Rikhav Securities Limited has submitted a revised regulatory disclosure to BSE following observations regarding discrepancies in their earlier share encumbrance filing. The company addressed concerns raised by the exchange about missing information and format compliance under SEBI regulations.

Regulatory Compliance Issues Addressed

BSE had identified two key discrepancies in the company's original disclosure dated February 27, 2026:

• Missing reasons for share encumbrance (creation, release, or invocation of pledge)
• Incorrect disclosure format not complying with SEBI (SAST) Regulations 2011 as per the revised circular effective August 05, 2015

The revised submission, filed on March 26, 2026, rectifies these issues and supersedes the earlier filing.

Share Encumbrance Details

The disclosure reveals share pledging activities by promoters and promoter group entities with NU Investors Technologies Pvt Ltd for margin trading purposes. All encumbrances were created on February 23, 2026.

Encumbrance Summary

The total pledged shares amount to 37,24,288 shares, representing 9.73% of the company's total share capital. All pledges were created as collateral for margin trading activities with NU Investors Technologies Pvt Ltd. Prior to this encumbrance event, none of the promoter entities had any existing pledged holdings.

Regulatory Framework

The disclosure complies with Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. These regulations mandate promoters to disclose any encumbrance, invocation, or release of their shareholding in listed companies to ensure market transparency.

The revised filing was signed by Hitesh Himatlal Lakhani (DIN: 01457990) on behalf of all promoter and promoter group entities mentioned in the disclosure.

Rikhav Securities witnessed significant shareholding changes as multiple promoters and promoter group entities executed substantial share transactions. The latest developments involve both acquisitions and disposals by various promoter entities, marking a comprehensive restructuring of the company's ownership pattern.

Latest Transaction Summary

On March 13, 2026, multiple promoter entities executed significant share transactions in Rikhav Securities Limited through open market operations. The transactions involved both acquisitions and disposals, resulting in a net change in promoter shareholding patterns.

Major Acquisitions

Several promoter group entities acquired substantial stakes in the company. H D Lakhani emerged as the largest acquirer, purchasing 9,66,400 shares representing 2.52% of the company's equity.

Significant Disposals

Simultaneously, several promoter entities reduced their holdings through open market sales. Dharmesh Navalchand Shah disposed of the largest quantum, selling 7,34,400 shares worth 1.92% of the company's equity.

Previous Transaction Update

The disclosures also revealed that B N Lakhani had previously acquired 4,11,200 shares (1.07%) on March 11, 2026, and subsequently acquired an additional 5,15,200 shares (1.35%) on March 13, 2026, bringing their total holding to 9,26,400 shares representing 2.42% of the company.

Company Capital Structure

Rikhav Securities Limited maintains a total equity share capital of Rs. 19,14,60,000, comprising 3,82,92,000 equity shares of Rs. 5.00 each. The company's shares are listed on BSE Limited, and the capital structure remained unchanged following these transactions.

Regulatory Compliance

All disclosures were filed in accordance with Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The notifications were submitted to both BSE Limited and Rikhav Securities Limited on March 17, 2026, maintaining full regulatory compliance for all transactions.