities under this framework signals ongoing regulatory concern about high encumbrance levels among promoters and non-promoters in these companies. The measure is subject to periodic review and may be lifted when encumbrance levels normalize. Inclusion is explicitly stated to not constitute an adverse regulatory finding against the company itself.

Impact Justification

Directly imposes a mandatory 75% margin requirement on multiple securities in both equity and equity derivatives segments, affecting trading costs and position management for members holding or initiating positions in these stocks from February 27, 2026.