NSE’s Listing Department (Circular Ref. No. 0725/2026, Download Ref. No. NSE/CML/74035) notifies the admission of further securities to dealings on the Capital Market segment for eight companies, effective May 05, 2026. The issuances are primarily under Employee Stock Option Plans (ESOP), with one preferential allotment (Black Box Limited).

Key Points

• Securities for eight companies admitted to NSE Capital Market segment effective May 05, 2026
• Majority of issuances are ESOP allotments; Black Box Limited issued shares via preferential allotment at Rs. 417 per share
• All newly listed securities are pari passu with existing equity shares
• Black Box Limited shares carry lock-in restrictions on a portion of the allotment
• Trading to be conducted using designated security codes and specified lot sizes (1 share per lot for all companies)
• Issued under Regulation 3.1.1 and Regulation 2.5.5 of NSE Capital Market Trading Regulations Part A

Security-wise Details

Details for R Systems International, Shadowfax Technologies, and WeWork India were not included in the available circular excerpt.

Lock-in Details (Black Box Limited)

• 4,796,163 shares (Distinctive Nos. 171137397–175933559): Lock-in expiry November 14, 2027
• 313,449 shares (Distinctive Nos. 175933560–176247008): Lock-in expiry November 05, 2026

Regulatory Changes

No new regulatory changes. This circular is issued in routine pursuance of:

• Regulation 3.1.1 – Admission of further securities to dealings on NSE Capital Market segment
• Regulation 2.5.5 – Notification of applicable lot sizes for newly listed securities

Compliance Requirements

• Members must use designated security codes for trading the newly admitted securities
• Trading in these securities must be conducted in the specified lot sizes (1 share per lot)
• Lock-in restrictions on Black Box Limited shares must be observed until respective expiry dates

Important Dates

• Effective Date: May 05, 2026 — securities admitted to dealings on NSE Capital Market segment
• Black Box Lock-in Expiry 1: November 05, 2026 (313,449 shares)
• Black Box Lock-in Expiry 2: November 14, 2027 (4,796,163 shares)

Impact Assessment

This is a routine listing circular with low market impact. ESOP allotments for large-cap companies (Axis Bank, ICICI Bank, Cholamandalam Finance) represent marginal additions to their already large share capital and are unlikely to cause meaningful dilution. The Black Box Limited preferential allotment of ~51 lakh shares at Rs. 417 is more significant in relative terms and carries staggered lock-in periods through November 2027, limiting near-term liquidity pressure. Jaro Institute’s small ESOP allotment of 2,352 shares has negligible market impact.