Description

BSE circular on surveillance measure for companies with high promoter and non-promoter encumbrance. One security added and consolidated list of 7 securities under this framework effective December 9, 2025.

Summary

BSE has updated the list of securities under surveillance measure 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. The measure becomes effective from December 9, 2025. One security has been added to the framework, and no securities are moving out. The consolidated list now contains 7 securities.

Key Points

  • One security added: Premier Energy and Infrastructure Ltd (Scrip Code: 533100, ISIN: INE429K01012)
  • No securities moving out of the framework
  • Total of 7 securities now under this surveillance measure
  • Framework applies to companies with high encumbrance of both promoter and non-promoter holdings
  • Measure based on SEBI (SAST) Regulation 2011, Regulation 28(3)

Regulatory Changes

This circular updates the securities list under the existing surveillance framework for high encumbrance. The regulatory basis remains Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, which requires disclosure of encumbrance of shares.

Compliance Requirements

  • Listed companies under this measure must comply with enhanced disclosure requirements regarding encumbrance of shares
  • Promoters and non-promoters must ensure proper disclosure of share encumbrances as per SEBI (SAST) Regulations
  • Market participants should note the special surveillance status when trading these securities

Important Dates

  • Effective Date: December 9, 2025
  • Circular Issue Date: December 8, 2025

Securities Affected

Annexure I - New Additions

  1. Premier Energy and Infrastructure Ltd (Scrip Code: 533100, ISIN: INE429K01012)

Annexure II - Securities Moving Out

Nil

Annexure III - Consolidated List (7 Securities)

  1. B. L. Kashyap and Sons Ltd (Scrip Code: 532719, ISIN: INE350H01032)
  2. Bedmutha Industries Ltd* (Scrip Code: 533270, ISIN: INE844K01012)
  3. Brahmaputra Infrastructure Ltd (Scrip Code: 535693, ISIN: INE320I01017)
  4. Future Market Networks Ltd (Scrip Code: 533296, ISIN: INE360L01017)
  5. India Nivesh Ltd (Scrip Code: 501700, ISIN: INE131H01028)
  6. Premier Energy and Infrastructure Ltd (Scrip Code: 533100, ISIN: INE429K01012)
  7. Sudal Industries Ltd (Scrip Code: 506003, ISIN: INE618D01015)

Note: Securities marked () may have additional classifications as per NSE

Impact Assessment

Market Impact: Medium - Affects 7 securities with enhanced surveillance due to high encumbrance levels. The addition of Premier Energy and Infrastructure Ltd indicates heightened concern about pledged holdings.

Investor Impact: Investors in these securities should be aware of the elevated risk due to high encumbrance of both promoter and non-promoter shares, which could lead to forced selling in case of margin calls or loan defaults.

Trading Impact: Securities under this measure may experience additional scrutiny from market participants and potential liquidity constraints as institutional investors may avoid highly encumbered stocks.

Risk Indicators: High encumbrance levels indicate financial stress and potential governance concerns. Investors should monitor these companies closely for any adverse developments.

Impact Justification

Surveillance measure affecting 7 securities with high encumbrance levels. One new addition (Premier Energy). Impacts trading and investor perception of affected stocks.