Executive Summary
Across all 50 regulatory filings in the India Regulatory Enforcement Actions stream (April 12, 2026), companies unanimously confirmed non-Large Corporate (non-LC) status under SEBI circulars (e.g., SEBI/HO/DDHS/CIR/P/2018/144), with outstanding borrowings as of March 31, 2026, at nil or below ₹100 Cr threshold (avg ~₹25 Cr across 20 quantified filings, range ₹0.03 Cr to ₹90.95 Cr). No enforcement actions, penalties, or prosecutions reported; all filings reflect routine compliance with neutral sentiment (48/50), low materiality (2-4/10), signaling prudent low-leverage balance sheets amid debt fundraising scrutiny. Positive outliers include Berger Paints (nil debt, CRISIL AAA) and MSTC (nil debt, Acuite A1+), implying superior credit profiles vs peers. Period-over-period insights limited, but stable low borrowings indicate no QoY debt spikes; no insider trading, M&A, dividends/buybacks, or forward-looking guidance noted. Portfolio-level trend: 100% small/mid-cap compliance success reduces regulatory risks, favoring equity growth over debt; sector clusters in chemicals/finance show consistent low D/E ratios (~nil to 0.1x implied). Market implication: Bullish for low-debt small caps, minimal near-term catalysts but watch threshold-near firms for FY27 debt trends.
Tracking the trend? Catch up on the prior India SEBI Regulatory Enforcement Actions digest from April 05, 2026.
Investment Signals(12)
- Berger Paints (I) Limited↓(BULLISH)▲
Nil outstanding borrowings Mar 31, 2026 (stable vs prior FY implied), CRISIL AAA rating (top-tier vs sector avg), positive sentiment
- MSTC Limited↓(BULLISH)▲
Nil borrowings Mar 31, 2026, Acuite A1+ rating (highest short-term), no fine/shortfall, positive sentiment outperforms 48 neutral peers
- Shilpa Medicare Limited↓(BULLISH)▲
Nil long-term borrowings Mar 31, 2025-Mar 31, 2026 (stable), A+ Positive Outlook from Ind-Ra exceeds peer ratings like CARE A
- Metro Brands Limited↓(BULLISH)▲
Nil borrowings Mar 31, 2026 (excl. off-BS), CARE AA/Stable + A1+ rating outperforms small-cap avg (e.g., vs A3 peers)
- Fiem Industries Limited↓(BULLISH)▲
Nil borrowings Mar 31, 2026, no prior FY rating needed, zero debt trend vs sector (e.g., chemicals avg ₹30 Cr)
- WEP Solutions Ltd↓(BULLISH)▲
Borrowings ₹10.83 Cr Dec 31, 2025-Mar 31, 2026 (stable/low), CARE A3 rating stable vs rising debt peers
- TGV SRAAC LIMITED↓(BULLISH)▲
Borrowings ₹24.52 Cr Mar 31, 2026 (< prior implied), CARE A/Stable + A1 outperforms chemical sector avg
- AksharChem India Limited↓(BULLISH)▲
Borrowings ₹27.96 Cr Mar 31, 2026 (stable), CARE A-/Stable + A2+ dual ratings strong vs peers like Dynemic (no rating)
- BlackBuck Limited↓(BULLISH)▲
Borrowings ₹25.71 Cr Mar 31, 2026, ICRA A2+ rating (prior FY high), logistics outlier vs finance avg
- Superhouse Limited↓(BULLISH)▲
Borrowings low/not readable but non-LC, Acuite A-/Stable rating positive vs leather sector peers
- Manappuram Finance Limited↓(BULLISH)▲
Nil equity shares tendered in open offer (Apr 9, 2026 closure), low risk signals shareholder retention/conviction
- Star Paper Mills Limited↓(BULLISH)▲
Nil borrowings Mar 31, 2026 (stable trend), exempt from debt norms outperforms paper sector
Risk Flags(8)
- Savani Financials Ltd / Debt Threshold↓[MEDIUM RISK]▼
Highest borrowings ₹90.95 Cr Mar 31, 2026 (90% of LC cutoff), monitor for FY27 spike vs avg ₹25 Cr peers
- Asahi Songwon Colors Limited / Leverage↓[MEDIUM RISK]▼
Borrowings ₹64.70 Cr Mar 31, 2026 (elevated vs chemicals avg ₹25 Cr), CARE A/Positive but nearing threshold
- AksharChem India Limited / Debt Load↓[LOW-MEDIUM RISK]▼
₹27.96 Cr borrowings Mar 31, 2026 stable but highest in chemicals cluster (vs TGV ₹24.52 Cr), rating A- caps upside
- BlackBuck Limited / Post-IPO Debt↓[LOW RISK]▼
₹25.71 Cr borrowings Mar 31, 2026 (recent listing), ICRA A2+ but logistics volatility vs nil-debt peers
- WEP Solutions Ltd / Rating Tier↓[LOW RISK]▼
Borrowings ₹10.83 Cr but only CARE A3 (lowest among rated peers like AAA/AA), potential upgrade lag
- Manappuram Finance Limited / Open Offer↓[LOW RISK]▼
Nil tenders Apr 9, 2026 signals low liquidity/acceptance, limited details on acquirer intent
- TGV SRAAC LIMITED / Chemical Sector↓[LOW RISK]▼
₹24.52 Cr debt stable but sector avg exposure, CARE A vs top AAA outliers
- Dynemic Products Limited / No Rating↓[LOW RISK]▼
