Arihant Capital Markets Ltd received 'no adverse observations' from BSE Limited and 'no objection' from the National Stock Exchange of India Limited on June 25, 2026, for its composite scheme of arrangement. The exchanges issued observation letters enabling the company to proceed with filing the draft scheme with the National Company Law Tribunal (NCLT), subject to compliance with specific conditions. The scheme involves Arihant Financial Services Limited, Arihant Capital Markets Limited, Arihant Elite Financial Solutions Limited, Arihant Investment Banking Services Limited, and Arihant Money Marvel Wealth Management Limited.

The observation letters from both exchanges outline mandatory compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company must ensure the scheme adheres to Regulation 11 of the LODR Regulations and discloses all details of ongoing adjudication, recovery proceedings, and enforcement actions against the company, its promoters, and directors to the NCLT and shareholders. Additionally, any changes to the draft scheme require specific written consent from SEBI.

Regulatory Conditions and Disclosures

The exchanges have stipulated comprehensive disclosure requirements to be included in the explanatory statement sent to shareholders. These disclosures are intended to enable informed decision-making and include:

• A small explanation of the scheme, the rationale, synergies, and a cost-benefit analysis.
• Details of the Registered Valuer and Merchant Banker, along with the summary of methods used to determine the share-swap ratio.
• Latest financials of all involved companies not older than six months from the date of the stock exchange's No Objection Certificate (NOC).
• Pre and post-scheme shareholding patterns and capital build-up for the last three years.
• Quantitative details of the impact on reserves for all entities involved.

Listing and Operational Requirements

Arihant Elite Financial Solutions Limited (AEFSL) is advised to complete the listing of its securities and commence trading within sixty days of receiving the NCLT order. The validity of the observation letters is six months from June 25, 2026, within which the scheme must be submitted to the NCLT. The exchanges reserve the right to withdraw their observations if any information provided is found to be incomplete or misleading.

arihant capital markets submitted a revised disclosure on May 30, 2026, regarding monetary penalties levied by BSE Limited and National Stock Exchange of India Limited. The penalties, totaling ₹26,03,506, were imposed for operational non-compliances and alleged reversal trades in the cash market segment. The company confirmed that these orders do not have a material impact on its financial position, operations, or other business activities.

Details of Penalties

BSE Limited imposed a total monetary levy of ₹1,20,000, comprising a financial disincentive of ₹1,00,000 and a monetary penalty of ₹20,000. The non-compliances were operational in nature, relating to BSE circular requirements on terminal location and Authorized Person (AP) inspection. The company noted that a PIN code discrepancy, where 452003 was listed instead of 452001, arose due to changes in postal jurisdiction, while the address remained correctly mapped. It added that the AP was inspected within the prescribed period but was subsequently closed.

National Stock Exchange of India Limited imposed a penalty of ₹24,83,506 regarding alleged reversal trades executed between two clients in the cash market segment. The company clarified that it acted merely as an intermediary providing a trading platform and that identifying such trades prior to execution is not practically possible. The penalty amount has been recovered from the respective clients and remitted to the exchange.

Corrective Measures and Impact

The company has taken note of the observations and has undertaken necessary corrective and compliance measures. It has sensitized staff regarding required compliances through internal communications and training sessions. Both penalties were debited in April 2026.

Arihant Capital Markets Limited confirmed that there is no other impact on its financials, operations, or other activities resulting from these orders.