Description

BSE announces surveillance measures for securities with high promoter encumbrance as per SEBI (SAST) Regulation 2011, Reg. 28(3), effective December 03, 2025.

Summary

BSE has implemented surveillance measures for companies with high promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The circular lists 5 securities newly included in the surveillance framework effective December 03, 2025. No securities are being removed from this framework in this update. The consolidated list now contains 6 securities under high encumbrance surveillance.

Key Points

  • 5 securities newly added to high encumbrance surveillance framework effective December 03, 2025
  • No securities are being removed from the framework in this update
  • Consolidated list contains 6 securities under surveillance for high encumbrance
  • Cohance Lifesciences Ltd has two scrip codes (143064 for T+0 settlement and 543064 for regular settlement)
  • All listed companies are marked as per NSE coordination
  • Surveillance is based on SEBI (SAST) Regulation 2011, specifically Regulation 28(3)

Regulatory Changes

This circular implements surveillance measures under existing SEBI (SAST) Regulations, 2011, Regulation 28(3), which deals with disclosure requirements for encumbrance of shares. The framework aims to protect investors by increasing monitoring of companies where promoters have pledged significant portions of their holdings, indicating potential financial distress or liquidity concerns.

Compliance Requirements

  • Companies under surveillance must ensure compliance with enhanced disclosure requirements regarding promoter encumbrance
  • Trading members should be aware of the surveillance status when executing trades in these securities
  • Investors should exercise caution and be aware of the high encumbrance status of these securities
  • Companies must maintain disclosures as per Regulation 28(3) of SEBI (SAST) Regulations

Important Dates

  • Effective Date: December 03, 2025 - Surveillance measures become applicable for newly added securities
  • Circular Date: December 02, 2025

Securities Added to Surveillance (Annexure I)

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

Consolidated List of Securities Under Surveillance (Annexure III)

  1. Cohance Lifesciences Ltd (143064 - T+0)
  2. Cohance Lifesciences Ltd (543064)
  3. Jayaswal Neco Industries Ltd (522285)
  4. Sagar Cements Ltd (502090)
  5. Share India Securities Ltd (540725, ISIN: INE932X01026)
  6. Vikram Solar Ltd (544488)

Impact Assessment

Market Impact: High - Securities under high encumbrance surveillance face increased scrutiny and may experience reduced liquidity as investors become cautious. The presence of high promoter encumbrance indicates potential financial stress and increased risk of margin calls or forced selling.

Investor Impact: High - Investors holding these securities should be aware of elevated risks. High encumbrance levels suggest promoters have pledged substantial portions of their holdings, which could lead to volatility if lenders invoke pledges.

Operational Impact: Medium - Trading in these securities continues but under enhanced surveillance. Trading members and market participants need to account for the surveillance status in their risk management frameworks.

Risk Factors: Companies with high promoter encumbrance are at greater risk during market downturns, as falling stock prices may trigger margin calls leading to forced selling and further price declines. The surveillance measure serves as an early warning system for market participants.

Impact Justification

High promoter encumbrance poses significant risk to investors and market stability. Surveillance measures directly impact trading in affected securities and indicate financial stress.