Key Quantitative Figures

  • 7 lakh retail public shareholders affected by trading restrictions
  • ±5% price band currently imposed on share trading
  • Trading permitted only once per week

Dates of Action

  • Representation submitted to regulators on June 7, 2026
  • Media release dated June 7, 2026
  • Disclosure filed with BSE and NSE on June 7, 2026

Parties Involved

  • Reliance Infrastructure Limited (issuing company)
  • Securities and Exchange Board of India (SEBI)
  • National Stock Exchange of India Limited (NSE)
  • Bombay Stock Exchange Limited (BSE)
  • National Company Law Appellate Tribunal (NCLAT)

Specific Concerns Raised

  • Current framework permits trading only once a week within narrow ±5% price band
  • Results in mechanical and predictable price movements that may not reflect business fundamentals
  • Restrictions disproportionately harm 7 lakh retail public shareholders
  • During lower-circuit phases, shareholders cannot exit investments at reasonable market prices
  • Value of holdings erodes by near-fixed percentage each week

NCLAT Status Context

The ASM framework was triggered despite NCLAT staying both:

  • Insolvency admission order
  • Corporate Insolvency Resolution Process (CIRP) against the company

No Resolution Professional has assumed control of the Company

Company affairs continue to be managed by duly constituted Board of Directors in normal course of business

Proposed Solutions

Retain key risk-mitigation measures including:

  • Gross settlement
  • 100% margin requirements
  • Additional Surveillance Deposit (ASD)
  • Price-band safeguards

Enable more effective price discovery through:

  • Periodic call-auction mechanism
  • Wider and graded price band to facilitate genuine two-sided trading

Company Business Overview

Reliance Infrastructure Limited is one of the largest infrastructure companies developing projects through SPVs in:

  • Power sector
  • Roads sector
  • Metro Rail sector
  • Defence sector

The company provides Engineering and Construction services for developing power, infrastructure, metro and road projects. It has executed infrastructure projects including Mumbai metro rail project on BOOT basis and road projects on BOT basis. The company is also a leading utility company with presence in power distribution.