Description
BSE shifts 30 scrips to 'Z'/'MT' group effective December 12, 2025, due to non-compliance with Regulation 34 of SEBI LODR for two consecutive financial years (March 2024 & March 2025).
Summary
BSE has announced the shifting of 30 scrips to the ‘Z’/‘MT’ group effective December 12, 2025, pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. These companies have failed to comply with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive financial years (March 2024 and March 2025). All these companies are already in the ‘Z’/‘MT’ group, and trades will continue to be settled on a Trade for Trade basis.
Key Points
- 30 scrips being moved to ‘Z’/‘MT’ group due to non-compliance
- Non-compliance relates to Regulation 34 (annual report filing) for FY 2024 and FY 2025
- Effective date: December 12, 2025
- All affected companies are already in ‘Z’/‘MT’ group
- Trade for Trade settlement will continue to apply
- Action taken pursuant to SEBI’s penal framework for listing violations
Regulatory Changes
This action is taken under the penal framework prescribed by SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, which outlines penal actions for non-compliance with SEBI LODR Regulations, 2015. The Standard Operating Procedure for suspension and revocation of trading applies to these securities.
Compliance Requirements
- Affected companies must file their overdue annual reports for March 2024 and March 2025 to potentially exit the ‘Z’/‘MT’ group
- Companies must comply with Regulation 34 of SEBI LODR 2015 regarding submission of annual reports
- Market participants should note the Trade for Trade settlement restriction for these scrips
Important Dates
- Circular Date: December 01, 2025
- Effective Date: December 12, 2025 - Scrips formally transferred to ‘Z’/‘MT’ group
- Non-compliance Period: March 2024 & March 2025 (two consecutive financial years)
Impact Assessment
Trading Impact: The ‘Z’/‘MT’ group classification significantly restricts trading liquidity as all trades must be settled on a Trade for Trade basis with no intraday squaring off permitted. This reduces market depth and increases trading costs.
Investor Impact: Investors holding these securities face reduced liquidity and difficulty in exiting positions. The classification serves as a warning signal about the companies’ regulatory compliance status.
Company Impact: Being in the ‘Z’/‘MT’ group severely impacts a company’s market reputation, share price, and ability to raise capital. Companies must address compliance gaps urgently to regain normal trading status.
Market Participants: Brokers and traders must ensure proper risk management and client awareness regarding the trading restrictions on these 30 scrips.
Affected Companies
The following 30 companies are affected:
- Ankit Metal & Power Ltd (532870)
- Arshiya Ltd (506074)
- Baron Infotech Ltd (532336)
- Benara Bearings and Pistons Ltd (541178)
- BKM Industries Ltd (539043)
- Future Enterprises Ltd (523574)
- Future Lifestyle Fashions Ltd (536507)
- Gayatri Projects Ltd (532767)
- Golden Tobacco Ltd (500151)
- Housing Development and Infrastructure Ltd (532873)
- IL&FS Transportation Networks Ltd (533177)
- Jaybharat Textiles and Real Estate Ltd (512233)
- K-Lifestyle & Industries Ltd (514221)
- Kobo Biotech Ltd (531541)
- Lakshmi Precision Screws Ltd (506079)
- MEP Infrastructure Developers Ltd (539126)
- Morarjee Textiles Ltd (532621)
- National Plywood Industries Ltd (516062)
- Omkar Speciality Chemicals Ltd (533317)
- Ortel Communications Ltd (539015)
- Polo Hotels Ltd (526687)
- Rajeswari Infrastructure Ltd (526823)
- Rajvir Industries Ltd (532665)
- RCI Industries & Technologies Ltd (537254)
- Setubandhan Infrastructure Ltd (533605)
- Silveroak Commercials Ltd (512197)
- SKIL Infrastructure Ltd (539861)
- Spectra Industries Ltd (513687)
- Sturdy Industries Ltd (530611)
- Vikas Proppant & Granite Ltd (531518)
Contact Information
For queries or clarifications, contact: bse.soplodr@bseindia.com
Issued by:
- Yogendra Daxini, Deputy Vice President, Listing Compliance & Operations
- Reena Raphel, Manager, Listing Compliance & Operations
Impact Justification
Affects 30 companies with severe trading restrictions (Trade for Trade settlement) due to persistent regulatory non-compliance for two consecutive years, significantly impacting liquidity and investor access.