Description
BSE announces surveillance measures for companies with high promoter and non-promoter encumbrance under SEBI (SAST) Regulation 2011, effective January 28, 2026. Gayatri Highways Ltd added to the framework.
Summary
BSE has updated the list of securities under surveillance measures for companies with high promoter and non-promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011. The updated framework, effective January 28, 2026, adds one new security (Gayatri Highways Ltd) to the surveillance list. The consolidated list now contains 13 securities subject to these enhanced monitoring measures.
Key Points
- Gayatri Highways Ltd (Scrip Code: 541546, ISIN: INE287Z01012) has been newly included in the high encumbrance surveillance framework
- No securities are exiting the framework in this update
- Total of 13 securities currently under this surveillance measure
- Framework targets companies with significant pledging of shares by both promoters and non-promoters
- Measure is part of BSE’s broader surveillance architecture alongside LT ASM, ESM, and TT frameworks
Regulatory Changes
This circular implements surveillance measures under Regulation 28(3) of SEBI (SAST) Regulation 2011, which deals with encumbrance of shares. The framework identifies companies where high levels of share pledging by promoters and non-promoters may pose risks to investor interests. Securities under this measure are subject to enhanced disclosure and monitoring requirements.
Compliance Requirements
- Trading members must be aware of securities under the high encumbrance framework
- Enhanced due diligence may be required for transactions in these securities
- Investors should exercise caution when trading in listed securities
- Companies must ensure compliance with disclosure norms regarding encumbrance of promoter and non-promoter holdings
Important Dates
- Effective Date: January 28, 2026 - Updated surveillance measures come into effect
- Circular Date: January 27, 2026
Impact Assessment
Market Impact: Medium - Affects 13 securities with potential trading restrictions or enhanced scrutiny. The addition of one new security indicates ongoing monitoring of pledging levels across listed companies.
Investor Impact: Investors holding or trading in these 13 securities should be aware of the heightened risk associated with high encumbrance levels. Share pledging can lead to forced selling in adverse market conditions, potentially causing price volatility.
Operational Impact: Trading members and market participants need to update their systems and risk management frameworks to account for securities entering or exiting this surveillance category.
Securities Under High Encumbrance Framework
Newly Added (Annexure I)
- Gayatri Highways Ltd (541546, INE287Z01012)
Consolidated List (Annexure III)
- Brahmaputra Infrastructure Ltd (535693, INE320I01017)
- Forbes Precision Tools and Machine Parts Ltd (544186, INE0TT901016)
- Future Market Networks Ltd (533296, INE360L01017)
- Gayatri Highways Ltd (541546, INE287Z01012)
- India Finsec Ltd (535667, INE474O01010)
- India Nivesh Ltd (501700, INE131H01028)
- Indo Tech Transformers Ltd (532717, INE332H01014)
- NR Agarwal Industries Ltd (516082, INE740D01017)
- Setco Automotive Ltd (505075, INE878E01021)
- Shalimar Paints Ltd (509874, INE849C01026)
- Sudal Industries Ltd (506003, INE618D01015)
- Tulsyan NEC Ltd (513629, INE463D01016)
- Visa Steel Ltd (532721, INE286H01012)
Impact Justification
Affects 13 securities under high encumbrance surveillance framework. One new security added (Gayatri Highways). Framework helps protect investors by identifying companies with significant pledged holdings.