Description

BSE circular regarding surveillance measures for companies with high promoter and non-promoter encumbrance under SEBI (SAST) Regulation 2011, effective November 03, 2025.

Summary

BSE has issued an update on the surveillance measure framework for companies with high Promoter as well as non-Promoter ‘Encumbrance’ as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011. The circular details securities moving out of the framework and provides a consolidated list of securities remaining under this measure, effective November 03, 2025.

Key Points

  • No new securities are being added to the high encumbrance surveillance measure
  • Four securities are moving out of the framework effective November 03, 2025
  • Three securities moving out due to inclusion in other surveillance frameworks (LT ASM, ESM, TT)
  • One security remains on the consolidated list under this measure
  • Changes take effect from November 03, 2025

Securities Moving Out

The following four securities are being removed from the high encumbrance measure framework:

  1. Brahmaputra Infrastructure Ltd (Scrip Code: 535693, ISIN: INE320I01017)
  2. DJS Stock & Shares Ltd (Scrip Code: 511636, ISIN: INE234E01027)
  3. Future Market Networks Ltd (Scrip Code: 533296, ISIN: INE360L01017) - Moving to TT framework
  4. Thyrocare Technologies Ltd (Scrip Code: 539871, ISIN: INE594H01019)

Consolidated List

Only one security remains under the high encumbrance surveillance measure:

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

Regulatory Framework

This surveillance measure is implemented under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, which addresses concerns regarding high levels of pledged or encumbered shares held by both promoters and non-promoters.

Important Dates

  • Effective Date: November 03, 2025

Impact Assessment

The removal of four securities from this specific surveillance framework indicates either improvement in their encumbrance levels or migration to other surveillance measures. For Future Market Networks Ltd, the migration to the Trade-to-Trade (TT) framework suggests additional trading restrictions. The consolidation to just one security (India Finsec Ltd) in this measure represents a significant reduction in the number of companies flagged for high encumbrance concerns.

Impact Justification

Surveillance measure affecting companies with high encumbrance levels. Four companies removed from framework, one company remains on consolidated list. Impact limited to specific securities.