Resolution criteria

This market resolves to YES if eMudhra Limited (NSE: EMUDHRA / BSE: 543533) remains an active corporate entity conducting business operations as of December 31, 2027 at 11:59 PM UTC.

This market resolves to NO if, on or before December 31, 2027:

• eMudhra Limited files for, or is placed into, bankruptcy, liquidation, dissolution, or equivalent insolvency proceedings (such as Corporate Insolvency Resolution Process under India’s Insolvency and Bankruptcy Code) and ceases commercial operations.

• The company ceases all business activities and is formally dissolved or struck off from the register by the Registrar of Companies (Ministry of Corporate Affairs, India).

Clarifications & Edge Cases:

• Mergers & Acquisitions: If eMudhra is acquired by or merges with another entity, this market resolves to YES as long as eMudhra continues to operate either as an independent operating subsidiary, distinct brand, or division within the acquiring organization. If its operations are entirely dissolved and closed down, it resolves to NO.

• Delisting: Mere delisting or suspension of trading on the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE) does not automatically trigger a NO resolution, provided the underlying corporate entity continues to operate and conduct business.

• Official corporate filings with the BSE or NSE, Ministry of Corporate Affairs records, or credible reporting from major financial media will serve as primary sources of verification.

Background

eMudhra Limited is an Indian digital identity and cybersecurity company licensed by the Controller of Certifying Authorities (CCA) to issue digital signature certificates (DSCs). It went public on the Indian exchanges in 2022. Alongside its domestic paperless transformation, authentication, and eSign services, the firm expanded into public key infrastructure (PKI) and root certificate services internationally.

In October 2026, cybersecurity researcher Scott Helme disclosed critical vulnerabilities in eight intermediate CA private keys operated by eMudhra, which were trivially guessable due to an internal script error during key generation. In response, major platforms (including Google Chrome, Mozilla Firefox, Apple, and Microsoft) revoked trust in the affected certificates. eMudhra subsequently announced a voluntary exit from the global SSL/TLS certificate issuing market while retaining its domestic DSC, enterprise PKI, and software solutions business lines.

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