Description

BSE circular listing securities subject to surveillance measures due to high promoter and non-promoter encumbrance under SEBI SAST Regulation 28(3), effective October 09, 2025.

Summary

BSE has issued a circular regarding surveillance measures for companies with high promoter and non-promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011. The measure becomes effective from October 09, 2025. One security has been newly added to the framework (India Finsec Ltd), while no securities are moving out. The consolidated list now contains 4 securities under this surveillance measure.

Key Points

  • India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010) has been newly added to the high encumbrance surveillance framework
  • No securities are exiting the framework in this update
  • Total of 4 securities are currently under this surveillance measure
  • The framework targets companies with high promoter as well as non-promoter pledge/encumbrance levels
  • Effective date: October 09, 2025

Regulatory Changes

This circular implements ongoing surveillance under SEBI (SAST) Regulation 2011, Regulation 28(3), which deals with disclosure of encumbrance by promoters and persons in control. The measure is part of BSE’s risk management framework to monitor securities where both promoter and non-promoter shareholding face high encumbrance levels.

Compliance Requirements

  • Trading members and investors should note the inclusion of India Finsec Ltd under this surveillance framework
  • Enhanced monitoring and risk assessment required for securities listed under this measure
  • Companies under this framework must comply with disclosure requirements under SEBI SAST Regulation 28(3) regarding encumbrance of shares

Important Dates

  • Effective Date: October 09, 2025 - High encumbrance surveillance measure becomes applicable to listed securities

Impact Assessment

Securities Added (Annexure I):

  1. India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010)

Securities Removed (Annexure II): Nil

Consolidated List (Annexure III) - 4 Securities:

  1. DJS Stock & Shares Ltd (Scrip Code: 511636, ISIN: INE234E01027)
  2. Future Market Networks Ltd (Scrip Code: 533296, ISIN: INE360L01017)
  3. India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010)
  4. Thyrocare Technologies Ltd (Scrip Code: 539871, ISIN: INE594H01019)

Investors and trading members should exercise enhanced caution when dealing in these securities due to elevated encumbrance levels. The high pledge/encumbrance of shares by both promoters and non-promoters indicates potential financial stress or liquidity concerns that could impact stock performance and trading dynamics.

Impact Justification

Affects trading in 4 securities with high encumbrance levels; one new addition (India Finsec Ltd) and consolidated list of 4 companies under surveillance framework