Description

BSE updates the list of securities under surveillance framework for companies with high promoter encumbrance as per SEBI SAST Regulation 28(3), effective February 3, 2026.

Summary

BSE has updated the list of securities under surveillance measures for companies with high promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. The changes are effective from February 3, 2026. Eight securities are listed under the surveillance framework, while six securities are moving out of the framework.

Key Points

  • 8 securities identified under high encumbrance surveillance framework effective February 3, 2026
  • 6 securities moving out of the high encumbrance framework
  • Consolidated list contains 13 securities currently under surveillance
  • Some securities moved to other frameworks (LTASM, STASM, or high Promoter and non-Promoter Encumbrance Framework)
  • Surveillance based on SEBI SAST Regulation 28(3) requirements

Regulatory Changes

This circular implements the surveillance framework as mandated by SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, specifically Regulation 28(3) which deals with disclosure requirements for encumbrance of shares by promoters and persons in control.

Compliance Requirements

  • Securities under this framework are subject to enhanced surveillance measures
  • Companies must comply with SEBI SAST Regulation 28(3) disclosure requirements regarding promoter encumbrance
  • Market participants should note the special surveillance status when trading these securities

Important Dates

  • Effective Date: February 3, 2026 - Surveillance measures become applicable for listed securities

Securities Details

Securities Under High Encumbrance Surveillance (Annexure I):

  1. Afcons Infrastructure Limited (544280)
  2. Genus Power Infrastructures Limited (530343)
  3. GMR Power and Urban Infra Limited (543490)
  4. MSP Steel & Power Limited (532650)
  5. Patel Engineering Limited (531120)
  6. RattanIndia Power Limited (533122)
  7. Tilaknagar Industries Limited (507205)
  8. Vedanta Limited (500295)

Securities Exiting Framework (Annexure II):

  1. B. L. Kashyap and Sons Limited (532719)
  2. Share India Securities Limited (540725)
  3. SPML Infra Limited (500402)
  4. Steel Exchange India Limited (534748)
  5. Thyrocare Technologies Limited (539871)
  6. Veranda Learning Solutions Limited (543514)

Consolidated List (Annexure III):

Total 13 securities including Cohance Lifesciences, Hindustan Zinc, Jayaswal Neco Industries, Trualt Bioenergy, and Vikram Solar in addition to the 8 securities in Annexure I.

Impact Assessment

Market Impact: Medium - The surveillance framework applies to 13 securities, which may experience increased scrutiny and potentially different trading conditions. The high encumbrance levels indicate significant promoter pledges, which can affect investor sentiment.

Operational Impact: Companies under this framework face enhanced monitoring and must maintain strict compliance with disclosure requirements. Six companies exiting the framework indicates either improvement in encumbrance levels or migration to other surveillance categories.

Investor Impact: Investors should exercise caution when trading securities under this framework as high promoter encumbrance can indicate financial stress and potential governance concerns.

Impact Justification

Affects 13 securities with enhanced surveillance measures due to high promoter encumbrance. 6 securities exiting the framework. Impacts trading conditions but is part of regular surveillance framework updates.