National Stock Exchange of India

Circular

To All Members,

Subject: Restriction in trading of securities in Trade for Trade category pursuant to non-compliance with Regulation 14 of the SEBI (LODR) Regulations, 2015 for the financial year ended 2025-26.

As per Regulation 14 of the SEBI (LODR) Regulation, 2015, the listed entities are required to pay Annual Listing Fees (ALF) to recognized Stock Exchange(s). The Exchanges had also jointly issued a circular (Exchange Circular ref no. NSE/CML/2021/22 dated June 25, 2021) to listed entities advising them to make the payment of pending listing fees and informed about further action(s) to be initiated against listed entities for non-payment of ALF.

Pursuant to the provisions of aforesaid Exchange circular, members are requested to note that if the non-compliant entities fail to make payment of ALF on or before September 7, 2026, the following actions will be initiated:-

• W.e.f. September 10, 2026, the trading in the securities mentioned in Annexure I (except the Companies which are temporarily suspended on account of capital reduction), shall be restricted in normal segment i.e EQ Series.
• W.e.f. September 15, 2026, the list of securities mentioned in Annexure I (except the Companies which are suspended on account of capital reduction), would be allowed to trade only on the first trading day of every week in trade for trade category i.e (Series: BE/BZ) till the time non-compliant company complies and makes payment of the outstanding ALF to the Exchange.
• The list of securities given in Annexure II, shall continue to be available for trading only on the first trading day of every week on Trade for Trade basis (Series: BE/BZ), on account of continuous non-compliance with aforesaid Exchange Circular.
• No action as per the Exchange Circular dated June 25, 2021 will be initiated against the list of securities given in Annexure III, as these entities are already suspended as per the provisions of SEBI Master Circular (HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 (erstwhile SEBI SOP circular January 22, 2020) or under Insolvency and Bankruptcy Code (IBC), 2016 or suspended on account of non-compliance with structural Digital Database (SDD) under Chapter IV of Byelaws of the National Stock Exchange of India Limited.

This circular shall be effective from September 10, 2026.

For and on behalf of National Stock Exchange of India Limited

Mandar Desai Senior Manager

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Annexure I

The list of securities given in this annexure will be allowed to trade only on the first trading day of every week till the company complies and makes payment of the outstanding ALF to the Exchange. The trading will be on Trade for Trade basis (Series: BE/BZ).

*Trading in these securities is temporarily suspended on account of capital reduction and will remain suspended till the time recommencement application is processed by the Exchange.

Annexure II

The list of securities given in this annexure shall continue to be available for trading only on the first trading day of every week on Trade for Trade basis (Series: BE/BZ), in view of continuing non-compliance to aforesaid Exchange Circular.

Annexure III

No action as per the Exchange Circular dated June 25, 2021, shall be initiated against the list of securities given in this annexure, as these entities are already suspended as per the provisions of SEBI Master Circular (HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 (erstwhile SEBI SOP circular January 22, 2020) or under Insolvency and Bankruptcy Code (IBC), 2016 or suspended on account of non-compliance with structural Digital Database (SDD) under Chapter IV of Byelaws of the National Stock Exchange of India Limited.

** SDD Suspended