Description

BSE updates the list of securities subject to surveillance measures due to high encumbrance as per SEBI SAST Regulations, effective December 03, 2025.

Summary

BSE has updated its surveillance framework for securities with high encumbrance levels under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. Effective December 03, 2025, five securities are now subject to enhanced surveillance measures. No securities are moving out of this framework. The consolidated list includes six entries representing five companies.

Key Points

  • 5 securities (representing 5 companies) newly added to high encumbrance surveillance framework
  • No securities moving out of the framework in this update
  • Surveillance measures effective from December 03, 2025
  • Framework applies when companies have high pledged/encumbered shares as per SEBI SAST Regulation 28(3)
  • One security (Cohance Lifesciences) operates in T+0 settlement cycle

Securities Added to Surveillance (Annexure I)

Companies subject to surveillance measures:

  1. Cohance Lifesciences Ltd (Scrip Code: 143064, 543064 | ISIN: INE03QK01018) - T+0 settlement
  2. Jayaswal Neco Industries Ltd (Scrip Code: 522285 | ISIN: INE854B01010)
  3. Sagar Cements Ltd (Scrip Code: 502090 | ISIN: INE229C01021)
  4. Vikram Solar Ltd (Scrip Code: 544488 | ISIN: INE078V01014)

Consolidated List (Annexure III)

Total 6 entries covering 5 companies:

  • Cohance Lifesciences Ltd (2 scrip codes)
  • Jayaswal Neco Industries Ltd
  • Sagar Cements Ltd
  • Share India Securities Ltd (Scrip Code: 540725 | ISIN: INE932X01026) - already in framework
  • Vikram Solar Ltd

Regulatory Framework

Basis: SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, Regulation 28(3) mandates disclosure when encumbrance on shares reaches specified thresholds.

Transition Notes:

  • Securities marked (*) align with NSE surveillance list
  • Securities marked ($) indicate T+0 settlement cycle
  • Securities may move out if they enter LTASM (Long Term Additional Surveillance Measure) Framework
  • Securities may move out if they enter STASM (Short Term Additional Surveillance Measure) Framework
  • Securities may move out if included in high Promoter as well as non-Promoter Encumbrance Framework

Compliance Requirements

  • Market participants must note the enhanced surveillance status when trading these securities
  • Investors should be aware of additional restrictions and monitoring applicable to these stocks
  • Listed companies on this list must ensure compliance with disclosure requirements under SEBI SAST Regulations regarding encumbrance levels
  • Brokers and trading members must implement appropriate risk management measures for these securities

Important Dates

  • Effective Date: December 03, 2025
  • Circular Date: December 02, 2025

Impact Assessment

Market Impact: High - Enhanced surveillance measures typically result in:

  • Reduced liquidity in affected securities
  • Increased scrutiny from regulators and market participants
  • Potential impact on stock prices due to investor caution
  • Additional trading restrictions or margins may be imposed

Investor Impact: Investors holding or trading these securities face:

  • Higher trading costs due to potential additional margins
  • Limited liquidity affecting entry/exit positions
  • Heightened risk perception due to high promoter encumbrance

Company Impact: Listed companies face:

  • Reputational concerns due to surveillance classification
  • Potential difficulty in raising capital
  • Increased regulatory oversight
  • Pressure to reduce encumbrance levels to exit surveillance framework

Impact Justification

Surveillance measures directly restrict trading in affected securities, impacting liquidity and investor access to 5 companies due to high promoter encumbrance levels