Description
BSE announces securities included in and excluded from the high encumbrance surveillance framework under SEBI SAST Regulation 28(3), effective January 28, 2026.
Summary
BSE has updated the list of securities under surveillance for high promoter and non-promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. Effective January 28, 2026, Gayatri Highways Ltd has been added to this framework. No securities are being removed from the measure. The consolidated list now contains 13 securities.
Key Points
- One security added: Gayatri Highways Ltd (Scrip Code: 541546, ISIN: INE287Z01012)
- No securities removed from the framework
- Consolidated list comprises 13 companies with high encumbrance levels
- Framework applies to companies with high promoter as well as non-promoter encumbrance
- Measure governed under SEBI SAST Regulation 28(3)
Regulatory Changes
This circular implements surveillance measures under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, specifically Regulation 28(3) which deals with encumbrance of shares. The framework identifies companies where both promoter and non-promoter shareholding face high encumbrance (pledge) levels, warranting additional market surveillance.
Compliance Requirements
- Market participants should note the inclusion of Gayatri Highways Ltd in the high encumbrance framework
- Securities in this framework are subject to enhanced surveillance measures
- Investors and brokers should exercise appropriate caution when dealing in these securities
- Companies on this list must maintain compliance with disclosure requirements under SEBI SAST regulations regarding encumbrance of shares
Important Dates
- Effective Date: January 28, 2026
- Circular Date: January 27, 2026
Impact Assessment
Market Impact: Medium. The inclusion of one additional security indicates deteriorating pledge status for that company. High encumbrance levels signal potential financial stress and increased risk of invocation of pledged shares.
Investor Impact: Investors in Gayatri Highways Ltd should be aware of elevated risk levels. High promoter and non-promoter pledges can lead to forced selling if margin requirements are not met, potentially causing price volatility.
Operational Impact: Enhanced surveillance may result in stricter monitoring of trading patterns. While no immediate trading restrictions apply, the framework serves as an early warning system for market participants.
Complete List of Securities Under Framework
- Brahmaputra Infrastructure Ltd (535693)
- Forbes Precision Tools and Machine Parts Ltd (544186)
- Future Market Networks Ltd (533296)
- Gayatri Highways Ltd (541546) - NEW
- India Finsec Ltd (535667)
- India Nivesh Ltd (501700)
- Indo Tech Transformers Ltd (532717)
- NR Agarwal Industries Ltd (516082)
- Setco Automotive Ltd (505075)
- Shalimar Paints Ltd (509874)
- Sudal Industries Ltd (506003)
- Tulsyan NEC Ltd (513629)
- Visa Steel Ltd (532721)
Impact Justification
One security newly included in high encumbrance framework. Framework tracks companies with significant promoter and non-promoter pledges, requiring enhanced surveillance but no immediate trading restrictions.