NSE has issued a FAQ document (Annexure 1 to Circular Ref. No. 0743/2026) to provide clarity on the Permitted to Trade (PTT) category on the NSE Mainboard Segment. This follows the earlier Exchange Circular Ref. No. 0645/2026 dated April 17, 2026. The FAQs address key questions from companies admitted under PTT, covering listing obligations, compliance requirements, charges, disclosures, and governance.

Key Points

• PTT admission allows securities to be traded on NSE without being formally listed on the Exchange
• Companies under PTT remain listed on their primary exchange with all existing compliance obligations unchanged
• No listing agreement with NSE is required for PTT-admitted companies
• No separate disclosures to NSE are required; existing disclosures to the primary listing exchange suffice
• No listing charges are payable to NSE for PTT admission
• Trading is enabled automatically on NSE systems once admitted under PTT
• PTT securities are subject to strict surveillance measures equivalent to any other listed scrip
• Companies can transition from PTT to full listing on NSE subject to meeting direct listing requirements
• NSE retains discretion to suspend or prohibit dealings in PTT securities under Chapter IV – Section 12 of the Byelaws and Regulation 3.1.2 Part A (Capital Market Segment)

Regulatory Changes

No new regulatory changes are introduced. This circular is purely clarificatory, referencing the existing regulatory framework under:

• Chapter IV - 2(c) of NSE Byelaws
• Regulation 3.1.1 of the Regulations - Part A (Capital Market Segment)
• Chapter IV – Section 12 of the Byelaws and Regulation 3.1.2 for suspension/prohibition of dealings

Compliance Requirements

• PTT-admitted companies are not required to sign a listing agreement with NSE
• No additional disclosures to NSE are mandated; primary exchange disclosures are sufficient
• Corporate governance requirements remain governed solely by the primary listing exchange
• All PTT securities remain subject to NSE surveillance measures
• Members are advised to ensure awareness and dissemination of this circular within their organizations

Important Dates

• Circular Date: May 07, 2026
• Reference Circular: NSE/CML/73797 dated April 17, 2026 (Circular Ref. No. 0645/2026)
• No new effective dates or deadlines introduced by this circular

Impact Assessment

This circular has a moderate informational impact for companies currently admitted or seeking admission under the PTT category on NSE. It reduces ambiguity for market participants regarding obligations and privileges under PTT. There is no direct financial or operational burden introduced. The confirmation that PTT securities face equivalent surveillance to listed scrips is notable for risk management purposes. Companies seeking to transition from PTT to full NSE listing should note that meeting NSE’s direct listing requirements is a prerequisite.