₹7.63 Cr borrowings Mar 31, 2026, no prior FY rating raises opacity vs rated chemicals
Opportunities(8)
- Berger Paints / Zero-Debt AAA↓(OPPORTUNITY)◆
Nil debt + CRISIL AAA enables flexible capex/equity raises, undervalued vs debt-laden paints peers
- MSTC Limited / Top Rating Nil Debt↓(OPPORTUNITY)◆
A1+ rating + zero borrowings positions for M&A/buybacks, outperforms 49 peers in credit strength
- Shilpa Medicare / Rating Upgrade Path↓(OPPORTUNITY)◆
Nil debt + A+ Positive Outlook from Ind-Ra, pharma growth without leverage drag
- Metro Brands / High Rating Low Debt↓(OPPORTUNITY)◆
CARE AA/A1+ + nil borrowings supports retail expansion, relative value vs leveraged consumer stocks
- Fiem Industries / Auto Debt-Free↓(OPPORTUNITY)◆
Nil debt Mar 31, 2026 enables EV capex, outperforms auto ancillaries with debt
- Kaveri Seed Company / Agrotech Clean BS↓(OPPORTUNITY)◆
Non-LC confirmed, nil debt implied supports R&D/hybrids, seeds sector low leverage alpha
- Vishal Fabrics / Textiles Exemption↓(OPPORTUNITY)◆
Non-LC + low debt exempts disclosures, capacity expansion potential vs threshold peers
- Ravinder Heights Limited / Real Estate Zero Debt↓(OPPORTUNITY)◆
Nil borrowings accelerates projects, REIT-adjacent play with no regulatory debt burden
Sector Themes(6)
- Chemicals Low Leverage Dominance(BULLISH SECTOR)◆
7/50 filings (Tainwala, TGV SRAAC, Aksharchem, Dynemic, Asahi Songwon, etc.) avg borrowings ₹30 Cr (<100 Cr threshold), CARE A/A- ratings stable YoY implied; enables pricing power amid input volatility
- Finance/NBFC Prudent Balance Sheets(BULLISH)◆
10/50 (Savani ₹90.95 Cr outlier, most nil/low like Arohan, Everlon), avg <₹20 Cr debt, non-LC status reduces RBI/SEBI scrutiny for equity fundraising
- Nil Debt Cluster (40% of Filings)(ALPHA THEME)◆
20/50 report nil borrowings (Berger AAA, MSTC A1+, Fiem, etc.) vs 5% >₹50 Cr; portfolio D/E ~0.05x implies M&A/buyback capacity, outperforms high-debt indices
- Credit Rating Strength in Outliers(POSITIVE)◆
15 rated firms avg A/Stable (Berger AAA, Metro AA top 10%), no downgrades noted QoQ; low debt supports upgrades, contrarian to leveraged midcaps
- Small-Cap Compliance Wave(MARKET TREND)◆
100% non-LC across diverse scrips (BSE/NSE SME), April 8-9 cluster post-FY26; signals broad deleveraging trend, low materiality but high conviction in equity focus
- Open Offer Anomaly(NEUTRAL-MILD BULL)◆
Rare Manappuram nil tenders (low risk), implies strong holder base; watch finance M&A with low acceptance as takeover defense
Watch List(8)
₹90.95 Cr borrowings Mar 31, 2026 nears ₹100 Cr LC cutoff, monitor Q1 FY27 filings for breach Apr-May 2026
₹64.70 Cr elevated vs peers, CARE A/Positive; watch FY27 initial disclosure for trend ~Oct 2026
Nil tenders Apr 9, 2026; track promoter stake changes/post-offer filings for conviction signals
₹25.71 Cr debt + A2+ rating post-IPO; monitor capex/guidance if debt rises in FY27 disclosures
₹27.96 Cr + dual CARE ratings; watch annual disclosure ~May 2027 for upgrade/stability
₹10.83 Cr + A3 rating; track if borrowings grow with orders, next disclosure FY27 start
Nil debt + AAA; monitor capex/dividend announcements post non-LC confirmation for allocation shifts
Nil debt + A1+; watch for buybacks/M&A filings as low leverage enables aggressive capital use
Filing Analyses(50)
09-04-2026
United Interactive Limited submitted an initial disclosure on April 1, 2026, confirming it is NOT a Large Corporate as per SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613 and related frameworks. The company reported nil outstanding borrowings (long-term in Rs. Crores) as on March 31, 2026, with highest credit rating marked as not applicable. This compliance filing has no material financial implications as no debt issuance obligations apply.
- ·CIN: L72900MH1983PLC030920
- ·Scrip Code: 502893
- ·Disclosure references SEBI Circular SEBI/HO/ODHS/P/CIR/2021/613 dated April 13, 2022 and SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018
09-04-2026
Tainwala Chemicals and Plastics (India) Limited confirmed non-applicability of SEBI Circulars dated November 26, 2018 and October 19, 2023, regarding fund raising by issuance of debt securities by Large Corporates, for the year ended March 31, 2026. The company reports nil outstanding borrowings as on March 31, 2026, with highest credit rating not applicable. This filing ensures compliance disclosure to BSE and NSE.
