Description

BSE circular listing securities shortlisted and moving out of the framework for companies with high promoter and non-promoter encumbrance under SEBI SAST Regulation 2011, effective January 22, 2026.

Summary

BSE has updated the list of securities under the 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. The changes are effective from January 22, 2026. One security has been added to the framework, and no securities are moving out.

Key Points

  • Indo Tech Transformers Ltd (Scrip Code: 532717, ISIN: INE332H01014) has been newly shortlisted under this framework
  • No securities are moving out of the framework
  • The consolidated list now contains 12 securities under surveillance
  • This measure targets companies with high encumbrance levels from both promoter and non-promoter entities
  • Framework is based on SEBI (SAST) Regulation 2011, Regulation 28(3)

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 disclosure requirements. The framework identifies and monitors securities where both promoter and non-promoter stakeholders have created significant encumbrances on their holdings.

Compliance Requirements

  • Market participants should note the inclusion of Indo Tech Transformers Ltd in this surveillance framework
  • Trading members and investors should exercise appropriate due diligence when dealing with the 12 securities listed in the consolidated framework
  • Companies under this framework are subject to enhanced monitoring due to high encumbrance levels

Important Dates

  • Effective Date: January 22, 2026
  • Circular Date: January 21, 2026

Impact Assessment

The addition of Indo Tech Transformers Ltd to the high encumbrance framework signals elevated risk due to significant pledging or encumbrance of shares by both promoters and non-promoters. Investors and traders should be aware that securities under this framework may face:

  • Enhanced surveillance and monitoring by the exchange
  • Potential liquidity concerns
  • Higher risk profile due to encumbrance levels
  • Possible restrictions or additional margins in trading

The consolidated list of 12 securities represents companies where shareholding encumbrance poses potential governance or financial stability concerns. Market participants should factor this surveillance status into their investment and trading decisions.

Securities Under Framework (Consolidated List)

  1. Brahmaputra Infrastructure Ltd (535693 - INE320I01017)
  2. Forbes Precision Tools and Machine Parts Ltd (544186 - INE0TT901016)
  3. Future Market Networks Ltd (533296 - INE360L01017)
  4. India Finsec Ltd (535667 - INE474O01010)
  5. India Nivesh Ltd (501700 - INE131H01028)
  6. Indo Tech Transformers Ltd (532717 - INE332H01014) [Newly Added]
  7. NR Agarwal Industries Ltd (516082 - INE740D01017)
  8. Setco Automotive Ltd (505075 - INE878E01021)
  9. Shalimar Paints Ltd (509874 - INE849C01026)
  10. Sudal Industries Ltd (506003 - INE618D01015)
  11. Tulsyan NEC Ltd (513629 - INE463D01016)
  12. Visa Steel Ltd (532721 - INE286H01012)

Impact Justification

This circular adds one security (Indo Tech Transformers Ltd) to the high encumbrance framework while no securities are moving out. The consolidated list contains 12 securities under surveillance for high promoter/non-promoter encumbrance, representing a focused market safety measure.