Description

BSE updates the list of securities under surveillance framework for high promoter and non-promoter encumbrance, with two securities moving out and five securities in the consolidated list effective December 01, 2025.

Summary

BSE has updated the surveillance measure framework 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. No new securities are being added to the framework, while two securities are moving out effective December 01, 2025. The consolidated list now contains five securities under this surveillance measure.

Key Points

  • No new securities shortlisted for inclusion in the high encumbrance measure framework
  • Two securities moving out of the framework: India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010) and NR Agarwal Industries Ltd (Scrip Code: 516082, ISIN: INE740D01017)
  • Five securities remain in the consolidated surveillance list
  • Changes effective from December 01, 2025
  • Framework 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 addresses companies with high levels of promoter and non-promoter share encumbrance. The framework aims to monitor and protect investor interests in companies where significant shareholdings are pledged or encumbered.

Compliance Requirements

The following securities remain under the high encumbrance surveillance framework and are subject to applicable restrictions:

  1. B. L. Kashyap and Sons Ltd (Scrip Code: 532719, ISIN: INE350H01032)
  2. Bedmutha Industries Ltd (Scrip Code: 533270, ISIN: INE844K01012) - marked with asterisk indicating NSE reference
  3. Brahmaputra Infrastructure Ltd (Scrip Code: 535693, ISIN: INE320I01017)
  4. India Nivesh Ltd (Scrip Code: 501700, ISIN: INE131H01028)
  5. Sudal Industries Ltd (Scrip Code: 506003, ISIN: INE618D01015)

Investors and market participants should note that securities under this framework may have trading restrictions or enhanced surveillance due to high encumbrance levels.

Important Dates

  • Effective Date: December 01, 2025 - Date from which the updated list of securities under high encumbrance measure becomes applicable
  • Circular Date: November 28, 2025

Impact Assessment

The removal of India Finsec Ltd and NR Agarwal Industries Ltd from the high encumbrance framework indicates improved encumbrance levels or migration to other surveillance frameworks (as noted, securities may move to LT ASM, ESM, or TT frameworks). This is positive for these two companies as it suggests reduced risk profile regarding share pledging.

For the five securities remaining in the consolidated list, investors should exercise caution due to continued high levels of promoter and non-promoter share encumbrance, which may indicate financial stress or liquidity constraints. Trading in these securities may be subject to enhanced surveillance measures and potential restrictions to protect investor interests.

Impact Justification

Updates surveillance framework for companies with high encumbrance levels. Two companies removed from framework, five remain on consolidated list. Affects specific stocks but not broader market operations.