Description
NSE updates the list of securities under the high promoter/non-promoter encumbrance surveillance measure per SEBI SAST Regulation 28(3), adding Thyrocare Technologies with 75% margin requirement effective May 14, 2026.
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 (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Thyrocare Technologies Limited is newly added (Annexure I), no securities are being removed (Annexure II is nil), and a consolidated list of six securities under the framework is provided (Annexure III). This is a continuation of Exchange circular NSE/SURV/51189 dated January 31, 2022.
Key Points
- Thyrocare Technologies Limited (THYROCARE, INE594H01019) is newly included under the encumbrance surveillance measure effective May 14, 2026.
- A minimum 75% margin will apply in both the Equity and Equity Derivatives segments for all open positions as of May 13, 2026 and all new positions from May 14, 2026.
- No securities are being excluded from the framework in this update (Annexure II: Nil).
- Six securities are currently on the consolidated list under this measure.
- This measure is additive and operates alongside all other prevailing exchange-imposed measures.
- Inclusion in this measure does not constitute an adverse regulatory action against the company.
Regulatory Changes
This circular continues the framework established under NSE/SURV/51189 (January 31, 2022) implementing Reg. 28(3) of SEBI (SAST) Regulations, 2011. The update adds one new security (THYROCARE) to the surveillance list and confirms no exclusions, updating the consolidated list to six securities.
Compliance Requirements
- Trading Members must ensure a minimum 75% margin is collected on all equity and equity derivatives positions in the listed securities.
- The margin requirement applies to all open positions as on May 13, 2026 and all new positions created from May 14, 2026 onwards.
- Members are advised to communicate this to clients trading in the affected securities.
- Queries may be directed to surveillance@nse.co.in.
Important Dates
- May 11, 2026: Circular issued.
- May 12, 2026: Effective date referenced for inclusion/exclusion (Annexure I/II language).
- May 13, 2026: Cut-off date for identifying open positions subject to the 75% margin.
- May 14, 2026: 75% margin requirement becomes effective for THYROCARE (open positions as of May 13 and all new positions).
Impact Assessment
Affected Securities (Consolidated List):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | BLKASHYAP | B. L. Kashyap and Sons Limited | INE350H01032 |
| 2 | GAYAHWS | Gayatri Highways Limited | INE287Z01012 |
| 3 | JAYNECOIND | Jayaswal Neco Industries Limited | INE854B01010 |
| 4 | RKEC | RKEC Projects Limited | INE786W01010 |
| 5 | STEELXIND | STEEL EXCHANGE INDIA LIMITED | INE503B01021 |
| 6 | THYROCARE | Thyrocare Technologies Limited | INE594H01019 |
The 75% margin requirement significantly increases the cost of holding or initiating positions in these securities, which is likely to reduce trading volumes and liquidity. For Thyrocare Technologies — a well-known diagnostics company — this inclusion signals elevated promoter/non-promoter encumbrance levels as reported under SAST regulations, which may attract investor scrutiny. The measure is a risk-mitigation tool by NSE and does not represent a direct regulatory penalty against the company.
Impact Justification
Imposes a mandatory 75% margin on equity and equity derivatives positions for newly added and consolidated securities, directly affecting trading costs and liquidity for six listed companies.