Description
NSE updates the list of securities under the high promoter/non-promoter encumbrance surveillance measure per SEBI (SAST) Regulation 2011 Reg. 28(3), adding Sakthi Sugars Limited with 75% margin requirement effective March 20, 2026.
Summary
NSE Surveillance circular (Ref. No. 203/2026) updates the framework for securities with high Promoter and non-Promoter encumbrance as per Regulation 28(3) of SEBI (SAST) Regulation 2011. Sakthi Sugars Limited (SAKHTISUG) is newly included, attracting a minimum 75% margin requirement in Equity and Equity Derivatives segments effective March 20, 2026. No securities are being excluded from the framework in this update. The consolidated list now contains 8 securities.
Key Points
- Sakthi Sugars Limited (SAKHTISUG, INE623A01011) added to the encumbrance surveillance measure w.e.f. March 20, 2026
- Minimum 75% margin applies in Equity and Equity Derivatives segments on all open positions as on March 19, 2026 and new positions from March 20, 2026
- No securities are being removed from the framework (Annexure II: Nil)
- Consolidated list now includes 8 securities under this measure
- This measure operates in conjunction with all other prevailing exchange surveillance measures
- Shortlisting under this measure should not be construed as adverse action against the company
Regulatory Changes
This circular is in continuation of Exchange circular NSE/SURV/51189 dated January 31, 2022. The framework applies SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, specifically Regulation 28(3), which governs disclosure of encumbrance on shares held by promoters and non-promoters.
Compliance Requirements
- Trading Members must ensure minimum 75% margin is collected on positions in SAKHTISUG (Equity and Equity Derivatives segments)
- Margin applies to all open positions as on March 19, 2026 and all new positions created from March 20, 2026 onwards
- Members should communicate this requirement to their clients trading in affected securities
- Queries may be directed to surveillance@nse.co.in
Important Dates
- March 17, 2026: Circular issued
- March 18, 2026: Annexure I effective date referenced (inclusion criteria satisfied)
- March 19, 2026: Reference date for existing open positions subject to 75% margin
- March 20, 2026: 75% margin requirement becomes effective for SAKHTISUG
Impact Assessment
Newly Added (Annexure I):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | SAKHTISUG | Sakthi Sugars Limited* | INE623A01011 |
| *As per BSE |
Excluded (Annexure II): Nil
Consolidated List Under Framework (Annexure III):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | GAYAHWS | Gayatri Highways Limited | INE287Z01012 |
| 2 | INDOTECH | Indo Tech Transformers Limited | INE332H01014 |
| 3 | ONELIFECAP | Onelife Capital Advisors Limited | INE912L01015 |
| 4 | RKEC | RKEC Projects Limited | INE786W01010 |
| 5 | SAKHTISUG | Sakthi Sugars Limited | INE623A01011 |
| 6 | SHALPAINTS | Shalimar Paints Limited | INE849C01026 |
| 7 | TFCILTD | Tourism Finance Corporation of India Limited | INE305A01023 |
| 8 | VISASTEEL | Visa Steel Limited | INE286H01012 |
The 75% margin requirement significantly increases the cost of holding or building positions in these securities, reducing leverage available to traders and potentially impacting liquidity. The measure is subject to periodic review by the exchange.
Impact Justification
Mandates a minimum 75% margin requirement on affected securities in both Equity and Equity Derivatives segments, directly impacting trading costs and position management for 8 listed securities.