Description
BSE to suspend trading in four companies effective December 15, 2025 for failing to submit quarterly financial results for March 2025 and June 2025 quarters under Regulation 33 of SEBI LODR.
Summary
BSE has issued notice for suspension of trading in securities of four companies - Ashiana Ispat Ltd, Dharan Infra-EPC Ltd, Gayatri Projects Ltd, and Northlink Fiscal and Capital Services Ltd - effective December 15, 2025. The suspension is due to non-compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically failure to submit quarterly financial results for two consecutive quarters (March 2025 and June 2025). The suspension can be avoided if companies comply by December 10, 2025.
Key Points
- Four companies face trading suspension for missing quarterly financial results submissions for March 2025 and June 2025 quarters
- Suspension effective December 15, 2025 (30 days from notice date of November 12, 2025)
- Entire promoter shareholding and all securities in promoter demat accounts will be frozen during suspension period
- Companies can avoid suspension by complying with all SEBI LODR provisions by December 10, 2025
- Post-suspension, limited trading allowed on Trade for Trade basis in Z group only on first trading day of each week for six months
- Notice issued pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024
Regulatory Changes
No new regulatory changes introduced. This notice enforces existing penal framework under SEBI Master Circular dated November 11, 2024 for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically the Standard Operating Procedure for suspension and revocation of trading of specified securities.
Compliance Requirements
For Non-Compliant Companies:
- Submit outstanding quarterly financial results for March 2025 and June 2025 quarters under Regulation 33
- Comply with all provisions of SEBI LODR Regulations to satisfaction of BSE
- Pay applicable fines to lift suspension
- Follow prescribed procedure and extant norms for revocation of suspension
For Market Participants:
- Note trading restrictions effective December 15, 2025 if companies fail to comply
- Be aware of promoter shareholding freeze measures
- Follow Trade for Trade mechanism in Z group for these securities post-suspension
Compliance Deadline: December 10, 2025 (to avoid suspension)
Important Dates
- November 12, 2025: Notice issued by BSE
- December 10, 2025: Final deadline for companies to comply and avoid suspension
- December 15, 2025: Trading suspension becomes effective (if non-compliance continues)
- 15 days after suspension: Trade for Trade trading begins on first trading day of every week for six-month period
Impact Assessment
Market Impact:
- High severity action affecting four listed entities across different sectors
- Complete halt in normal trading activity for affected securities
- Significant liquidity constraints for existing shareholders
- Restricted trading window (once weekly, T4T basis only) provides minimal exit opportunities
Investor Impact:
- Existing shareholders face inability to liquidate positions during suspension period
- Limited trading windows post-suspension create price discovery challenges
- Promoters face complete freeze of shareholdings and all demat account securities
- Potential significant price volatility when limited trading resumes
Companies Affected:
- Ashiana Ispat Ltd (Scrip Code: 513401)
- Dharan Infra-EPC Ltd (Scrip Code: 541161)
- Gayatri Projects Ltd (Scrip Code: 532767)
- Northlink Fiscal and Capital Services Ltd (Scrip Code: 539110)
Operational Impact:
- Exchange implementing comprehensive enforcement mechanism including promoter freeze
- Demonstrates strict enforcement of quarterly reporting requirements
- Sets precedent for consequences of consecutive quarter non-compliance
- Six-month restricted trading period serves as extended penalty beyond initial suspension
Impact Justification
Complete trading suspension affects four listed companies and their promoters' shareholdings. Investors face significant liquidity constraints with trading restricted to once weekly on T4T basis after initial suspension period.