NIS Management Limited has formally communicated to the Bombay Stock Exchange that it does not qualify as a Large Corporate under the Securities and Exchange Board of India (SEBI) regulatory framework for the financial year 2026-27. The disclosure, dated April 24, 2026, was submitted in response to SEBI Circular No. SEBVHO/DDHS/DDHS-RACPODI/P/CIR/2023/172 dated October 19, 2023.

SEBI Large Corporate Framework Requirements

Under the SEBI framework, listed entities qualify as Large Corporates if they meet three specific criteria as of the last day of the preceding financial year. The company must have specified securities listed on recognized stock exchanges, maintain outstanding long-term borrowings of Rs. 1000 crore or more, and possess credit ratings of AA, AA+, or AAA for unsupported bank borrowings or plain vanilla bonds.

Company's Current Financial Position

NIS Management Limited's financial metrics demonstrate its non-qualification for Large Corporate status under the regulatory framework:

Regulatory Compliance and Disclosure

The company confirmed that it fulfills only one of the three stipulated criteria by having equity shares listed on the BSE SME platform. Managing Director Debajit Choudhury signed the disclosure, emphasizing that the Initial Disclosure requirement for FY 2026-27 is not applicable to the company due to its non-qualification as a Large Corporate.

Credit Rating and Borrowing Details

As of March 31, 2026, NIS Management Limited reported outstanding borrowings of Rs. 70.82 crore, significantly below the Rs. 1000 crore threshold required under the SEBI framework. The company maintains an ICRA A2 credit rating, which falls short of the minimum AA rating requirement specified in the circular for unsupported bank borrowings or plain vanilla bonds.

Framework Applicability

The SEBI framework applies to listed entities other than Scheduled Commercial Banks and requires compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Large Corporates identified under this framework must file Initial Disclosures within 30 days from the beginning of each financial year, a requirement that does not apply to NIS Management Limited given its current financial profile.

NIS Management Limited has issued a formal clarification to the Bombay Stock Exchange (BSE) regarding recent movements in its share price. The response, dated April 17, 2026, was issued by Managing Director Debajit Choudhury in compliance with regulatory disclosure requirements.

BSE Surveillance Inquiry

The clarification was prompted by an email from BSE's Surveillance Department dated April 16, 2026, with reference number L/SURV/ONL/PV/SJ/2026-2027/3745. The exchange sought an explanation for the recent price movement in NIS Management Limited's equity shares as part of its routine market surveillance activities.

Company's Response

In its detailed response, NIS Management Limited provided the following clarifications:

The company emphasized its consistent practice of disclosing all material information that may impact its operations, performance, or constitute price-sensitive matters. This disclosure practice is maintained in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance Commitment

NIS Management Limited reaffirmed its commitment to transparency and timely disclosure. The company stated that it has been consistently disclosing material information in a timely and accurate manner, following the applicable principles of disclosure and transparency under SEBI regulations.

The Managing Director confirmed that to the best of the company's knowledge, there has been no material event or development as defined under Regulation 30 that could have influenced the company's operations, performance, or equity share price movement.

Management Assurance

The company reiterated its commitment to promptly inform the stock exchange of any material events or price-sensitive information as and when required. This assurance underscores the company's dedication to maintaining strict compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The clarification was signed by Debajit Choudhury, Managing Director (DIN: 00932489), and issued from the company's Kolkata office on April 17, 2026.