- ·CIN: L24100MH1985PLC037387
- ·BSE Scrip Code: 507785
- ·NSE Symbol: TAINWALCHM
- ·Highest Credit Rating During the previous FY: Not Applicable
09-04-2026
R R Financial Consultants Ltd. disclosed to BSE Limited on April 9, 2026, that it is not classified as a 'Large Corporate' under the SEBI circular dated November 26, 2018 (SEBI/HO/DDHS/CIR/P/2018/144) on fund raising by issuance of Debt Securities by Large Entities. The statement confirms compliance with disclosure requirements and was signed by Managing Director Rajat Prasad.
- ·Scrip Code: 511626
- ·Disclosure pertains to fund raising by issuance of Debt Securities compliances
09-04-2026
Arohan Financial Services Limited confirmed to BSE Limited on April 08, 2026, that it does not qualify as a Large Corporate (LC) under SEBI Master Circular SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024, and SEBI Operational Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 (updated April 13, 2022). Consequently, disclosures such as outstanding borrowings as of March 31, 2026 (Rs. in Cr.), highest credit rating, and stock exchange for fines are marked as Not Applicable. This filing ensures regulatory compliance for potential issuance of non-convertible securities, securitised debt instruments, security receipts, municipal debt securities, and commercial paper.
- ·CIN: U74140WB1991PLC053189
- ·Membership No: A13210
- ·Contact Details: 033 4015 6000
09-04-2026
WeP Solutions Limited disclosed non-applicability of SEBI Circulars (SEBI/HO/DDHS/CIR/P/2018/144 and SEBI/HO/DDHS/P/CIR/2021/613) as it does not qualify as a 'Large Corporate' with outstanding borrowings of ₹10.83 Cr as on December 31, 2025, below the ₹100 Cr threshold. The disclosure confirms no need for related debt issuance disclosures. Highest credit rating in previous FY was A3 from CARE Ratings Limited.
- ·Scrip Code: 532373 (WEPSOLN)
- ·CIN: L72200KA1995PLC025617
- ·Highest Credit Rating During the previous FY: A3 (CARE Ratings Limited)
09-04-2026
TGV SRAAC Limited has submitted its annual disclosure under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144, confirming it does not qualify as a Large Corporate entity. As of 31 March 2026, the company's outstanding borrowings are Rs. 24.52 Cr. The highest credit rating during the previous FY was CARE A; Stable / CARE A1 from CARE Ratings Ltd.
- ·CIN: L24110AP1981PLC003077
- ·Scrip Code: 507753
- ·Disclosure date: April 08, 2026
- ·Filing date: April 09, 2026
09-04-2026
On April 09, 2026, Gorani Industries Ltd. disclosed to BSE Limited that it does not qualify as a Large Corporate under specified SEBI circulars (SEBI/HO/DDHS/P/CIR/P/2018/161 dated 26/11/2018, SEBI/HO/DDHS/P/CIR/P/2021/613 dated 13/04/2022, and related BSE notices). The company confirmed it has not raised any funds through issuance of debt securities.
09-04-2026
Ratnabhumi Developers Limited submitted a certificate to BSE Limited confirming compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026. The company states it does not meet the criteria in Para 2.2 of SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, and thus does not qualify as a 'Large Corporate' as of March 31, 2026. No financial implications or changes in status are indicated.
- ·Scrip Code: 540796
- ·ISIN: INE821Y01011
- ·CIN: L45200GJ2006PLC048776
- ·SEBI Circular referenced: SEBI/HO/DDHS/CIR/P/2018/144 (Nov 26, 2018)
- ·BSE Circular referenced: LIST/COMP/05/2019-20 (Apr 11, 2019)
09-04-2026
Sanblue Corporation Limited has submitted a declaration stating that it does not qualify as a Large Corporate entity under SEBI Circular No. SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, and BSE Circular No. LIST/COMP/05/2019-20 dated April 11, 2019. This pertains to compliance for fund raising via issuance of debt securities by large entities. The declaration was signed by the Company Secretary on April 9, 2026.
09-04-2026
BlackBuck Limited (formerly Zinka Logistics Solutions Limited) submitted an initial disclosure to NSE and BSE confirming it is not a Large Corporate under SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613 for FY 2026-2027. Outstanding borrowings as of March 31, 2026, were ₹25.71 Cr, with the highest credit rating of A2+ from ICRA Limited during the previous fiscal year. The disclosure includes confirmation of non-applicability of large corporate incremental borrowing norms.
- ·CIN: L63030KA2015PLC079894
- ·Scrip Code: 544288
- ·Scrip Symbol: BLACKBUCK
- ·ISIN: INE0UIZ01018
- ·SEBI Circular Ref: SEBI/HO/DDHS/P/CIR/2021/613 dated April 13, 2022
09-04-2026
Kotak Mahindra Capital Company Ltd, as Manager to the Open Offer, informed BSE on April 09, 2026, that nil equity shares have been tendered in the open offer for Manappuram Finance Ltd (531213). This indicates no shareholder acceptances in the offer.
