Description

BSE adds Sudal Industries Ltd to the surveillance framework for companies with high promoter and non-promoter encumbrance under SEBI SAST Regulation 28(3), effective November 21, 2025.

Summary

BSE has updated its 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. Effective November 21, 2025, Sudal Industries Ltd has been added to this surveillance framework. The consolidated list now contains 5 securities under this measure.

Key Points

  • Sudal Industries Ltd (Scrip Code: 506003, ISIN: INE618D01015) added to high encumbrance surveillance framework
  • No securities are being removed from the framework
  • Consolidated list includes 5 companies: Brahmaputra Infrastructure Ltd, India Finsec Ltd, India Nivesh Ltd, NR Agarwal Industries Ltd, and Sudal Industries Ltd
  • Framework applies to companies with high promoter as well as non-promoter share encumbrance
  • Changes effective from November 21, 2025

Regulatory Changes

This circular implements surveillance measures under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011. The framework identifies and monitors companies where both promoter and non-promoter shareholdings have significant encumbrance (pledges/liens). This helps investors assess elevated risks associated with high pledge levels.

Compliance Requirements

  • Trading members and investors should note the inclusion of Sudal Industries Ltd in this surveillance measure
  • Market participants should exercise enhanced due diligence when dealing with securities under this framework
  • Companies in this list are subject to additional monitoring and disclosure requirements
  • Securities can move out of this framework if they are included in other surveillance measures (LT ASM, ESM, or TT frameworks)

Important Dates

  • Effective Date: November 21, 2025 - Sudal Industries Ltd enters the high encumbrance surveillance framework
  • Circular Date: November 20, 2025

Impact Assessment

Market Impact: Medium - The addition of one security to the surveillance framework indicates elevated risk levels due to high encumbrance. Investors in Sudal Industries Ltd should be aware of potential liquidity constraints and heightened volatility.

Investor Impact: Investors holding or trading in the 5 listed securities should exercise caution as high encumbrance levels indicate that significant portions of shareholding are pledged, which can lead to forced selling in adverse market conditions.

Operational Impact: Trading in these securities continues normally but with enhanced monitoring. The surveillance measure serves as a risk indicator rather than a trading restriction.

Detailed Security List

New Additions (Effective November 21, 2025)

  1. Sudal Industries Ltd - Scrip Code: 506003, ISIN: INE618D01015

Consolidated List of All Securities Under This Measure

  1. Brahmaputra Infrastructure Ltd - Scrip Code: 535693, ISIN: INE320I01017
  2. India Finsec Ltd - Scrip Code: 535667, ISIN: INE474O01010
  3. India Nivesh Ltd - Scrip Code: 501700, ISIN: INE131H01028
  4. NR Agarwal Industries Ltd - Scrip Code: 516082, ISIN: INE740D01017
  5. Sudal Industries Ltd - Scrip Code: 506003, ISIN: INE618D01015

Impact Justification

Affects trading in securities with high encumbrance levels. One new addition to surveillance framework. Investors in affected stocks should monitor closely due to elevated pledge risks.