Description

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

Summary

BSE has issued an update regarding securities under surveillance measures 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 circular shows no new additions to the framework but removes three securities effective February 01, 2026. The consolidated list maintains eleven securities under this surveillance measure.

Key Points

  • No securities are being newly added to the high encumbrance surveillance measure (Annexure I shows NIL entries)
  • Three securities are moving out of the framework effective February 01, 2026
  • IndiaNivesh Ltd (ISIN: INE131H01028) is moving out due to inclusion in TT (Trade-to-Trade) framework
  • NR Agarwal Industries Ltd (ISIN: INE740D01017) and Shalimar Paints Ltd (ISIN: INE849C01026) are being removed from the measure
  • Consolidated list contains eleven securities remaining under this surveillance framework

Regulatory Changes

This circular implements the surveillance framework under Regulation 28(3) of SEBI (SAST) Regulation 2011, which addresses companies with high levels of pledged/encumbered shares held by both promoters and non-promoters. Securities are moved between different surveillance frameworks based on their evolving risk profiles.

Compliance Requirements

  • Trading members and market participants must note the updated list of securities under high encumbrance surveillance
  • Special attention required for the eleven securities remaining in the consolidated list
  • Market participants should be aware that removed securities may now be subject to other surveillance measures (TT framework for IndiaNivesh Ltd)

Important Dates

  • Effective Date: February 01, 2026 - Updated lists become applicable

Impact Assessment

Securities Moving Out (3):

  1. IndiaNivesh Ltd - Now under TT (Trade-to-Trade) framework
  2. NR Agarwal Industries Ltd - Removed from encumbrance surveillance
  3. Shalimar Paints Ltd - Removed from encumbrance surveillance

Consolidated List (11 securities remaining):

  • Brahmaputra Infrastructure Ltd
  • Forbes & Company Ltd
  • Forbes Precision Tools and Machine Parts Ltd
  • Future Market Networks Ltd
  • Gayatri Highways Ltd
  • India Finsec Ltd
  • Indo Tech Transformers Ltd
  • Setco Automotive Ltd
  • Sudal Industries Ltd
  • Tulsyan NEC Ltd
  • Visa Steel Ltd

The removal of three securities indicates improved encumbrance positions or migration to other surveillance frameworks. The eleven remaining securities continue to be monitored for high promoter and non-promoter encumbrance levels, which may impact their liquidity and trading patterns.

Impact Justification

Updates surveillance framework for companies with high encumbrance; three securities removed from measure, eleven remain under consolidated list. Impacts trading restrictions for affected securities.