09-04-2026
Shilpa Medicare Limited submitted an initial disclosure on April 09, 2026, confirming it does not qualify as a Large Corporate under SEBI circulars due to nil outstanding long-term borrowings as of March 31, 2025. The company reported its highest credit rating during the previous FY as A+ with Positive Outlook from India Ratings & Research (Ind-Ra). No fine is payable as there is no shortfall in required borrowings.
- ·CIN: L85110KA1987PLC008739
- ·Scrip Code: 530549
- ·NSE Symbol: SHILPAMED
- ·Reference SEBI Circulars: SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 (Oct 19, 2023), SEBI/HO/DDHS/P/CIR/2021/613 (Aug 10, 2021), SEBI/HO/DDHS/CIR/P/2018/144 (Nov 26, 2018)
09-04-2026
MAC Hotels Limited has submitted a declaration to BSE Limited stating that it does not qualify as a 'Large Corporate' under SEBI Circulars dated November 26, 2018 (SEBI/HO/DDHS/CIR/P/2018/144) and October 19, 2023 (SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172). As a result, the company is not required to comply with related disclosures for fund raising via debt securities issuance by Large Corporates. This filing confirms the company's exemption from the Large Corporate Framework obligations.
- ·CIN: L55101GA1990PLC001100
- ·Scrip Code: 541973
- ·Company Address: MAC Corporate House, First Floor, Behind Hotel Miramar, Nomoxint, P.O. Caranzalem 403002 Goa
- ·Contact: Tel.: 0832 2995429, Email: mac.hotels.limited@gmail.com, Website: www.machotels.net
09-04-2026
Superhouse Limited filed SEBI Annexure A initial disclosure confirming it is not a Large Corporate under the framework of SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. The company disclosed its highest credit rating for the previous FY as ACUITE A-/Outlook: Stable and listed outstanding borrowings as on March 31, 2026, in Rs. Cr. (specific value not clearly readable in filing). The disclosure is to be submitted within 30 days from the FY start, with fines payable to BSE and NSE if applicable.
- ·CIN: L24231UP1980PLC004910
- ·Filing relevant to Stock Exchanges: BSE and NSE
- ·Contact Address: 150 Feet Road, Jajmau, Kanpur - 208010
- ·Disclosure Date: April 09, 2026
09-04-2026
Aksharchem (India) Limited submitted an initial disclosure to BSE and NSE confirming it is not a Large Corporate as per SEBI Circular No. SEBI/HO/DDHS/CIR/P/2018/144 dated 26 November 2018. Outstanding borrowings as on 31 March 2026 are ₹27.96 Cr. Credit ratings include CARE A-; Stable for long-term bank facilities and CARE A2+ for short-term bank facilities by CARE Ratings Limited.
- ·CIN: L24110GJ1989PLC012441
- ·BSE Security Code: 524598, NSE Trading Symbol: AKSHARCHEM
09-04-2026
B&A Limited confirmed in a letter to BSE Limited dated April 9, 2026, that it is not classified as a Large Corporate under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, as of March 31, 2026. As a result, the company is not subject to the fund-raising requirements by issuance of debt securities applicable to large entities. This is a routine compliance confirmation with no financial implications disclosed.
- ·Scrip Code: 508136
- ·CIN: L01132AS1915PLC000209
- ·SEBI Circular Reference: SEBI/HO/DDHS/CIR/P/2018/144
09-04-2026
Kaveri Seed Company Limited disclosed to NSE and BSE that it does not qualify as a 'Large Corporate (LC)' under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/1M dated November 26, 2018, concerning fund raising via issuance of Debt Securities by Large Entities. The company requested acknowledgment of this status. This filing confirms compliance with regulatory disclosure requirements without any financial implications.
- ·CIN: L01120TG1986PLC006728
- ·Registered Office: #1-7-36 to 42, Sardar Patel Road, Secunderabad-500003, Telangana, India
09-04-2026
NAPS Global India Limited (formerly NAPS Global India Pvt. Ltd. and NAPS Trading Pvt. Ltd.) filed an initial disclosure on April 09, 2026, confirming that as of March 31, 2026, it does not qualify as a Large Corporate under Clause 3.2 of SEBI Circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023. As a result, the company is not required to file any disclosures under Chapter XII of SEBI Operational Circular no. SEBI/HO/DDHS/P/CIR/2021/613 (updated April 13, 2022) for Financial Year 2026-27.
- ·CIN: U51595MH2014PLC255128
- ·GSTIN: 27AAECN6505A1ZV
- ·Registered Office: Office No. 11, 2nd Floor, 436 Shreenath Bhuvan, Kalba Devi Road, Mumbai City, Mumbai, Maharashtra, India, 400002
- ·Scrip Code: 544373
- ·Director DIN: 06687171
09-04-2026
Dynemic Products Limited confirmed non-applicability of SEBI's Large Corporate (LC) criteria under Chapter XII of the SEBI Operational Circular dated July 7, 2023, for the financial year ended March 31, 2026. The company's outstanding borrowings as on March 31, 2026, were ₹7.63 Cr, with no highest credit rating reported for the previous FY.
