Description
BSE to transfer 13 companies to 'Z'/'MT' group effective January 02, 2026 for non-compliance with SEBI Regulation 76 for two consecutive quarters (June 2025 & September 2025).
Summary
BSE has announced the transfer of 13 companies to the ‘Z’/‘MT’ group effective January 02, 2026, due to non-compliance with Regulation 76 of SEBI (Depositories & Participants) Regulations, 2018 for two consecutive quarters (June 2025 & September 2025). This action is taken pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Trading in these scrips will be restricted to Trade for Trade basis. An additional 25 companies already in ‘Z’/‘MT’ group continue to be non-compliant for the same regulation.
Key Points
- 13 companies to be shifted to ‘Z’/‘MT’ group effective January 02, 2026
- Non-compliance relates to Regulation 76 of SEBI (Depositories & Participants) Regulations, 2018
- Non-compliance period: Two consecutive quarters (June 2025 & September 2025)
- Companies can avoid transfer if they comply on or before December 30, 2025
- All trades in ‘Z’/‘MT’ group will be settled on Trade for Trade basis
- 25 additional companies already in ‘Z’/‘MT’ group remain non-compliant for the same regulation
- Action taken under SEBI Master Circular dated November 11, 2024 regarding penal actions for LODR non-compliance
Regulatory Changes
This circular implements the penal framework established under SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, which prescribes penal actions for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Standard Operating Procedure for suspension and revocation of trading.
Compliance Requirements
For the 13 Companies Being Transferred:
- Must comply with Regulation 76 of SEBI (Depositories & Participants) Regulations, 2018 on or before December 30, 2025 to avoid transfer to ‘Z’/‘MT’ group
- If compliance not achieved by deadline, automatic transfer to ‘Z’/‘MT’ group on January 02, 2026
For Market Participants:
- Trading in affected scrips will be on Trade for Trade basis only (no intraday trading)
- Settlement obligations must be fulfilled for each trade
- Queries should be directed to bse.soplodr@bseindia.com
Important Dates
- December 22, 2025: Circular notice date
- December 30, 2025: Last date for companies to comply and avoid transfer
- January 02, 2026: Effective date for transfer to ‘Z’/‘MT’ group
Companies Affected
13 Companies to be Transferred (unless compliance by Dec 30, 2025):
- Brightcom Group Ltd (532368)
- Future Consumer Ltd (533400)
- Gala Global Products Ltd (539228)
- IND Renewable Energy Ltd (536709)
- Master Chemicals Ltd (506867)
- Mediaone Global Entertainment Ltd (503685)
- Mega Fin India Ltd (532105)
- Naksh Precious Metals Ltd (539402)
- Naturo Indiabull Ltd (543579)
- Pradhin Ltd (530095)
- Rajesh Exports Ltd (531500)
- Unitech International Ltd (531867)
- Vardhman Concrete Ltd (531444)
25 Companies Already in ‘Z’/‘MT’ Group (Continuing Non-Compliance):
AGS Transact Technologies Ltd, Ankit Metal & Power Ltd, Arshiya Ltd, Diksha Greens Ltd, Future Enterprises Ltd, Future Lifestyle Fashions Ltd, Gensol Engineering Ltd, Housing Development and Infrastructure Ltd, Impex Ferro Tech Ltd, Inditrade Capital Ltd, Jaybharat Textiles and Real Estate Ltd, K-Lifestyle & Industries Ltd, Lakshmi Precision Screws Ltd, Morarjee Textiles Ltd, National Plywood Industries Ltd, Omkar Speciality Chemicals Ltd, Ortel Communications Ltd, Polo Hotels Ltd, Rajvir Industries Ltd, Reliance Home Finance Ltd, Setubandhan Infrastructure Ltd, Silveroak Commercials Ltd, SKIL Infrastructure Ltd, Spectra Industries Ltd, Vikas Proppant & Granite Ltd.
Impact Assessment
Market Impact:
- Severe liquidity constraints for affected scrips due to Trade for Trade settlement requirement
- No intraday trading allowed, significantly reducing trading volumes
- Increased scrutiny and negative perception for listed companies
- Potential investor exodus from affected stocks
Investor Impact:
- Higher settlement risks and reduced trading flexibility
- Compulsory delivery-based trading only
- Difficulty in position squaring and hedging
- Limited exit opportunities for existing shareholders
Company Impact:
- Reputational damage and negative market sentiment
- Restricted access to capital markets
- Pressure to achieve immediate compliance to avoid or exit ‘Z’/‘MT’ classification
- Potential cascading effects on business operations and stakeholder confidence
Impact Justification
Significant surveillance action affecting 13 companies with major trading restrictions (Trade for Trade basis) due to serious regulatory non-compliance for consecutive quarters