Description

BSE announces surveillance measures for companies with high promoter and non-promoter encumbrance under SEBI SAST Regulation 28(3), effective November 26, 2025.

Summary

BSE has issued a circular implementing surveillance measures for companies with high promoter as well as non-promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. One security (Bedmutha Industries Ltd) has been added to the framework, while no securities are being removed. The consolidated list now includes 7 securities under this surveillance measure, effective November 26, 2025.

Key Points

  • One new security added to high encumbrance surveillance framework: Bedmutha Industries Ltd (Scrip Code: 533270, ISIN: INE844K01012)
  • No securities are being removed from the framework as of this update
  • Total of 7 securities now under consolidated surveillance for high promoter and non-promoter encumbrance
  • Measure implemented under SEBI SAST Regulation 28(3) guidelines
  • Bedmutha Industries marked with asterisk (*) indicating inclusion as per NSE

Regulatory Changes

This circular enforces Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which addresses disclosure requirements and surveillance for companies where shares held by promoters and non-promoters are significantly encumbered. The framework aims to protect investor interests by providing enhanced monitoring of securities with high pledge levels.

Compliance Requirements

  • Trading members and market participants must note the inclusion of Bedmutha Industries Ltd in the high encumbrance surveillance framework
  • Enhanced due diligence required for transactions in all 7 listed securities
  • Market participants should monitor encumbrance levels and comply with applicable disclosure norms
  • Companies under this framework must ensure timely disclosure of any changes in encumbrance status

Important Dates

  • Effective Date: November 26, 2025 - Implementation of updated surveillance measure with addition of Bedmutha Industries Ltd

Impact Assessment

Market Impact: The addition of Bedmutha Industries to the high encumbrance framework signals elevated risk due to significant pledging of shares by both promoter and non-promoter groups. This may impact investor confidence and trading liquidity in the affected security.

Investor Impact: Investors holding or trading in these 7 securities should exercise caution due to heightened financial risk associated with high encumbrance levels. The pledge of shares indicates potential financial stress and could lead to forced selling if obligations are not met.

Operational Impact: Trading members must implement appropriate risk management measures and ensure clients are aware of the enhanced surveillance status of these securities.

Securities Under Surveillance

Annexure I - Newly Added (Effective November 26, 2025)

  1. Bedmutha Industries Ltd (Scrip Code: 533270, ISIN: INE844K01012)

Annexure III - Consolidated List of All Securities

  1. B. L. Kashyap and Sons Ltd (Scrip Code: 532719, ISIN: INE350H01032)
  2. Bedmutha Industries Ltd (Scrip Code: 533270, ISIN: INE844K01012)
  3. Brahmaputra Infrastructure Ltd (Scrip Code: 535693, ISIN: INE320I01017)
  4. India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010)
  5. India Nivesh Ltd (Scrip Code: 501700, ISIN: INE131H01028)
  6. NR Agarwal Industries Ltd (Scrip Code: 516082, ISIN: INE740D01017)
  7. Sudal Industries Ltd (Scrip Code: 506003, ISIN: INE618D01015)

Impact Justification

High severity surveillance measure affecting trading in securities with elevated promoter and non-promoter encumbrance levels, requiring enhanced monitoring and compliance.