Description
BSE announces surveillance measures for securities with high promoter encumbrance under SEBI (SAST) Regulation 2011, effective January 05, 2026. Eight securities added, one removed from the surveillance list.
Summary
BSE has updated the list of securities under surveillance measures for companies with high promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011. The updated list will be effective from January 05, 2026. Eight securities have been added to the surveillance framework, while one security (Sagar Cements Ltd) has been removed. The consolidated list now contains 12 securities subject to this surveillance measure.
Key Points
- 8 securities newly added to high encumbrance surveillance framework
- 1 security (Sagar Cements Ltd) removed from the framework
- Total of 12 securities currently under high encumbrance surveillance
- Framework applies to companies with high promoter share pledging
- Based on SEBI (SAST) Regulation 2011, Regulation 28(3)
- Most securities also under NSE surveillance (marked with asterisk)
Regulatory Changes
This circular implements surveillance measures under SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, specifically Regulation 28(3) which deals with encumbrance of shares. The framework is designed to monitor companies where promoters have pledged significant portions of their holdings, which could pose risks to market stability and investor protection.
Compliance Requirements
- Trading members must be aware of securities under high encumbrance surveillance
- Enhanced monitoring and due diligence required for these securities
- Investors should exercise caution when trading these stocks
- Companies must comply with disclosure requirements under SEBI (SAST) regulations regarding promoter encumbrance
Important Dates
- Effective Date: January 05, 2026
- Circular Date: January 02, 2026
Securities Added to Surveillance (Annexure I)
- B. L. Kashyap and Sons Ltd (532719, INE350H01032)
- Hindustan Zinc Ltd (500188, INE267A01025)
- Panorama Studios International Ltd (539469, INE258R01028)
- SPML Infra Ltd (500402, INE937A01023)
- Steel Exchange India Ltd (534748, INE503B01021)
- Thyrocare Technologies Ltd (539871, INE594H01019)
- Trualt Bioenergy Ltd (544545, INE0MWH01014)
- Veranda Learning Solutions Ltd (543514, INE0IQ001011)
Securities Removed from Surveillance (Annexure II)
- Sagar Cements Ltd (502090, INE229C01021)
Consolidated List of Securities Under Surveillance (Annexure III)
- B. L. Kashyap and Sons Ltd
- Cohance Lifesciences Ltd
- Hindustan Zinc Ltd
- Jayaswal Neco Industries Ltd
- Panorama Studios International Ltd
- Share India Securities Ltd
- SPML Infra Ltd
- Steel Exchange India Ltd
- Thyrocare Technologies Ltd
- Trualt Bioenergy Ltd
- Veranda Learning Solutions Ltd
- Vikram Solar Ltd
Impact Assessment
Market Impact: Medium - The surveillance framework affects 12 securities, which may experience reduced liquidity and increased volatility. Institutional investors typically reduce exposure to high-encumbrance stocks.
Investor Impact: Investors holding these securities should be aware of heightened risks associated with high promoter pledging, including potential forced selling if pledged shares are invoked.
Operational Impact: Trading members need to update their surveillance systems and risk management frameworks to account for these securities. Enhanced monitoring and margin requirements may apply.
Risk Factors: High promoter encumbrance indicates potential financial stress and could lead to change in control if pledged shares are invoked by lenders. This framework serves as an early warning system for market participants.
Impact Justification
Surveillance measures on high encumbrance stocks affect trading liquidity and investor confidence. The framework includes 12 securities in total with periodic reviews based on promoter pledging levels.