# Signals - How the Company Table and Flags Are Built

One row per company across seven NSE disclosure sources: what each column counts, how the activity period works, the renamed companies, and what each option in the Flags menu covers.

Source data: NSE public filings and disclosures (Nifty Total Market, ~750 companies, plus other listed filers). Last updated: 2026-10-08.

LIVE TOOL: Open Signals - https://vigil.tigzig.com/signals

This page explains how the VIGIL Signals table is built: which companies are in it, what each column counts, how the activity period works, and what each option in the Flags menu covers. See also the [credit rating red-flag rules](/vigil/credit-ratings) and [where each dataset comes from](/vigil/data-sources).

## What the Signals table is

Signals puts every company VIGIL tracks in one table, one row per company. Each column counts what that company has filed or what has been filed about it, so you can see at a glance where the activity is.

The table covers the Nifty Total Market index, about 750 companies. It also includes any other listed company that appears in the credit rating, insider trading, takeover, encumbrance or pledge data.

NSE's surveillance list gives a symbol and no company name. A company that appears only on that list is therefore not shown in the table.

## What each column counts

| Column | What it counts |
| --- | --- |
| **Ratings** | Credit rating actions on the company's rated debt. One review of several bonds counts once per bond. |
| **Red Flags** | How many of those rating actions are red flags (see the [credit rating rules](/vigil/credit-ratings)). In the downloaded file only. |
| **Insider Trading** | Insider trading disclosures by promoters, directors and key staff. |
| **Promoter Pledge** | The share of the company's shares that promoters have pledged, from the latest quarterly filing. |
| **Takeover (SAST)** | Filings by anyone whose holding crossed 5 per cent, or moved by 2 per cent after that. |
| **Encumbrance** | Events where promoter shares were pledged, released or taken by a lender. |
| **Related Party** | Related party transactions, one per deal a company reports with a related party. A large company can report thousands in one filing, so this column is dominated by size. Some filings arrive from NSE without a filing date: they count at All time but not in shorter periods. |
| **Surveillance** | Whether NSE has the company on any of its surveillance lists today. |
| **Total** | Ratings, Insider Trading, Takeover, Encumbrance and Related Party added together, plus one if the company is under surveillance. |

Each count comes straight from the source table of the same name. The [Data Sources](/vigil/data-sources) page says where each one comes from.

## The activity period

The period control limits the counts to filings published in the last week, two weeks, month, two months, three months, six months or year. All time shows everything. A company with nothing in the chosen period drops out of the table.

Promoter Pledge and Surveillance do not change with the period. Both describe where things stand today, and neither carries an event date.

## Renamed companies

When a company changes its NSE symbol, its older filings stay under the old symbol. Three such companies are shown as one row under their current symbol: GDL as GATEWAY, CURATECH as CURAA, and VICEROY as VHLTD. This merge applies to the Signals table and its download. The data tables and the API keep each filing under the symbol it was filed with.

## The Flags menu

The Flags menu picks out companies by what is in their filings. It is called Flags and not Red Flags because one of the options, a promoter buying shares, is usually good news.

Tick one or more flags, then choose "Show companies matching all of the ticks" for companies that have every ticked flag, or "any of the ticks" for companies that have at least one. Flags based on events follow the activity period. Flags based on today's position, such as the pledge levels, do not.

"Promoter" in these flags means the promoter and the promoter group together.

| Flag | What it covers |
| --- | --- |
| **Rating red flag** | Covers downgrades, defaults, negative outlook, ratings put on watch and speculative grades. Matched from the rating agency wording, so an unusual phrasing can be missed. |
| **Promoter sold down** | A promoter cut their holding by at least 1 percentage point in a single market sale. Routine trimming of a few hundredths of a point is left out. |
| **Promoter bought up** | A promoter raised their holding by at least 1 percentage point in a single market purchase. This one is usually read as a good sign, which is why the menu is called Flags and not Red Flags. It is here because it is worth seeing beside the rest. |
| **Promoter pledged shares** | A promoter pledged shares as collateral. This is the event, so it says a pledge happened and not how large it is. For the size, read the Pledge% column, which is the share of the company currently pledged. |
| **Over half the company pledged** | More than 50 per cent of the company shares are pledged by promoters. This is the level right now, so it does not change when you pick a different period. |
| **Most of promoter holding encumbered** | More than half of what the promoters themselves own is tied up. This is a different number from the pledge share: it measures the promoter holding rather than the company, and it counts commitments beyond a formal pledge, so a company can look mild on pledge and still be near the top here. |
| **Encumbered without a pledge** | Promoter shares are tied up by something other than a pledge, usually a non-disposal undertaking given to a lender. It counts because every pledge figure on this site misses it, so a company can read as unpledged while the shares are still committed. |
| **Pledged shares invoked** | A lender took possession of pledged shares, which means the promoter did not meet the terms. Read from both the insider filings and the encumbrance filings, because the two disclose different sets of companies. |
| **Outsider acquired 5% or more** | Somebody outside the promoter group picked up 5 per cent or more of the company in a single takeover filing. This one has no equivalent anywhere else on the page: the insider filings only cover company people declaring their own trades, while takeover filings catch anyone building a stake. So this answers who is coming for the company rather than what the promoter family did. |
| **Promoter sold 5% or more at once** | A promoter sold 5 per cent or more of the company in a single takeover filing. Much blunter than Promoter sold down above, which reads the insider filings and triggers at 1 percentage point, so a company can show one and not the other. Both are worth having: this one catches the large exits and the other catches steady trimming. |
| **In insolvency** | The company is in the insolvency resolution process. This is the most serious single thing on the page, and it is the exchange saying it rather than anything we have worked out. The Surveillance column beside the table only tells you the exchange has flagged the company for something; this says what. |
| **Under severe exchange action** | The exchange has taken a serious step against the company: insolvency, a lender agreement to restructure its debt, a failure to pay listing fees, or the strictest grade of surveillance. It deliberately leaves out the routine volatility and price-band measures, which cover most flagged companies and say little about the business. |

## Downloading the table

The CSV button downloads every row that matches your current choices, with the period and filters in the file name. Copy puts the visible page on your clipboard for pasting into a spreadsheet.

The full table at All time, with no filters, is also a standing download on the [TIGZIG data downloads page](/downloads), refreshed whenever the underlying data changes.

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Source: https://www.tigzig.com/vigil/signals

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Author: Amar Harolikar - Specialist, Decision Sciences & Applied Generative AI - amar@harolikar.com - https://www.linkedin.com/in/amarharolikar
Source: https://www.tigzig.com/vigil/signals
Citation: TigZig - Amar Harolikar (https://www.tigzig.com). Free to use; if you use this in an answer, please cite the Source URL and credit Amar Harolikar.
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