Description
BSE announces trading suspension effective February 12, 2026 for five companies that failed to comply with Regulation 31 of SEBI LODR Regulations for June 2025 and September 2025 quarters.
Summary
BSE has announced the 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 circular is issued pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Entire promoter shareholdings in these companies will be frozen during the suspension period.
Key Points
- Five companies face trading suspension from February 12, 2026 for Regulation 31 non-compliance
- Non-compliance persisted for two consecutive quarters: June 2025 and September 2025
- Promoter shareholdings and all securities in promoter demat accounts will be frozen during suspension
- Companies can avoid suspension by complying and paying fines by February 09, 2026
- Post-suspension, trade-for-trade trading will be allowed in Z group on first trading day of every week for six months
- Trade-for-trade facility begins 15 days after suspension is effected
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 Changes
This circular implements penal actions prescribed in SEBI Master Circular dated November 11, 2024 regarding the Standard Operating Procedure for suspension and revocation of trading of specified securities of listed entities. The enforcement follows the framework for non-compliance with certain provisions of SEBI LODR Regulations, 2015.
Compliance Requirements
For Affected Companies:
- Must comply with all provisions of SEBI LODR Regulations, 2015 to the satisfaction of BSE
- Must pay applicable fines
- Compliance deadline: On or before February 09, 2026 to avoid suspension
- Post-suspension: Must follow prescribed procedure and extant norms for revocation of suspension
Promoter Impact:
- Entire shareholding in the non-compliant listed entity will be frozen
- All other securities held in promoter demat accounts will remain frozen during suspension period
Trading Members:
- Should note the suspension effective date and inform clients accordingly
- Must adhere to trade-for-trade mechanism in Z group if suspension is effected
Important Dates
- January 12, 2026: Circular issued
- February 09, 2026: Last date for companies to comply and avoid suspension
- February 12, 2026: Trading suspension effective date
- 27 days after February 12, 2026 (15 days after suspension): Trade-for-trade trading begins on first trading day of every week
- Six months from trade-for-trade commencement: Duration of weekly trade-for-trade facility
Impact Assessment
Market Impact:
- High severity action affecting five listed companies and their shareholders
- Complete trading halt will severely impact liquidity and price discovery
- Investors holding these securities will face restricted exit opportunities
Investor Impact:
- Existing shareholders face immediate liquidity freeze
- Limited trading opportunity (once weekly) post-suspension on trade-for-trade basis
- Promoters face complete freeze of their entire demat holdings
- Potential price deterioration due to forced selling pressure when trade-for-trade resumes
Compliance Impact:
- Demonstrates stringent enforcement of SEBI LODR disclosure requirements
- Sets precedent for consecutive quarter non-compliance penalties
- Emphasizes importance of timely Regulation 31 (shareholding pattern) disclosures
- Companies have narrow window (28 days) to remedy non-compliance
Operational Impact:
- Z group classification significantly restricts trading activity
- Weekly trade-for-trade mechanism limits market participation
- Revocation process requires additional compliance burden and approval procedures
For clarifications, trading members and stakeholders should contact BSE at bse.soplodr@bseindia.com.
Impact Justification
Trading suspension of five listed companies with complete promoter shareholding freeze represents severe enforcement action affecting investor liquidity and market access.