Description

BSE updates the list of securities under surveillance measure for companies with high promoter and non-promoter encumbrance as per SEBI (SAST) Regulation 2011, effective February 01, 2026.

Summary

BSE has issued an updated list of securities under the surveillance measure 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 February 01, 2026. No new securities have been added to the framework, while three securities are being removed, leaving a consolidated list of 11 securities under this measure.

Key Points

  • No new securities added to the high encumbrance surveillance measure
  • Three securities removed from the framework: IndiaNivesh Ltd, NR Agarwal Industries Ltd, and Shalimar Paints Ltd
  • IndiaNivesh Ltd removed due to inclusion in TT (Trade-to-Trade) framework
  • Consolidated list now contains 11 securities under high encumbrance surveillance
  • Effective date: February 01, 2026

Regulatory Changes

This circular implements ongoing surveillance measures under Regulation 28(3) of SEBI (SAST) Regulation 2011, which addresses companies where promoter and non-promoter shareholding is highly encumbered. The framework aims to protect investor interests by applying additional monitoring to securities where significant shareholding is pledged or encumbered.

Compliance Requirements

  • Trading members must be aware of securities under this surveillance framework
  • Market participants should exercise caution when trading in the 11 securities listed in the consolidated framework
  • Companies in the framework are subject to enhanced disclosure and monitoring requirements

Important Dates

  • Effective Date: February 01, 2026
  • Circular Date: January 30, 2026

Securities Removed from Framework

  1. IndiaNivesh Ltd (Scrip Code: 501700, ISIN: INE131H01028) - Moved to TT framework
  2. NR Agarwal Industries Ltd (Scrip Code: 516082, ISIN: INE740D01017)
  3. Shalimar Paints Ltd (Scrip Code: 509874, ISIN: INE849C01026)

Consolidated List of Securities Under High Encumbrance Surveillance

  1. Brahmaputra Infrastructure Ltd (535693)
  2. Forbes & Company Ltd (502865)
  3. Forbes Precision Tools and Machine Parts Ltd (544186)
  4. Future Market Networks Ltd (533296)
  5. Gayatri Highways Ltd (541546)
  6. India Finsec Ltd (535667)
  7. Indo Tech Transformers Ltd (532717)
  8. Setco Automotive Ltd (505075)
  9. Sudal Industries Ltd (506003)
  10. Tulsyan NEC Ltd (513629)
  11. Visa Steel Ltd (532721)

Impact Assessment

The removal of three securities indicates improved encumbrance levels or migration to other surveillance frameworks. IndiaNivesh Ltd’s movement to the Trade-to-Trade framework suggests continued regulatory oversight through a different mechanism. The 11 remaining securities continue to face trading restrictions and enhanced monitoring due to high promoter and non-promoter encumbrance levels. Investors should exercise increased due diligence when considering these securities, as high encumbrance levels can indicate financial stress or reduced promoter flexibility in managing the company.

Impact Justification

Updates surveillance framework affecting 14 securities with changes in encumbrance levels; three securities removed from framework due to migration to other surveillance measures