Kalpesh J Shah holds 21.06% stake in Market Creators via transmission

Kalpesh J Shah, a promoter of Market Creators Limited, has increased his shareholding to 21.06% following the acquisition of 20,57,352 equity shares via transmission. The shares were transferred from Jayantilal Harkisondas Shah on July 1, 2026, as disclosed in a filing submitted to BSE Limited on July 7, 2026. This transaction is exempt from the open offer requirements under Regulation 10(1)(g) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as the transfer occurred between promoters.

Prior to this transaction, Kalpesh J Shah held 1,53,609 shares, representing a 1.46% stake in the company. The transferor, Jayantilal Harkisondas Shah, held 20,57,352 shares, accounting for 19.59% of the total share capital. Following the transmission, the transferor's shareholding has reduced to zero, while the acquirer's total holding now stands at 22,10,961 equity shares.

Details of Shareholding Change

The following table details the shift in ownership between the parties involved:

Parameter	Pre-Transaction	Post-Transaction
Acquirer: Kalpesh J Shah
Number of shares	1,53,609	22,10,961
Percentage of total share capital	1.46%	21.06%
Transferor: Jayantilal Harkisondas Shah
Number of shares	20,57,352	0
Percentage of total share capital	19.59%	-

The disclosure was made in compliance with Regulation 10(6) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Market Creators Limited is listed on BSE with the scrip code 526891.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	+6.95%	+14.69%	+2.92%	+13.70%	+265.21%

Market Creators Ltd has confirmed full compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations for the financial year ended March 31, 2026. The disclosure follows a review conducted by Heena Patel, a Practicing Company Secretary, who verified the company's adherence to statutory provisions and corporate governance norms during the review period. The report addressed specific regulatory requirements and the status of past non-compliances, providing transparency on the company's governance structure.

The secretarial audit examined the company's compliance with various SEBI regulations, including those related to insider trading, buyback of securities, and share-based employee benefits. Heena Patel reported that Market Creators Ltd complied with the provisions of the examined regulations and circulars during the review period. The audit covered documents, filings, and the company's website to ensure comprehensive adherence to the mandated norms.

A significant portion of the report focused on the remediation of non-compliances identified in previous periods. The company had faced penalties for lapses such as the delayed appointment of an independent director and the constitution of mandatory committees. The following table details the past deviations and the corrective actions taken by the management:

Sr. No.	Compliance Requirement	Details of Violation	Remedial Actions Taken	Status of Waiver Application
1	Regulation 17(1)	Non-compliance with Board composition; Fine: 45000+GST and 460000+GST	Necessary corrective action taken; Compliance made	BSE waived partial fine
2	Regulation 44(3)	Delayed submission of voting results; Fine: 10000+GST	Application for waiver made	Status awaited
3	Regulation 6(1)	Delayed appointment of compliance officer; Fine: 30000+GST	Company Secretary appointed on 31.07.2024	BSE rejected waiver; fine paid
4	Regulation 18(1)	Non-compliance with audit committee constitution; Fine: 128000+GST	Necessary corrective action taken; Compliance made	BSE waived partial fine
5	Regulation 19(1)/ 19(2)	Non-compliance with nomination and remuneration committee; Fine: 128000+GST	Necessary corrective action taken; Compliance made	BSE waived partial fine
6	Regulation 20(2)/(2A)	Non-compliance with stakeholder relationship committee; Fine: 128000+GST	Committee not constituted	BSE waived partial fine

The report confirmed that Market Creators Ltd has adopted and updated all applicable policies under SEBI regulations with board approval. The company maintains a functional website with accurate web-links for documents as required under Regulation 27(2). Additionally, the audit verified that none of the directors are disqualified under Section 164 of the Companies Act, 2013, and that the company has no subsidiaries.

Regarding specific compliance checks, the company affirmed it has preserved documents as prescribed and conducted performance evaluations of the board and its committees. All related party transactions obtained prior approval from the audit committee. The report also stated that no actions were taken by SEBI or stock exchanges against the company, its promoters, or directors during the review period, and there were no resignations of statutory auditors.