Measure in respect of companies with high Promoter as well as non-Promoter Encumbrance - November 2025 Update

Description

BSE updates the list of securities under surveillance for high promoter and non-promoter encumbrance as per SEBI SAST Regulation 28(3), effective November 10, 2025. Onelife Capital Advisors moved out; India Finsec remains on the list.

Summary

BSE has updated the list of securities under surveillance measure 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 changes are effective from November 10, 2025. No new securities were added to the framework, while Onelife Capital Advisors Ltd has been removed due to inclusion in the LT ASM (Long-term Additional Surveillance Measure) framework. The consolidated list now contains only India Finsec Ltd.

Key Points

• No new securities shortlisted under the high encumbrance measure effective November 10, 2025
• Onelife Capital Advisors Ltd (Scrip Code: 533632, ISIN: INE912L01015) moved out of the framework
• Onelife Capital’s exit is due to inclusion in LT ASM framework, indicating continued surveillance under different measure
• Consolidated list now contains only 1 security: India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010)
• This measure monitors companies where promoter and non-promoter shareholding has high encumbrance levels

Regulatory Changes

This circular implements surveillance measures under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which pertains to disclosure of encumbrance by promoters and persons in control. The framework aims to protect investors by identifying companies with elevated pledging risks.

Compliance Requirements

• Securities under this measure face additional surveillance and monitoring by the exchange
• Trading members and investors should exercise caution when dealing in securities listed under this framework
• Companies on this list must comply with enhanced disclosure requirements regarding encumbrance of promoter and non-promoter holdings
• Market participants should review the consolidated list to understand which securities are currently under this surveillance measure

Important Dates

• Effective Date: November 10, 2025 - Changes to the surveillance list take effect
• Circular Date: November 7, 2025

Impact Assessment

Market Impact: Low. Only one security exits the framework with no new additions, indicating minimal change in overall market surveillance landscape.

Investor Impact: Neutral to positive for Onelife Capital Advisors shareholders, as the stock moves to a different surveillance framework (LT ASM) rather than being completely delisted. However, continued surveillance under LT ASM indicates ongoing concerns.

Operational Impact: Limited operational impact for brokers and market participants, as the consolidated list reduces from 2 to 1 security. Trading and risk management systems should update the surveillance classifications for affected securities.

Risk Assessment: The framework continues to serve its purpose of flagging companies with high encumbrance levels. India Finsec Ltd remains the only security under this specific measure, requiring continued investor vigilance regarding pledging risks.

Impact Justification

Routine surveillance measure update affecting only 2 securities. Onelife Capital moving to LT ASM framework indicates improved compliance status. Limited market-wide impact.