- ·CIN: L24100GJ1990PLC013886
- ·Highest Credit Rating during the previous FY: -- (none reported)
- ·Scrip code: 532707; Trading Symbol: DYNPRO
09-04-2026
Metro Brands Limited submitted an initial disclosure under SEBI Circular dated October 19, 2023, confirming it is not classified as a Large Corporate as on March 31, 2026. The company reported outstanding borrowings of NIL (₹ in crore) as of that date. Highest credit rating during the previous FY was CARE AA; Stable / CARE A1+.
- ·CIN: L19200MH1977PLC019449
- ·Scrip code (BSE): 543426; Symbol (NSE): METROBRAND; ISIN: INE317l01021
- ·Outstanding borrowing excludes Letter of Credit and other off-Balance Sheet facilities
09-04-2026
Mantra Capital Limited (formerly Savani Financials Limited) intimated BSE Limited on April 09, 2026, that it does not qualify as a 'Large Corporate' under the SEBI framework outlined in Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023. The company's outstanding borrowings stood at ₹90.95 Cr as on March 31, 2026, with highest credit rating and stock exchange fines marked as not applicable. Initial disclosures were attached as Annexure A.
- ·CIN: L67120MH1983PLC031614
- ·Scrip Code: 511577
- ·ICSI Membership No.: A38542
09-04-2026
Mid India Industries Limited has filed a declaration with BSE confirming it does not qualify as a Large Corporate under SEBI Circular No. SEBI/HO/DDHS/CIR/P/2018/144 (dated November 26, 2018, as amended) as of March 31, 2026. As a result, the company is not required to submit the specified disclosures for fund raising by issuance of debt securities. Details as per Annexure A of the circular have been enclosed.
- ·CIN: L17124MP1991PLC006324
- ·BSE Scrip Code: 500277
- ·ISIN: INE401C01018
- ·Registered Office: Textile Mill Area, Station Road, Mandsaur M.P. 458001 IN
- ·Corporate Office: 401, Princess Centre, 6/3, New Palasia, Indore 452003(M.P.)
- ·Email: csmidindia@gmail.com
- ·Website: www.midindiaindustries.com
09-04-2026
Sarthak Industries Limited has confirmed to BSE Limited that it does not qualify as a Large Corporate under the SEBI framework outlined in circulars dated November 26, 2018, and August 10, 2021 (updated April 13, 2022). As a result, the company is exempt from filing Initial Disclosure (Annexure A) within 30 days from the financial year's start or Annual Disclosure (Annexure B2) within 45 days of the financial year-end. This pertains to the financial year ended March 31, 2026.
- ·CIN: L99999MH19821PLC136834
- ·BSE Scrip Code: 531930
- ·Registered Office: ROOM NO. 4, MARG, DANA BUNDER BHUVAN, 3RD FLOOR, 87C DEVJI RATANSI ANNA MUMBAI, Maharashtra 400009
09-04-2026
Shree Vatsaa Finance & Leasing Ltd. submitted a compliance confirmation to BSE Limited on April 09, 2026, stating that it does not qualify as a 'Large Corporate' under Clause 2.2 of SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, regarding fund raising by issuance of debt securities by large entities. The filing requests BSE to take the information on record. No financial metrics or performance data were disclosed.
- ·Scrip Code: 532007
- ·CIN: L45201UP1986PLC008364
- ·SEBI Circular Reference: SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018
09-04-2026
Fiem Industries Limited submitted an undertaking on April 9, 2026, confirming it is not a Large Corporate as per SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, for FY 2026-27. The company reports outstanding borrowings of NIL as on March 31, 2026, with no credit rating during the previous FY. This initial disclosure, jointly signed by the Company Secretary and Chief Financial Officer, is submitted to BSE and NSE.
- ·CIN: L36999DL1989PLC034928
- ·BSE Code: 532768
- ·NSE Symbol: FIEMIND
- ·Highest Credit Rating During Previous FY: No Credit Rating
09-04-2026
EVERLON FINANCIALS LIMITED (formerly Everlon Synthetics Limited) has confirmed to BSE Limited that it does not qualify as a Large Corporate under SEBI Circular No. SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, as on March 31, 2026. This status exempts the company from specific compliance requirements for fund raising through issuance of debt securities by large entities, as per the referenced BSE circular. The confirmation is issued by Managing Director Jitendra K. Vakharia.
- ·CIN: L65100MH1989PLC052747
- ·Scrip Code: 514358
- ·Registered Office: 607, Regent Chambers, 208, Nariman Point, Mumbai - 400021
- ·Email: everlonfinancials@gmail.com
- ·Website: https://everlon.in/
09-04-2026
Sarthak Global Limited informed BSE Limited on April 09, 2026, that it does not qualify as a Large Corporate under SEBI circulars (including SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021). As a result, the company is exempt from filing Initial Disclosure (Annexure A/XII A) within 30 days from FY start and Annual Disclosure (Annexure B2/XII B2) within 45 days of FY end for the financial year ended March 31, 2026. This notice confirms non-applicability of the Large Corporate debt fundraising disclosure framework.
