SEBI Updates Processing Status of Major Corporate Schemes as Multiple Entities Await Exchange NOCs

SEBI Updates Processing Status of Major Corporate Schemes as Multiple Entities Await Exchange NOCs​

The Securities and Exchange Board of India (SEBI) has released an updated status report regarding the processing of Draft Schemes of Arrangement as of July 17, 2026. The disclosure highlights a significant number of corporate actions currently awaiting regulatory clearance from stock exchanges.

Market participants are closely watching the progress of various entities, including major names like JSW Steel Limited, Nirma Limited, and Thomas Cook (India) Limited. These companies remain in the pre-processing stage while waiting for No Objection Certificates (NOCs) from respective exchanges.

High Volume of Draft Schemes Pending Exchange Clearances​

The latest data reveals that 28 applications are currently awaiting NOCs from stock exchanges. This includes a diverse portfolio of companies across various sectors, ranging from manufacturing and chemicals to hospitality and infrastructure.

Notable entities in this category include Vindhya Telelinks Limited, EPL Limited, and Ipca Laboratories Ltd. Other prominent names on the list involve Punjab Lloyd Limited, Astra Microwave Products Ltd, and Bharat Forgeing (represented via others such as Sagar Cements Ltd).

Additionally, records show that firms like Ratna Sagar Cements, Andhra Cements, and various others including a variety of chemical and industrial players are in the same status. These applications remain in the initial phase of processing until the exchanges provide the necessary regulatory clearance.

SEBI Processing Status for Active Corporate Schemes​

A separate list highlights schemes that have already secured exchange NOCs and are currently under active review by the regulator. This segment includes high-profile entities such as UPL Limited, Natco Pharma Limited, and Lemon Tree Hotels Limited.

Currently, several applications are in the "Reply Awaited" status despite receiving recent communications from SEBI. For instance, Race Eco Chain Limited, UPL Limited, and Birla Cable Limited (along with Vindhya Telelinks Limited) are awaiting responses to specific clarifications or replies requested by the regulator.

In contrast, schemes involving Natco Pharma Limited, Chemgenix Laboratories Private Limited into Vilin Bio Med Limited, and Markolines Pavement Technologies Limited are officially listed as "Under Process." Furthermore, Shanti Educational Initiatives Limited and Kothari Sugars And Chemicals Limited are also undergoing active processing after receiving their respective NOCs.

Regulatory Timelines and Communication Protocols​

SEBI maintains a structured timeline for providing comments on Draft Schemes to stock exchanges. According to Circular No. CFD/DIL3/CIR/2017/21, the regulator aims to provide feedback within 30 days from the latest date of several key milestones.

These milestones include the receipt of satisfactory replies on clarifications, opinions from Independent Chartered Accountants, or the receipt of Observation Letters and No-Objection letters from stock exchanges. It also includes receiving in-principle approval for listing equity shares where exemptions are sought.

To ensure transparency and efficiency, SEBI has provided a recourse for companies facing inordinate delays. Companies experiencing unattended draft schemes are encouraged to communicate directly with the Chief General Manager, Shri Deep Mani Shah, or Executive Director, Shri Jeevan Sonparote, to expedite the procedural timeline.