Description
NSE updates the list of securities under the high encumbrance surveillance measure as per Reg. 28(3) of SEBI (SAST) Regulation 2011, with no new inclusions, three exclusions, and five securities remaining in the consolidated list effective April 1, 2026.
Summary
NSE has updated the list of securities subject to the surveillance measure for companies with high Promoter and non-Promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. This circular (Ref. No. 233/2026) is issued in continuation of NSE/SURV/51189 dated January 31, 2022. No new securities have been added under the measure (Annexure I is Nil), three securities are being removed effective April 1, 2026, and five securities remain in the consolidated list.
Key Points
- No new securities have been shortlisted for inclusion under the high encumbrance measure (Annexure I: Nil).
- Three securities are excluded from the framework effective April 01, 2026: INDOTECH (Indo Tech Transformers Limited), ONELIFECAP (Onelife Capital Advisors Limited), and TFCILTD (Tourism Finance Corporation of India Limited).
- Five securities remain in the consolidated list under the framework: GAYAHWS, RKEC, SAKHTISUG, SHALPAINTS, and VISASTEEL.
- Securities newly included (if any in future updates) attract a minimum 75% margin in the Equity and Equity Derivatives segment on all open positions as on April 02, 2026 and new positions created from April 06, 2026.
- The measure is applied in conjunction with all other prevailing surveillance measures imposed by exchanges.
- Shortlisting under this measure should not be construed as an adverse action against the concerned company or entity.
Regulatory Changes
The measure operates under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, which governs disclosures and surveillance actions related to encumbrance of shares by promoters and non-promoters. NSE periodically reviews and updates the list of securities under this framework. This update removes three securities and confirms no new additions.
Compliance Requirements
- Trading Members must take note of the updated securities lists and apply the applicable margin requirements.
- A minimum 75% margin applies in the Equity and Equity Derivatives segment for securities newly included (Annexure I) on all open positions as on April 02, 2026 and new positions from April 06, 2026.
- Members may direct further queries to surveillance@nse.co.in.
- The measure applies in conjunction with all other existing surveillance and margin measures.
Important Dates
- March 30, 2026: Circular issuance date.
- April 01, 2026: Effective date for exclusion of three securities (INDOTECH, ONELIFECAP, TFCILTD) from the encumbrance framework.
- April 02, 2026: Reference date for open positions subject to 75% margin (applicable if new inclusions are made in future updates).
- April 06, 2026: Effective date for 75% margin on new positions (applicable to any newly included securities).
Impact Assessment
Securities Excluded (relief provided):
- INDOTECH (Indo Tech Transformers Limited | INE332H01014): Released from high encumbrance surveillance framework.
- ONELIFECAP (Onelife Capital Advisors Limited | INE912L01015): Released from high encumbrance surveillance framework.
- TFCILTD (Tourism Finance Corporation of India Limited | INE305A01023): Released from high encumbrance surveillance framework.
Securities Remaining in Consolidated List (continued restrictions):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | GAYAHWS | Gayatri Highways Limited | INE287Z01012 |
| 2 | RKEC | RKEC Projects Limited | INE786W01010 |
| 3 | SAKHTISUG | Sakthi Sugars Limited | INE623A01011 |
| 4 | SHALPAINTS | Shalimar Paints Limited | INE849C01026 |
| 5 | VISASTEEL | Visa Steel Limited | INE286H01012 |
The 75% margin requirement significantly raises the cost of holding or creating positions in affected securities, reducing leverage available to traders and potentially limiting liquidity. Investors and trading members with existing positions in these securities should review their margin obligations. The exclusion of three securities provides relief to their holders by lifting the elevated margin constraint.
Impact Justification
This circular imposes a 75% margin requirement on affected securities in both equity and equity derivatives segments, directly impacting trading costs and positions for multiple listed securities. Three securities are excluded and five remain under the consolidated framework.