Trading Windows Close
Indian Firms Close Trading Windows Ahead of Upcoming Q2 Financial Results
Anonymous
Key Points
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Transgene Biotek’s trading blackout concerns its limited-reviewed financial results for the second quarter, and the company said its board-meeting date for considering the unaudited results would be disclosed later. The September 22 exchange filing was signed by Managing Director Dr. K. Koteswara Rao.
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Isgec said its restrictions were linked to unpublished price-sensitive information and that, under SEBI circulars issued on July 19, 2023, and April 21, 2025, it updated the NSDL portal to freeze designated persons’ and immediate relatives’ PANs at the security level.
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CSL Finance, an NBFC incorporated in 1992 and headquartered in New Delhi with a corporate office in Noida, notified both NSE and BSE of the closure on September 22. Its filing was signed by Compliance Officer Preeti Gupta, who confirmed that relevant insiders had been notified.
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AION-TECH Solutions was formerly known as Goldstone Technologies Limited and remains listed under the identifiers GOLDTECH on the NSE and 531439 on the BSE. The Hyderabad-based company operates in technology and IT-related services.
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Sansera Engineering’s notification was issued on September 21 by Company Secretary and Compliance Officer Rajesh Kumar Modi; the company is registered in Bangalore and said its board would meet to approve the September-quarter results, with the meeting date to be announced separately.
Five Indian listed companies—Transgene Biotek, Isgec Heavy Engineering, CSL Finance, AION-TECH Solutions, and Sansera Engineering—are closing their trading windows starting October 1, 2026, ahead of releasing second-quarter results for the period ended September 30. ScanX reported that the blackout applies to directors, designated persons, and their immediate relatives under India's strict insider-trading rules. Trading will reopen 48 hours after each company officially announces its financial results.
The move reflects India's increasingly automated enforcement of insider-trading bans. ScanX noted that under new SEBI circulars issued July 19, 2023, and April 21, 2025, designated depositories like NSDL will freeze the Permanent Account Numbers (PANs) of insiders at the security level during the blackout period. This eliminates manual loopholes and ensures no one with access to unpublished price-sensitive information can trade until results are public.
Five Companies Issue Nearly Simultaneous Blackout Notices
Transgene Biotek, Isgec Heavy Engineering, CSL Finance, and AION-TECH Solutions all filed trading-window closures on September 22, 2026, with Sansera Engineering filing one day earlier on September 21. Each company notified both the NSE and BSE. Transgene Biotek's Managing Director Dr. K. Koteswara Rao signed the filing for limited-reviewed Q2 results. Sansera Engineering's Company Secretary Rajesh Kumar Modi managed the Bangalore-based automotive supplier's notice.
CSL Finance, an NBFC founded in 1992 and based in New Delhi with offices in Noida, confirmed that Compliance Officer Preeti Gupta notified all relevant insiders of the restrictions. AION-TECH Solutions, formerly known as Goldstone Technologies, trades as GOLDTECH on NSE and under code 531439 on BSE. The Hyderabad technology firm operates in IT-related services.
How SEBI's Automated PAN Freezing Works
Under SEBI's insider-trading regulations updated in April 2025, designated depositories now freeze the PANs of insiders and their immediate relatives at the security level during blackout windows. ScanX explained that this automated system prevents manual workarounds—insiders cannot execute on-market trades, off-market transfers, or pledge shares until the cooling period ends. Isgec Heavy Engineering's Compliance Officer Kalyan Ghosh confirmed the company updated the NSDL portal to implement the freeze.
The mechanism applies to all designated persons under each company's Code of Conduct and the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. Once results are publicly declared, insiders must wait an additional 48 hours before trading resumes. Governance experts view the depository-level freeze as a major step toward closing asymmetric access to earnings data before official announcements.
Broader Pattern Across Indian Markets
Transgene Biotek, Isgec, CSL Finance, AION-TECH, and Sansera are part of a much wider wave of Indian-listed firms closing trading windows for Q2 FY27 results. ScanX has also reported blackout notices from Zee Media Corporation, Nitta Gelatin India, JK Paper, Flexituff Ventures International, and Dhvija Finance. All follow the same October 1 start date and 48-hour post-results reopening rule.
These notices represent routine compliance, not signs of distress. Financial analysts and governance experts view the coordinated disclosures as proof that SEBI's enforcement framework is working as intended. Market integrity depends on insiders being blocked from trading when they possess unpublished price-sensitive information about quarterly earnings.
Board Meeting Dates Still to Come
All five companies stated that the exact dates of their board meetings to approve Q2 results will be announced separately. This staggered disclosure is standard practice—firms file the trading-window closure first to give insiders immediate notice, then communicate board-meeting schedules once internal and audit calendars are finalized. No company has announced an earnings date yet.
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