Description

BSE implements surveillance measures for companies with high promoter and non-promoter encumbrance under SEBI SAST Regulation 28(3), effective November 26, 2025. One security added to framework.

Summary

BSE has updated the list of securities under surveillance measures for companies with high promoter and non-promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. Effective November 26, 2025, Bedmutha Industries Ltd (Scrip Code: 533270, ISIN: INE844K01012) has been added to this framework. No securities are moving out of the framework. The consolidated list now contains 7 securities under this surveillance measure.

Key Points

  • One new security added: Bedmutha Industries Ltd (as per NSE)
  • No securities moving out of the framework
  • Total 7 securities currently under high encumbrance surveillance
  • Framework based on SEBI SAST Regulation 28(3)
  • Measure addresses both promoter and non-promoter encumbrance concerns

Regulatory Changes

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

Compliance Requirements

  • Trading members and market participants must be aware of securities under this surveillance framework
  • Enhanced monitoring and risk management protocols may apply to these securities
  • Investors should exercise additional caution when trading in securities under this measure
  • Companies on this list must work towards reducing encumbrance levels to exit the framework

Important Dates

  • Effective Date: November 26, 2025
  • Circular Date: November 25, 2025

Securities Affected

New Additions (Annexure I)

  1. Bedmutha Industries Ltd - Scrip Code: 533270, ISIN: INE844K01012 (*as per NSE)

Consolidated List (Annexure III)

All 7 securities currently under surveillance:

  1. B. L. Kashyap and Sons Ltd (532719)
  2. Bedmutha Industries Ltd (533270)
  3. Brahmaputra Infrastructure Ltd (535693)
  4. India Finsec Ltd (535667)
  5. India Nivesh Ltd (501700)
  6. NR Agarwal Industries Ltd (516082)
  7. Sudal Industries Ltd (506003)

Impact Assessment

Market Impact: Medium - The addition of one security to the framework has limited immediate market impact. However, securities under this measure face enhanced scrutiny and potential trading restrictions.

Investor Impact: Investors in affected securities should be aware that high encumbrance levels indicate elevated financial risk, as promoter and non-promoter shareholdings are pledged against borrowings or obligations.

Company Impact: Companies under this framework face reputational concerns and must take steps to reduce encumbrance levels. High encumbrance can limit the ability to raise further capital and may signal financial stress.

Trading Impact: Securities under this surveillance measure may experience reduced liquidity and increased volatility as risk-averse investors may avoid them.

Impact Justification

Surveillance measure affecting one security due to high encumbrance levels. Impacts trading conditions but limited to single stock. Consolidated framework includes 7 securities total.