Measure in respect of companies with high Promoter as well as non-Promoter 'Encumbrance' as per Reg. 28(3) of SEBI (SAST) Regulation 2011

Description

BSE announces addition of Brahmaputra Infrastructure Ltd to the framework for companies with high promoter and non-promoter encumbrance, effective November 19, 2025.

Summary

BSE has updated the list of securities under 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. One security, Brahmaputra Infrastructure Ltd, has been added to the framework effective November 19, 2025. No securities are exiting the framework during this update.

Key Points

• Brahmaputra Infrastructure Ltd (Scrip Code: 535693, ISIN: INE320I01017) added to high encumbrance surveillance framework
• No securities moving out of the framework in this update
• Consolidated framework now includes 3 securities: Brahmaputra Infrastructure Ltd, India Finsec Ltd, and NR Agarwal Industries Ltd
• Framework applies to companies with high promoter and non-promoter share encumbrance/pledging
• Measure based on SEBI (SAST) Regulation 2011, Regulation 28(3)

Regulatory Changes

This circular implements surveillance measures under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, which deals with encumbrance of shares. The framework identifies companies where both promoter and non-promoter shareholdings have high levels of encumbrance (pledging, hypothecation, or other charges).

Compliance Requirements

• Investors and market participants should note the inclusion of Brahmaputra Infrastructure Ltd in the high encumbrance surveillance framework
• Trading members must be aware of enhanced surveillance applicable to these securities
• Companies under this framework are subject to additional monitoring and disclosure requirements
• Encumbered shares may have restrictions on voting rights and transfer as per SEBI regulations

Important Dates

• Effective Date: November 19, 2025
• Circular Date: November 18, 2025

Impact Assessment

The addition of Brahmaputra Infrastructure Ltd to the high encumbrance framework signals elevated risk due to significant pledging of shares by both promoters and non-promoters. This surveillance measure:

• Alerts investors to potential financial stress or liquidity concerns
• May impact stock liquidity and investor confidence
• Could lead to higher volatility in the affected security
• Serves as a risk indicator for margin requirements and trading limits
• The consolidated list of 3 securities remains relatively small, indicating focused application of the framework

Investors should exercise caution when trading securities under this surveillance framework and monitor for further developments regarding share encumbrance levels.

Impact Justification

Addition of one security to high encumbrance surveillance framework affects trading conditions but is limited in scope. Indicates elevated risk for specific companies.