Description

BSE circular updating the list of securities subject to surveillance measures due to high promoter and non-promoter encumbrance, effective January 01, 2026.

Summary

BSE has revised the list of securities subject to surveillance measures for high promoter and non-promoter encumbrance under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011. Effective January 01, 2026, one security (Forbes Precision Tools and Machine Parts Ltd) has been added to the framework, while two securities (B. L. Kashyap and Sons Ltd and Premier Energy and Infrastructure Ltd) are being removed. The consolidated list now contains 9 securities under this surveillance measure.

Key Points

  • One security added to the encumbrance surveillance framework: Forbes Precision Tools and Machine Parts Ltd (Scrip Code: 544186, ISIN: INE0TT901016)
  • Two securities removed from the framework: B. L. Kashyap and Sons Ltd (Scrip Code: 532719) and Premier Energy and Infrastructure Ltd (Scrip Code: 533100)
  • Total of 9 securities currently under the consolidated encumbrance surveillance framework
  • Framework applies to companies with high promoter as well as non-promoter encumbrance
  • Regulatory basis: SEBI (SAST) Regulation 2011, Regulation 28(3)

Regulatory Changes

This surveillance measure is implemented under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, which addresses encumbrance of shares by promoters and non-promoters. The framework is designed to monitor and manage risks associated with heavily encumbered holdings that could impact corporate governance and shareholder interests.

Compliance Requirements

  • Market participants must be aware of securities under this surveillance framework when trading
  • Companies listed under this measure are subject to enhanced monitoring by the exchange
  • Trading in these securities may be subject to additional disclosures or restrictions
  • Investors should exercise caution when dealing in securities with high encumbrance levels

Important Dates

  • Effective Date: January 01, 2026 - Changes to the encumbrance surveillance framework take effect
  • Circular Date: December 31, 2025

Impact Assessment

Market Impact: Medium - The framework affects 11 securities total (1 addition, 2 removals). The addition of Forbes Precision Tools and Machine Parts Ltd indicates heightened encumbrance concerns for this security. The removal of B. L. Kashyap and Sons Ltd and Premier Energy and Infrastructure Ltd suggests improved encumbrance positions or migration to other surveillance frameworks.

Operational Impact: Companies under this surveillance measure face enhanced scrutiny and potential trading restrictions. Investors in these securities should be aware of the underlying encumbrance risks that could affect corporate actions, voting rights, and potential changes in control.

Consolidated List: The framework currently covers 9 securities including Bedmutha Industries Ltd, Brahmaputra Infrastructure Ltd, Forbes Precision Tools and Machine Parts Ltd, Future Market Networks Ltd, India Nivesh Ltd, NR Agarwal Industries Ltd, Shalimar Paints Ltd, Sudal Industries Ltd, and Tulsyan NEC Ltd.

Securities Details

Added to Framework (w.e.f. January 01, 2026):

  • Forbes Precision Tools and Machine Parts Ltd (544186 | INE0TT901016)

Removed from Framework (w.e.f. January 01, 2026):

  • B. L. Kashyap and Sons Ltd (532719 | INE350H01032)
  • Premier Energy and Infrastructure Ltd (533100 | INE429K01012)

Complete Consolidated List (9 Securities):

  1. Bedmutha Industries Ltd* (533270 | INE844K01012)
  2. Brahmaputra Infrastructure Ltd (535693 | INE320I01017)
  3. Forbes Precision Tools and Machine Parts Ltd (544186 | INE0TT901016)
  4. Future Market Networks Ltd (533296 | INE360L01017)
  5. India Nivesh Ltd (501700 | INE131H01028)
  6. NR Agarwal Industries Ltd (516082 | INE740D01017)
  7. Shalimar Paints Ltd (509874 | INE849C01026)
  8. Sudal Industries Ltd (506003 | INE618D01015)
  9. Tulsyan NEC Ltd (513629 | INE463D01016)

Note: Securities marked with asterisk () are as per NSE listing

Impact Justification

Affects trading surveillance for 11 securities with encumbrance issues; one security added and two removed from framework effective January 2026