The reclassification was communicated by the RBI's Department of Supervision, Chandigarh Office via email dated June 30, 2026. This action was taken pursuant to Paragraph 23 of the Master Directions on NBFCs-Registration, Exemptions and Framework for Scale Based Regulation Directions, 2025 dated November 28, 2025 (as amended from time to time).
The basis for the reclassification is that the subsidiary's asset size, as per its audited balance sheet for FY 2025-26, is below ₹1,000 crore, which falls below the threshold for Middle Layer classification.
The company specifically stated that except for this regulatory classification change, there is no change in the operations of the subsidiary. The disclosure was signed by Hardam Singh, Company Secretary and Compliance Officer (FCS 5046), and submitted to BSE Limited on June 30, 2026 at 3:30 PM.