Description

BSE updates the list of securities under surveillance measures for high promoter encumbrance, adding 8 securities and removing 1 security effective January 05, 2026.

Summary

BSE has updated the surveillance framework for companies with high promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. Effective January 05, 2026, eight securities are being added to the surveillance list while one security (Sagar Cements Ltd) is being removed. The consolidated list now contains 12 securities under this surveillance measure.

Key Points

  • 8 securities added to high encumbrance surveillance framework effective January 05, 2026
  • 1 security (Sagar Cements Ltd) removed from the surveillance list
  • Total of 12 securities now under surveillance for high promoter encumbrance
  • Framework based on SEBI (SAST) Regulation 2011, Regulation 28(3)
  • Several securities are common with NSE’s surveillance list

Regulatory Changes

No new regulatory changes. This circular implements existing surveillance measures under SEBI (SAST) Regulations 2011, specifically Regulation 28(3) which deals with disclosure of encumbrance by promoters and persons in control.

Compliance Requirements

  • Listed companies under surveillance must continue monitoring and disclosing promoter encumbrance levels
  • Companies must comply with SEBI (SAST) Regulation 28(3) disclosure requirements
  • Investors should be aware of enhanced surveillance applicable to these securities
  • Trading in these securities may be subject to additional monitoring and restrictions as per exchange surveillance norms

Important Dates

  • January 05, 2026: Effective date for updated surveillance list
  • January 02, 2026: Circular issue date

Impact Assessment

Market Impact: Medium - Securities under high encumbrance surveillance may experience reduced liquidity and increased investor caution due to heightened pledge levels by promoters.

Trading Impact: Securities listed may face additional price bands, trading restrictions, or periodic call auctions depending on exchange surveillance protocols.

Companies Affected:

  • Added to Surveillance: B.L. Kashyap and Sons Ltd, Hindustan Zinc Ltd, Panorama Studios International Ltd, SPML Infra Ltd, Steel Exchange India Ltd, Thyrocare Technologies Ltd, Trualt Bioenergy Ltd, Veranda Learning Solutions Ltd
  • Removed from Surveillance: Sagar Cements Ltd (encumbrance levels normalized)

Investor Consideration: High promoter encumbrance indicates significant pledging of shares, which can pose risks during market volatility including potential invocation of pledges and change in control scenarios.

Impact Justification

Surveillance measures affect trading conditions for listed companies with high promoter encumbrance. The update adds 8 securities and removes 1, indicating ongoing monitoring of pledged shares which can impact investor confidence and stock liquidity.