Description

BSE circular regarding securities under surveillance measure for high promoter and non-promoter encumbrance. One security (Bedmutha Industries Ltd) moving out effective January 12, 2026.

Summary

BSE has issued an update on the surveillance measure framework for companies with high Promoter as well as non-Promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, effective January 12, 2026. The circular shows no new securities being added to the framework, while one security (Bedmutha Industries Ltd) is being removed as it has been included in the Long Term Additional Surveillance Measure (LT ASM) framework. The consolidated list now contains 8 securities under this measure.

Key Points

  • No new securities added to the high encumbrance surveillance measure effective January 12, 2026
  • Bedmutha Industries Ltd (Scrip Code: 533270, ISIN: INE844K01012) moving out of the framework
  • Removal is due to Bedmutha Industries’ inclusion in the LT ASM (Long Term Additional Surveillance Measure) framework
  • Consolidated list maintains 8 securities under this surveillance measure
  • Framework continues to monitor companies with high promoter and non-promoter pledge/encumbrance levels

Regulatory Changes

This circular implements the surveillance framework under SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, specifically Regulation 28(3) which deals with disclosure of encumbrance on shares. The measure is designed to monitor securities where both promoter and non-promoter shareholding has high levels of encumbrance (pledge/charge), which could indicate financial stress or credit risk. Securities may move out of this framework if they are captured under other surveillance measures like LT ASM, ESM (Enhanced Surveillance Measure), or TT (Trade-to-Trade) framework.

Compliance Requirements

  • Market participants should note the updated list of securities under the high encumbrance surveillance measure
  • Trading members and investors should be aware that securities under this framework may have specific trading restrictions or surveillance parameters
  • The consolidated list of 8 securities remains subject to this special surveillance measure until further notice

Important Dates

  • Effective Date: January 12, 2026 - Date from which Bedmutha Industries Ltd moves out of the framework and the updated consolidated list becomes applicable

Impact Assessment

Market Impact: Low. With no new additions and only one security moving out, the overall market impact is minimal. The removal of Bedmutha Industries is due to its inclusion in a more stringent framework (LT ASM), representing a shift rather than relaxation of surveillance.

Securities Affected:

  • Bedmutha Industries Ltd experiences a change in surveillance category (from high encumbrance measure to LT ASM)
  • 8 securities remain under the consolidated framework: 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

Investor Considerations: Investors holding or trading these securities should be aware of the elevated surveillance status, which typically indicates higher risk profiles related to promoter and non-promoter share encumbrance levels. The framework serves as a risk indicator for potential liquidity or governance concerns.

Impact Justification

Routine surveillance measure update with one security moving out (Bedmutha Industries) due to inclusion in LT ASM framework. Consolidated list maintains 8 securities under this framework. Limited market impact as no new securities added.