Gujarat Industries Power Company Ltd has officially notified BSE that it does not fall under the purview of SEBI's Large Corporate framework for disclosure requirements. The communication, dated April 7, 2026, clarifies the company's position regarding compliance with SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613.

SEBI Large Corporate Framework Criteria

The SEBI circular establishes three specific criteria for applicability of the Large Corporate framework to listed entities as of the last day of the financial year. All three conditions must be met simultaneously for the framework to apply:

Credit Rating Assessment

The company's assessment reveals that while it may meet other criteria, its credit rating falls short of the mandatory threshold. As of March 31, 2026, Gujarat Industries Power Company Ltd holds a CARE AA- (Double A minus) credit rating for its long-term borrowing, which is below the required AA (Double A) rating specified in clause 1.2(c) of the SEBI circular.

The circular specifically states that where an issuer has multiple ratings from multiple rating agencies, the highest of such rating shall be considered for the purpose of applicability of this framework. However, even with this provision, the company's rating remains insufficient.

Compliance Status and Corporate Governance

Due to the credit rating shortfall, the company is not obligated to make Initial and Annual Disclosures as a Large Corporate to stock exchanges. The official communication demonstrates proper corporate governance protocols, with dual authorization from key executives:

Gujarat Industries Power Company Ltd has committed to regularly review provisions of the SEBI circular, monitor changes in its compliance status, and submit required disclosures when the framework becomes applicable. The company maintains its registered office at P.O. Ranoli – 391 350, Dist. Vadodara, Gujarat, and operates under CIN: L99999GJ1985PLC00786.

Gujarat Industries Power Company Limited has filed its quarterly compliance certificate with stock exchanges and depositories for the fourth quarter of fiscal year 2026, ensuring adherence to regulatory requirements for securities handling.

Regulatory Filing Details

The company submitted its certificate pursuant to Regulation 74(5) of SEBI (Depositories & Participants) Regulations, 2018 on April 6, 2026. The filing was addressed to multiple regulatory bodies and exchanges to maintain comprehensive compliance records.

Exchange and Depository Communications

The compliance certificate was submitted to key market infrastructure institutions to ensure proper record maintenance. The company communicated with both major stock exchanges and central depositories.

Stock Exchanges:

• BSE Limited (Scrip Code: 517300)
• National Stock Exchange of India Limited (Scrip Symbol: GIPCL)

Depositories:

• National Securities Depositories Limited
• Central Depository Services of India Limited

Registrar Confirmation

MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, served as the company's Registrar and Share Transfer Agent for this compliance process. The registrar holds SEBI Registration Number INR000004058 and provided the necessary confirmation certificate on April 3, 2026.

The registrar confirmed that securities received from depository participants for dematerialization during Q4 FY26 were properly processed within prescribed timelines. Ashok Shetty, Sr. Vice President-Corporate Registry at MUFG Intime, signed the confirmation certificate.

Compliance Confirmation

The certificate confirms that all securities received for dematerialization were properly verified, and security certificates were mutilated and cancelled after due verification by depository participants. The names of depositories were substituted in the register of members as registered owners within the prescribed timelines, ensuring complete regulatory compliance for the quarter ended March 31, 2026.