BSE, NSE clear GE Power India demerger into JSW Energy

GE Power India Limited (GEPIL) and JSW Energy Limited (JSWEL) have received no-objection letters from BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for their proposed demerger scheme, removing a key regulatory step before filing the arrangement with the National Company Law Tribunal (NCLT).

BSE issued its observation letter with “no adverse observations” on April 1, 2026, while NSE granted its “no objection” on the same date.  

Under the scheme, GE Power India will act as the demerging company, and JSW Energy as the resulting company. The arrangement is structured under Sections 230 to 232 of the Companies Act, 2013. The boards of both companies approved the proposal in September 2025, followed by filings with the exchanges on September 26, 2025.

SEBI, in its letter dated March 30, 2026, outlined conditions prior to exchange clearance. These include disclosure of any ongoing regulatory or enforcement proceedings involving the companies, their promoters, and directors, along with valuation reports and financial projections. SEBI also stipulated that the financial statements used in the scheme should not be older than six months from the date of the exchange no-objection letters, and that any equity shares issued under the arrangement be in dematerialised form.

The observation letters are valid for six months from April 1, 2026. The companies are required to submit the scheme to the NCLT within this period. Both exchanges retain the authority to withdraw their approvals if any submitted information is found to be incomplete, incorrect, or misleading.

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