Description
NSE updates the surveillance measure for companies with high promoter and non-promoter encumbrance under SEBI SAST Regulation 28(3), adding VPRPL with 75% margin requirement effective April 10, 2026.
Summary
NSE has updated the surveillance measure applicable to companies with high Promoter and non-Promoter encumbrance under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. Vishnu Prakash R Punglia Limited (VPRPL) has been added to the framework effective April 10, 2026, attracting a minimum 75% margin requirement in Equity and Equity Derivatives segments. No securities are being removed in this update.
Key Points
- Vishnu Prakash R Punglia Limited (VPRPL, ISIN: INE0AE001013) is newly included under the encumbrance surveillance measure
- A minimum 75% margin will be applicable in Equity and Equity Derivatives segments for VPRPL
- The 75% margin applies to all open positions as on April 09, 2026 and new positions created from April 10, 2026
- No securities are being excluded from the framework in this update (Annexure II: Nil)
- The consolidated list now contains 8 securities under this framework
- This measure operates in conjunction with all other prevailing surveillance measures
- Shortlisting under this measure should not be construed as adverse action against the company
Regulatory Changes
This circular is issued in continuation of NSE/SURV/51189 dated January 31, 2022. The update reflects a periodic review of securities satisfying the inclusion criteria under Regulation 28(3) of SEBI (SAST) Regulations 2011, which governs disclosures related to encumbrance of shares by promoters and non-promoters.
Compliance Requirements
- Trading Members must ensure a minimum 75% margin is collected for VPRPL positions in Equity and Equity Derivatives segments
- Members must apply margin requirements to all open positions in VPRPL as on April 09, 2026
- Members must apply margin requirements to all new VPRPL positions created from April 10, 2026 onwards
- For queries, members may contact NSE Surveillance at surveillance@nse.co.in
Important Dates
- April 07, 2026: Circular issued
- April 08, 2026: Effective date for inclusion of VPRPL under the framework (Annexure I reference)
- April 09, 2026: Cutoff date for identifying open positions subject to 75% margin
- April 10, 2026: 75% margin requirement becomes effective for VPRPL in Equity and Equity Derivatives segments
Impact Assessment
Consolidated Securities Under Framework (8 stocks):
| 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 | TFCILTD | Tourism Finance Corporation of India Limited | INE305A01023 |
| 7 | VISASTEEL | Visa Steel Limited | INE286H01012 |
| 8 | VPRPL | Vishnu Prakash R Punglia Limited | INE0AE001013 |
The 75% margin requirement significantly increases the cost of holding or taking positions in these securities, which may reduce liquidity and trading volumes. Traders and investors with existing positions in VPRPL must ensure sufficient margins are maintained by April 09, 2026 to avoid margin shortfall penalties. The measure is subject to periodic review and may be revised based on changes in encumbrance levels reported by promoters/non-promoters.
Impact Justification
Mandatory 75% margin requirement on equity and equity derivatives positions for newly added stock (VPRPL) directly impacts trading costs and position management for market participants holding these securities.