Description

BSE circular detailing changes to the list of securities under surveillance measure for high promoter and non-promoter encumbrance, effective November 03, 2025.

Summary

BSE has issued an update regarding the surveillance measure 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 provides details of securities moving out of the framework and the 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 framework
  • Four securities are exiting the framework effective November 03, 2025
  • One security (India Finsec Ltd) remains in the consolidated list under this measure
  • Securities are moving out due to inclusion in other surveillance frameworks (LT ASM, ESM, or TT)

Regulatory Changes

This circular implements surveillance measures under Regulation 28(3) of SEBI (SAST) Regulation 2011, which pertains to monitoring companies with high levels of promoter and non-promoter share encumbrance.

Compliance Requirements

Market participants should note the updated list of securities under the high encumbrance surveillance measure. Trading members and investors should be aware of the surveillance status of these securities.

Important Dates

  • Effective Date: November 03, 2025 - Changes to the surveillance framework come into effect

Securities Moving Out (Annexure II)

  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 (Annexure III)

  1. India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010) - Remains under high encumbrance surveillance

Impact Assessment

The impact is moderate as the framework now covers only one security (India Finsec Ltd) after four securities have exited. Three of the exiting securities are transitioning to other surveillance frameworks (LT ASM, ESM, or TT), indicating continued regulatory monitoring under different measures. Market participants dealing with these securities should adjust their risk assessment and trading strategies accordingly based on the applicable surveillance framework.

Impact Justification

Affects specific securities under encumbrance surveillance with four securities exiting and one remaining under the framework