Description

BSE circular regarding securities framework for companies with high promoter and non-promoter encumbrance under SEBI (SAST) Regulation 2011. Onelife Capital Advisors exits framework while India Finsec remains in consolidated list.

Summary

BSE has issued an update on the surveillance measure for companies with high promoter and non-promoter encumbrance as per Regulation 28(3) of SEBI (SAST) Regulation 2011, effective November 10, 2025. No new securities have been added to the framework. Onelife Capital Advisors Ltd (Scrip Code: 533632, ISIN: INE912L01015) is exiting the framework due to its inclusion in the Long Term Additional Surveillance Measure (LT ASM) framework. The consolidated list now contains only India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010).

Key Points

  • No securities added to the high encumbrance surveillance framework
  • One security (Onelife Capital Advisors Ltd) moving out of the framework
  • Exit reason: Inclusion in LT ASM framework
  • Consolidated list contains one security: India Finsec Ltd
  • Changes effective from November 10, 2025

Regulatory Changes

This circular implements the surveillance framework under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, which addresses companies with high levels of share encumbrance by both promoters and non-promoters. The framework aims to monitor securities where significant portions of shareholding are pledged or encumbered, which could pose risks to shareholders.

Compliance Requirements

  • Market participants should note the exit of Onelife Capital Advisors Ltd from this specific surveillance framework
  • Trading members should be aware that Onelife Capital Advisors Ltd will now be subject to LT ASM framework requirements instead
  • Investors in India Finsec Ltd should remain cognizant that the security continues under the high encumbrance surveillance measure

Important Dates

  • Effective Date: November 10, 2025
  • Circular Date: November 7, 2025

Impact Assessment

Market Impact: Minimal. The absence of new additions to the framework indicates no deterioration in encumbrance levels among listed companies. The single exit is due to migration to a different (more stringent) surveillance framework rather than improvement in fundamentals.

Operational Impact: Trading members need to update their surveillance systems to reflect that Onelife Capital Advisors Ltd is no longer under the high encumbrance framework but is now subject to LT ASM framework rules, which may have different trading restrictions.

Investor Impact: Shareholders of Onelife Capital Advisors Ltd should be aware of the change in applicable surveillance framework. Investors in India Finsec Ltd should continue to exercise caution as the company remains flagged for high encumbrance levels.

Impact Justification

Routine surveillance update with no new securities added to the encumbrance framework. Only one security exiting (due to inclusion in LT ASM) and one security in consolidated list. Limited market-wide impact.