Description
NSE adds Tourism Finance Corporation of India (TFCILTD) to the high encumbrance surveillance framework effective April 8, 2026, requiring 75% minimum margin. Consolidated list now includes 7 securities.
Summary
NSE has issued a surveillance measure under Reg. 28(3) of SEBI (SAST) Regulations 2011 targeting companies with high Promoter as well as non-Promoter encumbrance. This circular (continuation of NSE/SURV/51189 dated January 31, 2022) adds Tourism Finance Corporation of India Limited (TFCILTD) to the framework effective April 8, 2026, requiring a minimum 75% margin in the Equity and Equity Derivatives segments. No securities are being excluded in this update. The consolidated list now contains 7 securities.
Key Points
- Tourism Finance Corporation of India Limited (TFCILTD, INE305A01023) is newly included in the surveillance measure effective April 8, 2026
- Minimum 75% margin applies in both Equity and Equity Derivatives segments on all open positions as on April 7, 2026 and new positions from April 8, 2026
- No securities are being excluded (Annexure II lists Nil exclusions) effective April 6, 2026
- The consolidated list (Annexure III) includes 7 securities: GAYAHWS, INDOTECH, RKEC, SAKHTISUG, SHALPAINTS, VISASTEEL, and TFCILTD
- This measure is in addition to all other prevailing exchange measures
- Inclusion in this framework should not be construed as adverse action against the concerned company
Regulatory Changes
This circular is issued under Reg. 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, which mandates exchanges to take surveillance measures when promoter or non-promoter encumbrance of a listed company’s shares crosses specified thresholds. The measure is a continuation of the framework established via NSE/SURV/51189 dated January 31, 2022.
Compliance Requirements
- Trading Members must ensure a minimum 75% margin is collected on positions in the listed securities (Annexure I and III) in the Equity and Equity Derivatives segments
- Margin applies to all open positions as of April 7, 2026 and all new positions created from April 8, 2026 onwards
- Members should monitor the periodic review updates from NSE Surveillance for future additions or exclusions
- Queries may be directed to surveillance@nse.co.in
Important Dates
- April 02, 2026: Circular issued
- April 06, 2026: Effective date for exclusions (Annexure II — Nil this cycle)
- April 07, 2026: Reference date for open positions subject to 75% margin
- April 08, 2026: 75% minimum margin comes into effect for TFCILTD (Annexure I inclusion)
Impact Assessment
High impact for traders and investors holding or planning positions in the 7 affected securities. The 75% margin requirement significantly increases the capital required to maintain or initiate positions, which may lead to:
- Forced liquidation of existing positions that cannot meet the enhanced margin requirement
- Reduced liquidity and higher trading costs in affected scrips
- Potential downward price pressure on newly included TFCILTD shares
Affected Securities (Consolidated):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | GAYAHWS | Gayatri Highways Limited | INE287Z01012 |
| 2 | INDOTECH | Indo Tech Transformers Limited | INE332H01014 |
| 3 | RKEC | RKEC Projects Limited | INE786W01010 |
| 4 | SAKHTISUG | Sakthi Sugars Limited | INE623A01011 |
| 5 | SHALPAINTS | Shalimar Paints Limited | INE849C01026 |
| 6 | VISASTEEL | Visa Steel Limited | INE286H01012 |
| 7 | TFCILTD | Tourism Finance Corporation of India Limited | INE305A01023 |
Note: TFCILTD’s inclusion is confirmed as per BSE data per the circular footnote.
Impact Justification
Imposes 75% minimum margin requirement on affected securities in both Equity and Equity Derivatives segments. Addition of TFCILTD (Tourism Finance Corporation of India) and a consolidated list of 7 securities directly affects trading costs and positions for market participants.