Description
BSE announces suspension of trading in securities of three companies effective November 20, 2025 for non-compliance with SEBI (Depositories and Participants) Regulations, 2018.
Summary
BSE will suspend trading in securities of three companies—Ramasigns Industries Ltd, Retro Green Revolution Ltd, and Vasudhagama Enterprises Ltd—effective November 20, 2025, for non-compliance with Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 for two consecutive quarters (March 2025 and June 2025). The suspension can be avoided if companies comply by November 17, 2025. During suspension, promoter shareholding will be frozen, and post-suspension trading will be restricted to Trade for Trade basis in Z group only on the first trading day of every week for six months.
Key Points
- Trading suspension effective November 20, 2025 (30 days from notice date)
- Three companies affected: Ramasigns Industries Ltd (Scrip 515127), Retro Green Revolution Ltd (Scrip 519191), and Vasudhagama Enterprises Ltd (Scrip 539291)
- Non-compliance with Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 for two consecutive quarters (March 2025 and June 2025)
- Entire promoter shareholding and all securities in promoter demat accounts will be frozen during suspension period
- Suspension can be avoided if compliance achieved by November 17, 2025
- Post-suspension, trading allowed only on Trade for Trade basis in Z group on first trading day of each week for six months (starting 15 days after suspension)
- Revocation requires compliance with all prescribed procedures and norms
Regulatory Changes
This action is pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, which prescribes penal actions for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and establishes Standard Operating Procedure for suspension and revocation of trading of specified securities.
Compliance Requirements
- Affected companies must comply with all provisions of Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 to the satisfaction of BSE
- Compliance deadline: November 17, 2025 to avoid suspension
- For revocation after suspension: companies must comply with procedure and all extant norms prescribed for revocation of suspension
- Market participants must note the trading restrictions and frozen shareholding provisions
Important Dates
- October 20, 2025: Notice issued
- November 17, 2025: Last date for companies to comply and avoid suspension
- November 20, 2025: Trading suspension becomes effective (30 days from notice)
- 15 days after November 20, 2025: Trade for Trade basis trading begins in Z group (first trading day of every week for six months)
Impact Assessment
Market Impact: High - Complete trading suspension severely restricts liquidity and investor access to these securities. The 30-day notice period allows investors to exit positions before suspension.
Investor Impact: High - Existing shareholders face significant liquidity constraints. Promoters face complete freeze of their shareholdings and demat accounts during suspension period, preventing any sale or transfer.
Operational Impact: Post-suspension trading restrictions (Trade for Trade basis in Z group, only once weekly) create severe trading limitations for six months, significantly impacting price discovery and market efficiency.
Compliance Impact: Demonstrates SEBI’s strict enforcement of depositories regulations, setting precedent for similar non-compliance cases. Companies have limited time (28 days) to achieve compliance and avoid suspension.
Impact Justification
Complete trading suspension for listed companies with promoter shareholding freeze represents severe regulatory action with significant impact on investors and market participants.