Description

BSE updates the list of securities under surveillance for high promoter and non-promoter encumbrance, with one security moving out and eight securities remaining on the consolidated list effective January 12, 2026.

Summary

BSE has issued an update on the surveillance measure for companies with high Promoter and non-Promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, effective January 12, 2026. No new securities are being added to the framework. Bedmutha Industries Ltd (Scrip Code: 533270, ISIN: INE844K01012) is moving out of this framework due to its inclusion in the Long-Term Additional Surveillance Measure (LT ASM) framework. The consolidated list now contains 8 securities under this surveillance measure.

Key Points

  • No new securities shortlisted for inclusion in the high encumbrance surveillance framework
  • One security (Bedmutha Industries Ltd) moving out of the framework effective January 12, 2026
  • Bedmutha Industries exits due to inclusion in LT ASM framework
  • Consolidated list contains 8 securities with high promoter/non-promoter encumbrance
  • Framework applies Regulation 28(3) of SEBI (SAST) Regulation 2011

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 measure targets companies where both promoter and non-promoter shareholdings show high levels of encumbrance (pledging or other forms of security interest).

Compliance Requirements

  • Trading members and investors should note the updated list of securities under high encumbrance surveillance
  • Securities in this framework are subject to enhanced monitoring and disclosure requirements
  • Market participants should exercise caution when dealing in these securities
  • Companies on the list must comply with disclosure norms regarding encumbrance levels

Important Dates

  • Effective Date: January 12, 2026 - Updated surveillance framework comes into effect
  • Circular Date: January 9, 2026

Securities Details

Moving Out (Annexure II)

  1. Bedmutha Industries Ltd - Scrip Code: 533270, ISIN: INE844K01012 (moving to LT ASM framework)

Consolidated List (Annexure III) - 8 Securities

  1. Brahmaputra Infrastructure Ltd - Scrip Code: 535693, ISIN: INE320I01017
  2. Forbes Precision Tools and Machine Parts Ltd - Scrip Code: 544186, ISIN: INE0TT901016
  3. Future Market Networks Ltd - Scrip Code: 533296, ISIN: INE360L01017
  4. India Nivesh Ltd - Scrip Code: 501700, ISIN: INE131H01028
  5. NR Agarwal Industries Ltd - Scrip Code: 516082, ISIN: INE740D01017
  6. Shalimar Paints Ltd - Scrip Code: 509874, ISIN: INE849C026
  7. Sudal Industries Ltd - Scrip Code: 506003, ISIN: INE618D01015
  8. Tulsyan NEC Ltd - Scrip Code: 513629, ISIN: INE463D01016

Impact Assessment

Market Impact: Medium - The framework affects 8 securities with continued high encumbrance levels, which may impact investor confidence and liquidity in these stocks.

Operational Impact: The removal of Bedmutha Industries from this framework (due to LT ASM inclusion) indicates escalation to a stricter surveillance regime, suggesting deteriorating conditions for that security.

Investor Impact: Investors holding or considering positions in the 8 remaining securities should be aware of elevated risks associated with high promoter/non-promoter encumbrance, including potential liquidity constraints and corporate governance concerns.

Regulatory Impact: This measure enforces SEBI’s focus on protecting investor interests by highlighting companies with significant share pledging, which could pose risks during market volatility or corporate distress situations.

Impact Justification

Surveillance measure affecting 9 companies with high encumbrance levels. One company (Bedmutha Industries) exits framework due to LT ASM inclusion. Impacts trading and investor perception of affected securities.