SEBI Clears Status of 47 Schemes of Arrangement as Stock Exchanges' NOC Awaited For Companies Like JSW Steel and Bharat Industries

SEBI Clears Status of 47 Schemes of Arrangement as Stock Exchanges' NOC Awaited For Companies Like JSW Steel and Bharat Industries​

SEBI has released the processing status of various Draft Schemes of Arrangement, providing critical updates on the timelines for listed companies undertaking significant corporate restructuring. The bulletin outlines which applicants are awaiting No-Objection Certificates (NOC) from exchanges, while others are currently under SEBI review following receipt of NOCs.

The comprehensive list covers 47 entities, spanning diverse sectors including industry, technology, and consumer goods. This public disclosure allows investors and stakeholders to track the regulatory progression of these complex corporate proposals against prescribed deadlines.

Companies Awaiting Exchange No-Objection Certificates (NOC)​

A large number of applicants have successfully filed their Draft Schemes but are currently pending NOC from stock exchanges. These companies must await clearance before SEBI can move forward with the formal review process.

The list includes prominent entities such as Mangalam Worldwide Limited, Vikas EcoTech Limited, and Vadilal Industries Limited, all filing schemes dating back to early 2024 and mid-2025. Similarly, several other companies including Diligent Media Corporation Ltd, Hubtown Ltd, Thomas Cook (India) Limited, và Modern Insulators Limited are awaiting exchange sign-off.

The firms on the docket range from industrial players like JSW Steel Limited (filed 05-Jun-26) to consumer brands such as Nirma Limited and EPL Limited. The data shows continuous filings across various market segments, reflecting ongoing corporate restructuring activities in India.

Schemes Under SEBI Review Awaiting Final Decisions​

A dedicated subset of schemes have received NOC from the exchanges and are now actively undergoing processing by SEBI. These applications represent advanced stages of regulatory scrutiny, awaiting final decisions or clarification on outstanding points.

Several key players occupy this category. Race Eco Chain Limited, for example, has had its clarifications sought since July 10, 2026. Natco Pharma Limited and UPL Limited are noted to be Under Process, having completed their filings and received NOCs simultaneously in June 2026.

Other companies actively under review include Vilin Bio Med Limited (filed from May 29, 2026) and Capricorn Systems Global Solutions Limited (filing July 16, 2026). Birla Cable Limited and Vindhya Telelinks Limited are also in this category, with SEBI having sought clarification on their schemes.

Regulatory Timeline and Next Steps for Applicants​

SEBI has reiterated its committed timelines regarding the processing of these Draft Schemes. The regulatory body endeavors to provide comments on the Draft Scheme to stock exchanges within 30 days from the latest date of specific milestones.

These crucial milestones include the receipt of a satisfactory reply to any clarifications sought by SEBI, obtaining an opinion from an Independent Chartered Accountant, or receiving the No-Objection letter from the relevant stock exchange.

The notice advises applicants who face inordinate delays to contact senior officials at SEBI (Shri Deep Mani Shah and Shri Jeevan Sonparote) via designated email IDs. This instruction serves as a formal guidance note for companies navigating the intricate process of scheme approval under regulatory oversight.