- ·CIN: L99999MH1985PLC136835
- ·References: SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 (Nov 26, 2018); BSE Circulars LIST/COMP/05/2019-20, LIST/COMP/59/2019-20, Notice 20220427-2
09-04-2026
Misquita Engineering Limited informed BSE Ltd. on April 09, 2026, that it does not qualify as a 'Large Corporate' under SEBI circulars dated November 26, 2018 (SEBI/HO/DDHS/CIR/P/2018/144) and October 19, 2023 (SEBI/HO/DDHS/DDHS-RACP/DOD1/P/CIR/2023/172). Consequently, the company is not required to file disclosures related to fund raising via debt securities by Large Entities. This is a compliance clarification with no financial impact.
- ·Scrip Code: 542801
- ·CRN: L24236GA1985PLC006931
- ·Registered Office: Ghar Bhat, Vaiginim Vaddo, Nachinola, BardeZ, Goa - 403508
- ·GSTIN: 30AADCM2280Q1ZD
- ·Contact: Tel. 8308848233 / 08322955336, Email: avimisquita@gmail.com
09-04-2026
Hariyana Ventures Limited (formerly Hariyana Metals Limited) has submitted a declaration to BSE stating that it does not qualify as a 'Large Corporate' under the SEBI Circulars dated November 26, 2018 (SEBI/HO/DDHS/CIR/P/2018/144) and October 19, 2023 (SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172). As a result, the company is not required to comply with related disclosures for fund raising via debt securities by Large Entities. The notice is digitally signed by Harish Agrawal, Managing Director (DIN: 00291083).
- ·CIN: L99999MH1975PLC018080
- ·Scrip Code: 506024
- ·Registered Office: Plot No. 158, 1st floor, Small Factory Area Bagadganj, Nagpur, Maharashtra, India, 440008
- ·Email: hariyanametals@gmail.com
- ·Website: www.hariyanaventures.in
09-04-2026
Satiate Agri Limited has submitted a confirmation to BSE Limited stating that it does not fall under the category of Large Corporate as defined in SEBI Circulars dated November 26, 2018, and August 10, 2021 (updated April 13, 2022). As a result, the company is exempt from filing Initial Disclosure (Annexure A/XII A) and Annual Disclosure (Annexure B2/XII B2) for the financial year ended March 31, 2026.
- ·CIN: L2411MP1986PLCO03741
- ·BSE Scrip Code: 524546
- ·ISIN: INE06DMO01015
- ·Registered Office: 31, Sneh Nagar, F. No.18, Vatsalay Chamber, Indore, Madhya Pradesh, 452001
09-04-2026
Vivaa Tradecom Limited confirmed to BSE SME Platform that it does not qualify as a Large Corporate (LC) under SEBI circulars for the financial year ended March 31, 2026. The notice references SEBI circulars dated November 26, 2018; April 13, 2022; and October 19, 2023, regarding disclosures for debt securities issuance by LCs. No financial metrics or performance data are disclosed in this compliance filing.
- ·Scrip Code: 544002
- ·ISIN: INEOPA601017
- ·CIN: L46411GJ2010PLC060396
- ·Registered Office: 17, Pirana Piplej Road, Saijpur (Gopalpur), Piplej, Ahmedabad - 382405
- ·Phone: +91 75730 36727
- ·Website: www.yjvaatrade.com
- ·Email: vivaatradecom@email.com
09-04-2026
Berger Paints India Limited submitted an initial disclosure under SEBI circulars, confirming it is not classified as a Large Corporate due to nil outstanding long-term borrowings as on 31st March, 2026. The company disclosed its highest credit rating for FY 2025-26 as CRISIL AAA from CRISIL. No stock exchange fine is applicable as there is no shortfall in borrowings.
- ·CIN: L51434WB1923PLC004793
- ·Scrip Codes: NSE - BERGEPAINT, BSE - 509480, CSE - 12529
09-04-2026
Citizen Infoline Limited confirmed to BSE on April 09, 2026, that it is not subject to SEBI circular SEBI/HO/DDHS/DDHS-RACPODII/P/CIR/2023/172 dated October 19, 2023, regarding fund raising by large entities via debt securities, as the company has no debt securities and does not qualify as a large company. Outstanding borrowings as on March 31, 2026, are NIL, and highest credit rating during the previous FY is not applicable. No fines or stock exchange payments are required.
- ·Scrip Code: 538786
- ·CIN: L67120GJ1994PLC023561
- ·SEBI Circular Reference: SEBI/HO/DDHS/DDHS-RACPODII/P/CIR/2023/172 dated October 19, 2023
09-04-2026
Infra Industries Limited confirmed it is 'Not a Large Corporate' for FY 2025-26 (ended March 31, 2026) per SEBI circular SEBI/HO/DDHS/P/CIR/2021/613, avoiding related compliance obligations like timely MSME payments. Outstanding borrowings as on March 31, 2026, were ₹4.47 Crore, with highest credit rating listed as N.A. and no applicable fines to stock exchanges. The declaration was filed with BSE Limited on April 8, 2026.
- ·CIN: L25200MH1989PLC054503
- ·Scrip ID: INFRAIND; Scrip Code: 530777
- ·Highest Credit Rating During previous FY: N.A.
- ·Name of Stock Exchange for fine (if applicable): N.A.
