Description
BSE to suspend trading in five companies from February 12, 2026 for non-compliance with Regulation 31 of SEBI LODR Regulations for two consecutive quarters (June 2025 & September 2025). Promoter shareholdings will be frozen during suspension.
Summary
BSE has issued a notice for suspension of trading in securities of five companies effective February 12, 2026, due to non-compliance with Regulation 31 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters (June 2025 and September 2025). The suspension follows SEBI Master Circular dated November 11, 2024 regarding penal actions for non-compliance. Promoter shareholdings in these companies will be frozen during the suspension period.
Key Points
- Five companies face trading suspension from February 12, 2026
- Non-compliance relates to Regulation 31 (Shareholding Pattern disclosure) for Q2 and Q3 of FY2025-26
- Entire promoter shareholding and all securities in promoter demat accounts will be frozen during suspension
- Companies can avoid suspension by complying and paying fines before February 09, 2026
- Post-suspension, trade-for-trade basis trading in Z group allowed only on first trading day of every week for six months
- Suspension continues until full compliance and fine payment
Affected Companies
| Sr No. | Scrip Code | Company Name |
|---|---|---|
| 1 | 533400 | Future Consumer Ltd |
| 2 | 536709 | IND Renewable Energy Ltd |
| 3 | 506867 | Master Chemicals Ltd |
| 4 | 531500 | Rajesh Exports Ltd |
| 5 | 531444 | Vardhman Concrete Ltd |
Regulatory Framework
- Action taken pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024
- Non-compliance with Regulation 31 of SEBI LODR Regulations, 2015 (Shareholding Pattern disclosure requirements)
- Standard Operating Procedure for suspension and revocation of trading applied
Compliance Requirements
- Companies must comply with all provisions of SEBI LODR Regulations, 2015 to the satisfaction of BSE
- Payment of applicable fines is mandatory
- Compliance deadline: February 09, 2026 (to avoid suspension)
- For revocation after suspension, companies must follow prescribed procedures and meet all extant norms
- Contact BSE at bse.soplodr@bseindia.com for clarifications
Important Dates
- January 12, 2026: Notice issued
- February 09, 2026: Last date for companies to comply and avoid suspension
- February 12, 2026: Trading suspension becomes effective
- 15 days after suspension: Trade-for-trade trading begins (first trading day of every week only)
- Six months: Duration of trade-for-trade period in Z group
Impact Assessment
Investor Impact (High):
- Complete halt in normal trading for existing shareholders
- Severe liquidity constraints - investors cannot exit positions easily
- Limited trading opportunity (only one day per week on trade-for-trade basis)
- Price discovery severely impaired during suspension period
- Potential for significant price decline when trading resumes
Company Impact (High):
- Reputational damage from regulatory non-compliance
- Frozen promoter holdings restricts promoter flexibility
- Difficulty in raising capital during suspension
- Additional compliance costs and fine payments required
- Potential for further regulatory scrutiny
Market Impact (Medium):
- Notable inclusion of Rajesh Exports Ltd (major jewelry exporter)
- Future Consumer Ltd associated with Future Group companies
- Limited overall market impact given relatively small market capitalization of affected companies
- Sets precedent for strict enforcement of shareholding pattern disclosure norms
Post-Suspension Trading Rules
- After 15 days of suspension, restricted trading allowed
- Trade-for-trade basis only (no intraday trading)
- Z group classification (highest risk category)
- Trading permitted only on first trading day of each week
- Limited trading window continues for six months
- Normal trading resumes only after full compliance and revocation approval
Impact Justification
Complete trading suspension affecting five listed companies with promoter shareholding freeze. Investors in these stocks will face severe liquidity constraints and potential losses.