Description
BSE announces suspension of trading in four companies effective December 15, 2025 for non-compliance with quarterly financial reporting requirements for March 2025 and June 2025 quarters.
Summary
BSE has issued a notice for suspension of trading in securities of four companies effective December 15, 2025, due to non-compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The companies failed to submit quarterly financial results for two consecutive quarters - March 2025 and June 2025. This action is pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.
Key Points
- Four companies will face trading suspension for non-filing of quarterly financial results for March 2025 and June 2025 quarters
- Suspension will be effective from December 15, 2025 (30 days from notice date)
- Entire promoter shareholding and all securities in promoter demat accounts will be frozen during suspension period
- After 15 days of suspension, trading will be allowed on Trade for Trade basis in Z group only on first trading day of every week for six months
- Companies can avoid suspension by complying before December 10, 2025
Affected Companies
| Sr. No. | Scrip Code | Company Name |
|---|---|---|
| 1 | 513401 | Ashiana Ispat Ltd |
| 2 | 541161 | Dharan Infra-EPC Ltd |
| 3 | 532767 | Gayatri Projects Ltd |
| 4 | 539110 | Northlink Fiscal and Capital Services Ltd |
Regulatory Changes
This action is implemented under the Standard Operating Procedure for suspension and revocation of trading of specified securities of listed entities as per SEBI Master Circular dated November 11, 2024. The circular prescribes penal actions for non-compliance with certain provisions of SEBI LODR Regulations, 2015.
Compliance Requirements
- Companies must comply with all provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to the satisfaction of the Exchange
- Companies must file pending quarterly financial results for March 2025 and June 2025 quarters
- Payment of applicable fines is mandatory for revocation of suspension
- Companies must follow the prescribed procedure and extant norms for revocation of suspension
Important Dates
- November 12, 2025: Notice issued
- December 10, 2025: Last date for companies to comply and avoid suspension
- December 15, 2025: Trading suspension becomes effective (if non-compliance continues)
- 15 days after December 15, 2025: Trade for Trade basis trading begins on first trading day of every week for six months
Impact Assessment
For Investors:
- Complete halt in normal trading from December 15, 2025 if companies fail to comply
- Limited liquidity with Trade for Trade basis trading only once per week in Z group
- Promoter shareholdings frozen, preventing any promoter transactions
- Increased risk and restricted exit options for existing shareholders
For Companies:
- Reputational damage from suspension
- Restricted capital raising ability
- Mandatory fines and compliance costs
- Complex revocation process requiring full compliance with SEBI LODR norms
For Market:
- Demonstrates regulatory enforcement of financial reporting requirements
- Sets precedent for timely compliance with quarterly disclosure obligations
- Protects market integrity by ensuring adequate information availability
Contact Information
For clarifications: bse.soplodr@bseindia.com
Issued by:
- Netra Sahani, Deputy Vice President, Listing Compliance & Operations
- Reena Raphel, Manager, Listing Compliance & Operations
Impact Justification
Trading suspension affects investor liquidity and promoter shareholdings will be frozen. Companies have until December 10, 2025 to comply or face suspension and restricted trading.