Kalpa Commercial Limited has formally disclosed to BSE Limited that it does not fall under the purview of SEBI's Large Corporate framework for fund raising requirements. The disclosure, dated April 14, 2026, clarifies the company's position regarding compliance obligations under the regulatory circular.

SEBI Large Corporate Framework Requirements

The SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023 establishes specific criteria for identifying "Large Corporates" subject to enhanced fund raising requirements. The framework applies to listed entities that must satisfy three key conditions:

Company's Compliance Status

Kalpa Commercial Limited's assessment reveals partial compliance with the regulatory framework. The company meets only the first criterion, having its equity shares listed on BSE Limited under scrip code 539014. However, it does not satisfy the remaining two critical requirements.

Regulatory Implications

The disclosure confirms that Kalpa Commercial Limited is not required to file the Initial Disclosure within 30 days from the beginning of financial year 2026-2027. This exemption stems from the company's failure to meet the borrowing and credit rating thresholds specified in the SEBI circular.

The communication, signed by Managing Director Ishant Malhotra (DIN: 06459062), serves as formal notification to the stock exchange and regulatory authorities. The framework specifically excludes Scheduled Commercial Banks and applies only to entities meeting all three prescribed conditions simultaneously.

Company Information

Kalpa Commercial Limited operates under CIN L74899DL1985PLC022778 with its registered office located in Delhi. The company trades on BSE Limited under the symbol KALPACOMME and maintains its corporate communications through established channels for investor and regulatory correspondence.

Kalpa Commercial Limited has filed multiple regulatory declarations with BSE Limited under various SEBI regulations for the financial year ended March 31, 2026. The filings ensure comprehensive compliance with mandatory disclosure requirements covering both takeover regulations and depositories regulations.

SEBI Takeover Regulation Declaration

The company submitted its declaration under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 2011 on April 2, 2026. Managing Director Ishant Malhotra signed the submission letter to BSE's Corporate Relationship Department, confirming receipt of the required disclosure from the company's promoter and promoter group.

SEBI Depositories Regulation Certificate

On April 7, 2026, Kalpa Commercial Limited submitted its certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter and year ended March 31, 2026. The certificate was received from Skyline Financial Services Private Limited, the company's share transfer agent.

Promoter Share Encumbrance Status

The promoters of Kalpa Commercial Limited, represented by Shefali Agarwal, formally declared that no new encumbrances were created over the company's shares during FY26. The declaration specifically confirms that promoters have not created any encumbrance over company shares, directly or indirectly, during the financial year.

The filing acknowledges that any existing encumbrances have been properly disclosed through previous disclosures during the financial year, System Driven Disclosure (SDD) mechanisms, and earlier filings as per SEBI regulations.

Corporate Information

Kalpa Commercial Limited operates under CIN L74899DL1985PLC022778 with its registered office located in Delhi. The company maintains its listing on BSE Limited under scrip code 539014 and ISIN INE059Q01014.

These regulatory declarations represent part of SEBI's comprehensive framework to ensure transparency in substantial shareholding changes and proper dematerialization processes, maintaining investor confidence through proper disclosure mechanisms.