Tata Steel Limited has submitted its quarterly compliance certificate under SEBI Regulation 74(5) for the quarter ended December 31, 2025, confirming adherence to securities dematerialization reporting requirements. The certificate, dated January 7, 2026, was filed with the National Securities Depository Ltd. and Central Depository Services (India) Ltd.

Regulatory Compliance Details

The certificate confirms that Tata Steel has furnished details of securities dematerialized during Q3 FY26 to the stock exchanges where its ordinary equity shares are listed. The company has met the specified timelines for reporting as mandated under the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.

Stock Exchange Notifications

The dematerialization details have been submitted to both major Indian stock exchanges where Tata Steel's equity shares are traded. The company maintains listings on BSE Limited with scrip code 500470 and National Stock Exchange of India Limited under the symbol TATASTEEL.

Authorization and Documentation

Parvatheesam Kanchinadham, Company Secretary and Chief Legal Officer, digitally signed the compliance certificate on January 7, 2026. The document serves as formal confirmation to the depositories that all regulatory requirements regarding securities dematerialization reporting have been fulfilled for the specified quarter.

This quarterly filing represents part of Tata Steel's ongoing regulatory compliance obligations as a publicly listed company, ensuring transparency in securities dematerialization processes and maintaining adherence to SEBI guidelines for investor protection and market integrity.

India's Competition Commission has found major steelmakers including Tata Steel Ltd., JSW Steel Ltd., and state-owned Steel Authority of India Ltd. in violation of competition law through price collusion, according to a Reuters exclusive report. The investigation marks one of the most high-profile regulatory actions against the country's steel industry giants.

Investigation Findings and Evidence

The Competition Commission of India probe has identified 28 firms in breach of antitrust norms, with collusion activities spanning between 2015 and 2023. The investigation has also held 56 top executives liable for price fixing, including prominent industry leaders such as JSW Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former SAIL chairpersons.

According to an internal CCI document, officials uncovered WhatsApp messages exchanged among regional industry groups that suggested price fixing and production curbs. This digital evidence forms a crucial part of the case against the steel companies.

Market Response and Company Reactions

Following the Reuters report, shares of JSW Steel, SAIL and Tata Steel fell during trading, while the Nifty Metal index also turned negative. The market reaction reflects investor concerns about potential penalties and regulatory implications for the steel sector.

Investigation Background and Expansion

The Competition Commission investigation commenced in 2021 following allegations from a builders' association in a case filed before a Tamil Nadu state court. The group alleged that steel companies were collectively restricting supply and artificially inflating prices.

The probe was subsequently expanded to cover up to 31 companies and industry groups, along with dozens of executives. Reuters had previously reported that the watchdog conducted raids on several steel companies as part of the broader industry investigation.

Regulatory Process and Potential Penalties

The Competition Commission's order, dated October 6, states that the investigation has "found the conduct of the parties to be in contravention" of Indian antitrust law. The findings will undergo review by senior CCI officials, with companies and executives granted the opportunity to submit objections before a final order is issued.

Under antitrust regulations, the Competition Commission possesses authority to impose substantial penalties on steel companies, with fines reaching up to three times their profit or 10% of annual turnover, whichever is higher, for each year of wrongdoing. Individual executives also face potential financial penalties for their involvement in the alleged collusion activities. India is the world's second-largest producer of crude steel, making this investigation particularly significant for the global steel market.