Description

BSE updates list of securities under surveillance framework for high promoter and non-promoter encumbrance as per SEBI SAST Regulation 28(3), effective December 1, 2025.

Summary

BSE has updated the surveillance framework for companies with high promoter and non-promoter share encumbrance under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Effective December 1, 2025, no new securities are being added to the framework, while two securities are exiting: India Finsec Ltd and NR Agarwal Industries Ltd. Five securities remain under the consolidated surveillance list.

Key Points

  • No new securities shortlisted for high encumbrance surveillance framework
  • Two securities moving out: India Finsec Ltd (535667) and NR Agarwal Industries Ltd (516082)
  • Five securities remain in consolidated surveillance list
  • Framework monitors companies with high promoter and non-promoter share pledging/encumbrance
  • Changes effective from December 1, 2025

Regulatory Changes

This circular implements SEBI (SAST) Regulation 28(3) which requires monitoring of companies where significant shareholdings are encumbered. The surveillance framework is designed to protect investor interests by identifying companies with high pledge levels that may pose elevated risk.

Compliance Requirements

  • Listed companies must maintain disclosure compliance regarding promoter and non-promoter encumbrance
  • Trading members should be aware of securities under this surveillance measure
  • Companies under this framework may face additional scrutiny and disclosure requirements
  • Investors should exercise caution when trading in securities under high encumbrance surveillance

Important Dates

  • Effective Date: December 1, 2025
  • Updated lists become applicable from market opening on this date

Securities Exiting Framework

  1. India Finsec Ltd (Scrip Code: 535667, ISIN: INE474O01010)
  2. NR Agarwal Industries Ltd (Scrip Code: 516082, ISIN: INE740D01017)

Consolidated Surveillance List (5 Securities)

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

Impact Assessment

The exit of two securities from the framework suggests improved encumbrance positions for India Finsec Ltd and NR Agarwal Industries Ltd. The five remaining securities continue to face surveillance due to high pledge levels, which may impact their liquidity and investor perception. Securities marked with special symbols may be subject to additional frameworks (LT ASM, ESM, or TT). Market participants should monitor pledge levels and corporate disclosures for these companies closely.

Impact Justification

Routine surveillance measure affecting 7 securities; 2 securities exit framework while 5 remain under monitoring for high encumbrance levels