Description
BSE updates surveillance measures for companies with high encumbrance as per SEBI SAST Regulation 28(3), effective August 5, 2025.
Summary
BSE has updated its surveillance measures for companies with high encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, effective August 5, 2025. The circular details securities being added to, removed from, and consolidated under this surveillance framework.
Key Points
- Two securities added to surveillance: MSP Steel & Power Limited and RattanIndia Power Limited
- Five securities removed from surveillance including Apollo Micro Systems, GMR Power and Urban Infra, Hindustan Zinc, and Sagar Cements
- Consolidated list maintains 9 securities under high encumbrance surveillance
- Some securities moved to other surveillance frameworks (LTASM, STASM, or high Promoter/non-Promoter encumbrance)
Regulatory Changes
Implementation of SEBI SAST Regulation 28(3) surveillance measures for companies with high encumbrance levels, with periodic review and updates to the list of affected securities.
Compliance Requirements
- Securities under surveillance subject to enhanced monitoring
- Trading restrictions may apply to listed securities
- Companies must comply with encumbrance disclosure requirements under SAST regulations
- Market participants should note T+0 settlement for specified securities
Important Dates
- Effective Date: August 5, 2025
- All surveillance measures and list updates become applicable from this date
Impact Assessment
Medium impact on affected securities with potential trading restrictions and enhanced monitoring. Investors in the 11 affected companies should monitor compliance status and potential movement between surveillance frameworks. The framework helps protect investor interests by ensuring transparency in high encumbrance situations.
Impact Justification
Affects multiple securities under surveillance framework for high encumbrance compliance