Description

BSE circular updating the list of securities under surveillance measure for high encumbrance levels effective February 01, 2026. One security removed from surveillance, eleven securities remain under surveillance.

Summary

BSE has issued an update to the surveillance measure for companies with high encumbrance levels as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011, effective February 01, 2026. The circular shows no new securities added to the surveillance list, one security (Panorama Studios International Ltd) removed from the framework, and eleven securities remaining under the consolidated surveillance list.

Key Points

  • No new securities shortlisted for high encumbrance surveillance measure w.e.f. February 01, 2026
  • Panorama Studios International Ltd (Scrip Code: 539469, ISIN: INE258R01028) moving out of high encumbrance framework
  • Panorama Studios removed due to inclusion in Short Term Additional Surveillance Measure (STASM) Framework
  • Eleven securities remain on the consolidated surveillance list for high encumbrance
  • All consolidated list securities marked with (*) indicating alignment with NSE

Regulatory Changes

This circular implements surveillance measures under Regulation 28(3) of SEBI (SAST) Regulation 2011, which deals with encumbrance of shares by promoters and persons in control. The framework monitors companies where promoter shareholding has high levels of pledging or encumbrance, which could pose risks to market stability and investor interests.

Compliance Requirements

  • Trading members and market participants should note the updated surveillance list effective February 01, 2026
  • Enhanced monitoring and risk management protocols apply to securities on the consolidated list
  • Market participants should be aware that securities under surveillance may have special trading restrictions or margin requirements
  • Companies on the list must continue to comply with disclosure requirements regarding encumbrance of promoter shares

Important Dates

  • Effective Date: February 01, 2026 - Updated surveillance measure list becomes applicable
  • Circular Issue Date: January 30, 2026

Impact Assessment

Securities Exiting Surveillance: Panorama Studios International Ltd exits the high encumbrance framework but moves into the more stringent STASM (Short Term Additional Surveillance Measure) framework, indicating continued regulatory oversight through a different mechanism.

Securities Under Continued Surveillance: The eleven companies on the consolidated list face continued scrutiny due to high levels of promoter share encumbrance. These include:

  • B. L. Kashyap and Sons Ltd
  • Cohance Lifesciences Ltd
  • Hindustan Zinc Ltd
  • Jayaswal Neco Industries Ltd
  • Share India Securities Ltd
  • SPML Infra Ltd
  • Steel Exchange India Ltd
  • Thyrocare Technologies Ltd
  • Trualt Bioenergy Ltd
  • Veranda Learning Solutions Ltd
  • Vikram Solar Ltd

Investors and traders should exercise caution when dealing with these securities as high encumbrance levels indicate potential liquidity risks and could signal financial stress at the promoter level. The surveillance measure aims to protect market integrity and investor interests by flagging securities with elevated risk profiles.

Impact Justification

Routine surveillance measure update affecting 12 securities. Panorama Studios moves out of high encumbrance framework due to STASM inclusion. Eleven securities continue under surveillance for high promoter share encumbrance.