Rikhav Securities reclassification requests from nine promoter group members seek a shift to the public category, the company said in a BSE filing on October 5, 2026. The company received the requests the same day and will place them before its board at the next meeting.

All nine applicants have nil equity shareholdings, according to the disclosure. The filing reports receipt of their requests, with board consideration and an application to BSE still to follow. It does not announce a completed reclassification.

Rikhav Securities Ltd, listed on BSE under scrip code 544340, submitted the disclosure under Regulation 30 read with Regulation 31A(8) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Which promoter group members have applied?

The company identified the following applicants, each listed in the promoter group category with both the number of equity shares held and the shareholding percentage disclosed as nil:

  • Makshi Infotech Private Limited
  • Parth Investment Consultants Private Limited
  • Punya Associates LLP
  • Aadarsh Trading LLP
  • CU Lakhani
  • MN Shah
  • D N Shah
  • S M Shah
  • CJ Maniyar

The requested change concerns their classification in the company's shareholder disclosures. No equity share sale or transfer by these applicants is reported in the intimation.

The company said copies of the request letters were attached to its filing. The supplied extract includes a request and undertaking from D N Shah, identified as a partnership firm.

Board review to precede BSE application

Rikhav Securities said it would seek BSE's no-objection after board approval. The filing does not specify a date for the next board meeting.

In its attached letter, D N Shah stated that it was neither directly nor indirectly associated with the company's business and had no influence over business or policy decisions. It also said it did not participate in day-to-day management, exercise control or hold special rights through agreements or other arrangements.

Its undertaking stated that it had no board representation, did not act as key managerial personnel and had no pending regulatory action against it. These statements form part of D N Shah's submission supporting its reclassification request.