Intimation regarding receipt of Observation letter from the BSE Limited and NationalStock Exchange of India Ltd. in relation to the Draft Scheme of Arrangement between Indo ThaiSecurities Limited (ITSL or Demerged Company or Company) and Indo Thai FinancialServices Limited (ITFSL or Resulting Company) and their respective shareholders underSections 230 to 232 and other applicable provisions of the Companies Act, 2013 (Scheme).
INDOTHAI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Indo Thai Securities Limited (ITSL) has received 'no adverse observations' from BSE and 'no objection' from NSE on 18th March 2026 for its draft Scheme of Arrangement. The scheme involves demerger of ITSL's Broking & Distribution (B&D) undertaking into Indo Thai Financial Services Limited (ITFSL), a wholly-owned unlisted subsidiary, under Sections 230-232 of the Companies Act, 2013. The Board had initially approved the scheme on 13th October 2025. Both exchanges have outlined several compliance conditions, including disclosure of share-swap ratio rationale, pre/post shareholding patterns, financials, and potential risks to shareholders. The observation letters are valid for six months, within which ITSL must file the scheme with the NCLT. Post-NCLT approval, ITFSL will seek separate listing approval from the exchanges.
This is a procedural milestone clearing one of the key regulatory hurdles for the demerger, moving the B&D business closer to being spun off into a separate listed entity. Shareholders of ITSL should watch for the upcoming NCLT filing, shareholder/court meeting notices, and the eventual share-swap ratio, as the actual demerger and potential separate listing of ITFSL could materially affect shareholding structure and value.