Key Event Details
On July 16, 2026, SAB Events & Governance Now Media Limited received rejection letters from both stock exchanges regarding the application for re-classification of Mr. Markand Navnitlal Adhikari from 'Promoter' to 'Public' category. The application was originally submitted on November 15, 2025 under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Regulatory References and Compliance Issues
Both exchanges cited violation of Regulation 31A(3)(b) of SEBI LODR Regulations, specifically clauses (iv) and (v), which state that the promoter seeking reclassification and persons related to them shall not:
- Be represented on the board of directors (including not having a nominee director) of the listed entity
- Act as key managerial personnel in the listed entity
The rejection was based on the fact that the immediate relative (child) of the promoter seeking reclassification is represented on the Board of Directors as the Managing Director of the listed entity, which constitutes non-compliance with the regulations.
Document References
- BSE Limited rejection letter: LIST/COMP/KR/144/2026-27 dated July 16, 2026
- National Stock Exchange rejection letter: NSE/LIST/SABEVENTS/541/2026-2027 dated July 16, 2026
Outcome
The application for reclassification has been disposed off and cannot be considered under Regulation 31A of the SEBI LODR Regulations 2015.
Stock Exchange Officials
- BSE: Jayshree Soni (Deputy Vice President) and Krishna Rathi (Deputy Manager - Listing Compliance)
- NSE: Dhaval Shah (Senior Manager - Listing Compliance)