Description
BSE announces addition of B. L. Kashyap and Sons Ltd to the framework for companies with high promoter and non-promoter encumbrance effective November 24, 2025.
Summary
BSE has issued a circular regarding the surveillance measure applicable to 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, B. L. Kashyap and Sons Ltd, is being added to this framework effective November 24, 2025. No securities are being removed from the framework. The consolidated list now includes six securities under this surveillance measure.
Key Points
- B. L. Kashyap and Sons Ltd (Scrip Code: 532719, ISIN: INE350H01032) added to high encumbrance framework
- No securities are moving out of the framework in this update
- Consolidated list contains 6 securities: B. L. Kashyap and Sons Ltd, Brahmaputra Infrastructure Ltd, India Finsec Ltd, India Nivesh Ltd, NR Agarwal Industries Ltd, and Sudal Industries Ltd
- Framework based on SEBI (SAST) Regulation 2011, Regulation 28(3)
- Changes effective from November 24, 2025
Regulatory Changes
This circular implements the surveillance framework established under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, which addresses companies with high levels of encumbrance in both promoter and non-promoter shareholding. The framework aims to protect investor interests by identifying and monitoring companies with elevated encumbrance risk.
Compliance Requirements
The affected company (B. L. Kashyap and Sons Ltd) and existing securities under this framework must:
- Comply with enhanced disclosure requirements related to encumbrance
- Adhere to any additional surveillance conditions imposed by BSE
- Maintain transparency regarding pledged shares and encumbrance status
- Follow requirements under Regulation 28(3) of SEBI (SAST) Regulation 2011
Investors and market participants should exercise appropriate caution when trading in these securities.
Important Dates
- Effective Date: November 24, 2025 - B. L. Kashyap and Sons Ltd enters the high encumbrance surveillance framework
- Circular Issue Date: November 21, 2025
Impact Assessment
Market Impact: The addition of B. L. Kashyap and Sons Ltd to the high encumbrance framework may impact investor confidence and trading activity in the security. Securities under this framework typically experience increased scrutiny from market participants and may face liquidity constraints.
Operational Impact: The company will be subject to enhanced monitoring and surveillance measures by the exchange. Trading members and investors need to be aware of the elevated risk profile associated with high promoter and non-promoter encumbrance levels.
Investor Impact: Investors holding or considering positions in any of the six securities listed should be aware of the heightened encumbrance risk and factor this into their investment decisions. The framework serves as an early warning indicator of potential financial stress or governance concerns.
Impact Justification
Addition of one security to high encumbrance surveillance framework may impact trading and investor sentiment for affected company. Other five companies remain under existing surveillance.