Receipt of request for reclassification from 'Promoter and Promoter Group' category to 'Public' category

Rikhav Securities has received requests dated October 05, 2026 from nine Promoter Group entities to be reclassified from 'Promoter and Promoter Group' category to 'Public' category.

Mon 5 Oct 2026

Request Date

October 05, 2026

Number of Promoter Group Entities Seeking Reclassification

nine

Shareholding Shown for Each Entity

NIL equity shares and NIL shareholding percentage

Regulatory Provision

Regulation 31A of SEBI (LODR) Regulations, 2015

Post-Reclassification Compliance Period

not less than three years

What was intimated

Rikhav Securities Limited has informed BSE Limited that it received requests on October 05, 2026 from members forming part of its Promoter Group seeking reclassification from the 'Promoter and Promoter Group' category to the 'Public' category, under Regulation 31A of SEBI (LODR) Regulations, 2015. The copies of the request letters are attached with the intimation.

Who has written in

Nine entities forming part of the Promoter Group have sought the change

• Makshi Infotech Private Limited
• Parth Investment Consultants Private Limited
• Punya Associates LLP
• Aadarsh Trading LLP
• CU Lakhani
• MN Shah
• D N Shah
• S M Shah
• CJ Maniyar

What the shareholding table shows

Against each of these nine names, the update shows shareholding of NIL equity shares and a shareholding percentage of NIL.

Why they say they want it

In the request letters, the entities state that as on date they are not, directly or indirectly, associated with the business of the company, do not have any influence over the business and policy decisions made by the company, are neither involved in the day-to-day affairs or management nor exercising control over its affairs, and do not have any special rights in the company through formal or informal arrangements, including any shareholders' agreement, voting agreement or any other arrangement.

What they have undertaken

Along with the requests, undertakings confirm that the entities, along with persons related to them together:

• do not hold more than ten percent of the total voting rights in the listed entity
• do not exercise control over the affairs of the listed entity, directly or indirectly
• do not have any special rights through formal or informal arrangements, including through any shareholder agreements
• are not being represented on the board of directors, including not having a nominee director
• do not act as key managerial personnel of the listed entity
• are not a 'wilful defaulter(s)' as per Reserve Bank of India guidelines
• are not a fugitive economic offender
• have no pending regulatory action against them

The undertakings also state that these entities shall continue to comply with the specified conditions at all times from the date of reclassification, and shall comply with certain other specified conditions for a period of not less than three years from the date of reclassification, failing which they would be reclassified as promoter/person belonging to the promoter group of the listed entity.

What happens next

The request shall be placed before the Board of Directors for consideration at its next board meeting. After receipt of the Board's approval, the company would submit an application seeking no-objection from BSE Limited. The intimation is also being uploaded on the company's website.

How a retail investor can read this

Reclassification changes the category under which these shareholders are counted in the shareholding pattern, from promoter/promoter group to public. What has come through is a request, which still needs Board consideration followed by an exchange no-objection process. The figures shown for each of the nine entities in the accompanying table are NIL equity shares held and NIL shareholding percentage.

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