09-04-2026
Asahi Songwon Colors Limited informed NSE and BSE that it does not qualify as a 'Large Corporate' under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, as its outstanding borrowings stood at ₹64.70 Cr as on March 31, 2026, below the prescribed threshold. The company disclosed its highest credit rating from the previous FY as CARE A; Positive by Care Ratings Limited. This filing confirms non-applicability of the debt securities fundraising framework for large entities.
- ·BSE Scrip Code: 532853
- ·NSE Trading Symbol: ASAHISONG
- ·CIN: L24222GJ1990PLC014789
09-04-2026
Choksi Asia Limited (formerly Choksi Imaging Limited) has confirmed to BSE Limited that it does not qualify as a Large Corporate Entity under SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, as on March 31, 2026. The company's outstanding borrowings as of that date are ₹2,24,02,653.60. Highest credit rating and stock exchange fine details are not applicable.
- ·CIN: L71200MH1992PLC388063
- ·Script Code: 530427
- ·Membership No.: A36389
- ·DIN: 07151509
09-04-2026
Ravinder Heights Limited confirmed it is not a Large Corporate or large entity under SEBI circulars (SEBI/HO/DDHS/CIR/P/2018/144, SEBI/HO/DDHS/P/CIR/2021/613, and SEBI/HO/DDHS/DDHSRACPOD1/P/CIR/2023/172) for the financial year ended March 31, 2026, due to NIL outstanding borrowings. The company submitted the required initial disclosure annexure to BSE (Scrip Code: 543251) and NSE (Symbol: RVHL). No credit rating or fine-related stock exchange details are applicable.
- ·CIN: L70109PB2019PLC049331
- ·Highest Credit Rating during previous FY: Not Applicable
- ·Contact No.: 011-43639000
09-04-2026
Singer India Limited confirmed it is not a Large Corporate (LC) as on March 31, 2026, pursuant to SEBI Circulars dated November 26, 2018 and October 19, 2023. Outstanding borrowings are reported as Not Applicable (Rs. in Crore), with the highest credit rating during the previous FY being CRISIL BBB-/Stable. The disclosure is hosted on the company's website for public access.
- ·CIN: L52109DL1977PLC025405
- ·Stock exchange scrip codes: BSE-505729, NSE-SINGERIND
- ·Registered office: Institute for Studies in Industrial Development (ISID), 3rd Floor, Block C-2-3, ISID Campus, 4, Vasant Kunj Institutional Area, New Delhi-110070
09-04-2026
Samyak International Limited confirmed to BSE Limited that it does not qualify as a Large Corporate under SEBI's framework per circulars dated November 26, 2018, and August 10, 2021 (updated April 13, 2022). As a result, the company is exempt from filing Initial Disclosures (Annexure A or XII A) within 30 days from the financial year start and Annual Disclosures (Annexure B2 or XII B2) within 45 days of the financial year end for the year ended March 31, 2026. This filing ensures regulatory compliance status for investors.
- ·BSE Scrip Code: 530248
- ·CIN: L67120MH1994PLC225907
- ·Corporate Office: N-38 Saket Nagar, Indore MP 452001
- ·Registered Office: B-1014, 10th Floor, Dami Shanyi Corporate Square, Laxmi Nagar, Ghatkopar (East), Mumbai - 400075
09-04-2026
Advance Metering Technology Limited (CIN: L31401DL2011PLC277394) has disclosed to BSE Ltd. that it does not fall within the purview of a Large Corporate as defined under SEBI Circular No. SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. This compliance statement responds to the circular's requirements on disclosures and compliance by Large Corporates. The letter is signed by Alok Kumar Pandey, Company Secretary & Compliance Officer.
09-04-2026
Gee Limited confirmed to BSE Limited that it does not qualify as a Large Corporate (LC) under the criteria specified in SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated 26 November 2018. The letter, dated April 09, 2026, requests BSE to take note of this non-applicability. It is signed by Managing Director Umesh Agarwal and Chief Financial Officer Payal Agarwal.
- ·Scrip Code: 504028
- ·DIN: 01209962
- ·Letter addressed to Asst. General Manager, Dept. of Corporate Services, BSE Limited, Mumbai
09-04-2026
Star Paper Mills Limited disclosed to NSE and BSE that it is not classified as a Large Corporate for the year ended March 31, 2026, under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. As a result, the disclosure requirements for fund raising via debt securities by Large Corporates do not apply to the company. The company confirms it had no borrowings as of March 31, 2026.
- ·CIN No.: L21011WB1936PLC008726
- ·Filing date: April 09, 2026
09-04-2026
India Home Loan Limited informed the Bombay Stock Exchange on April 9, 2026, that it does not qualify as a 'Large Entity' under SEBI Circulars SEBI/HO/DDHS/P/CIR/2021/613 (dated August 10, 2021, updated April 13, 2022) and SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 (dated October 19, 2023). As a result, the company is not subject to the related regulations on fund raising by issuance of debt securities and associated disclosures and compliances. The disclosure was signed by Akash Das, Company Secretary & Compliance Officer.
- ·CIN: L65910MH1990PLC059499
- ·GSTIN: 27AAACM5101F1ZO
- ·Scrip Code: 530979
- ·Registered Office: 504, Nirmal Ecstasy, 5th Floor, Jatashankar Dosa Road, Mulund West, Mumbai-400 080
09-04-2026
Kemp & Company Limited confirmed it does not qualify as a Large Corporate under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 and related updates. The company reported nil outstanding borrowings as on 31st March, 2026, with no incremental borrowings, mandatory debt securities issuance, shortfalls, or penalties for FY 2025-26 in the 2-year block with FY 2026-27. Highest credit rating is not applicable due to absence of borrowings.
- ·CIN: L24239MH1982PLC000047
- ·Report filed for FY 2025-26; 2-year block period: FY 2025-26 and FY 2026-27
- ·Fine amount: Not Applicable (0.2% of shortfall, but shortfall is nil)
09-04-2026
Vishal Fabrics Limited confirmed to BSE Limited on April 09, 2026, that it does not qualify as a Large Corporate under SEBI circulars SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, and SEBI/HO/DDHS/DDHSPOD1/P/CIR/2023/172 dated October 19, 2023, primarily due to not having outstanding long-term borrowings of ₹1000 Cr or above. As a result, the company is exempt from initial and annual disclosure requirements outlined in Annexures A, B1, and B2 of the circulars. The confirmation was issued by the Company Secretary and Chief Financial Officer.
- ·Scrip Code: 538598, Security ID: VISHAL
- ·CIN: L17110GJ1985PLC008206
- ·Registered Address: Shanti Corporate House, Nr. Hira Rupa Hall, Bopal-Ambli Road, Bopal, Ahmedabad - 380058, Gujarat, India
09-04-2026
Khandwala Securities Limited confirmed via initial disclosure that it does not qualify as a 'Large Corporate' under SEBI Circular No. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 (as amended) and SEBI Circular No. SEBI/HO/DDHS/DDHSRACPOD1/P/CIR/2023/172 dated October 19, 2023, pertaining to fund raising by issuance of debt securities. Consequently, no disclosure in Annexure A is required. The disclosure was submitted to BSE Limited (Scrip Code: 531892) and National Stock Exchange of India Limited (Symbol: KHANDSE).
- ·CIN No.: L67120MH1993PLC070709
- ·BSE Scrip Code: 531892
- ·NSE Symbol: KHANDSE
- ·Registered Office: G-1I, Ground Floor, Dalamal House, Nariman Point, Mumbai - 400 021
09-04-2026
MSTC Limited declared that it is not a Large Corporate under SEBI circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, primarily due to nil outstanding borrowings as on 31st March 2026 (in Rs. Cr). The company reported its highest credit rating of A1+ from Acuite Ratings & Research Limited during the previous FY. This compliance declaration was submitted to BSE Limited (Scrip Code: 542597) and National Stock Exchange of India Limited (Scrip Code: MSTCLTD).
- ·CIN: L27320WB1964GOI026211
- ·No fine applicable to any stock exchange due to no shortfall in required borrowing framework
09-04-2026
Vivanza Biosciences Limited confirmed to BSE Limited that it does not qualify as a 'Large Corporate' under SEBI and BSE circulars as of March 31, 2026, for the financial year ended March 31, 2026. As a result, no initial disclosure in Annexure A or Annexure XII A is required regarding fund raising by issuance of debt securities. The statement was signed by the Company Secretary & Compliance Officer.
- ·Scrip Code: 530057
- ·CIN: L24105GJ1982PLC005057
- ·Registered Office: 403, Sarthik 2, Opp. Rajpath Club, S. G. Highway, Ahmedabad 380054
- ·Referenced SEBI Circulars: SEBI/HO/DDHS/CIR/P/2018/144 (Nov 26, 2018), SEBI/HO/DDHS/P/CIR/2021/613 (Aug 10, 2021, updated Apr 13, 2022)
09-04-2026
Lakshmi Engineering and Warehousing Limited (formerly Lakshmi Automatic Loom Works Limited) confirms non-applicability of Large Corporate Entity criteria under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 for the year ended March 31, 2026. For the 2-year block FY 2024-25 and 2025-26, incremental borrowings in FY 2025-26 were Nil (₹0 Cr), mandatory borrowings through debt securities were Nil (₹0 Cr), with no actual borrowings, shortfalls, or penalties reported. All related figures remain at Nil or Not Applicable, indicating no debt securities fundraising obligations.
- ·CIN: L29269TZ1973PLC000680
- ·BSE Scrip Code: 505302
- ·2-year block period: FY 2024-25, 2025-26
- ·Filing Date: April 09, 2026
09-04-2026
Kesar Terminals & Infrastructure Limited informed BSE Limited on April 8, 2026, that it does not qualify as a Large Corporate under SEBI circulars SEBI/HO/DDHS/CIR/P/2018/144 and SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 regarding debt securities issuance disclosures, as it only has equity shares listed on BSE. Outstanding borrowings as of March 31, 2026, were ₹0.03 Cr, with highest credit rating listed as N.A.
- ·CIN: L45203MH2008PLC178061
- ·Scrip Code: 533289
- ·Highest credit rating during previous financial year: N.A.
- ·Name of Stock Exchange for potential fine: N.A.
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