Description

BSE updates the list of securities under the encumbrance surveillance measure per Reg. 28(3) of SEBI (SAST) Regulations 2011. No new securities are added; Brahmaputra Infrastructure Ltd is removed; 13 securities remain in the consolidated list.

Summary

BSE has issued an update to the list of securities under the surveillance measure for companies with high Promoter and non-Promoter encumbrance, as mandated by Regulation 28(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The changes are effective February 27, 2026. No new securities are being added to the framework, one security (Brahmaputra Infrastructure Ltd) is being removed, and 13 securities remain in the consolidated active list.

Key Points

  • No new additions (Annexure I): No securities have been shortlisted into the encumbrance measure framework effective February 27, 2026.
  • One removal (Annexure II): Brahmaputra Infrastructure Ltd (Scrip Code: 535693, ISIN: INE320I01017) is being moved out of the framework because it has been included in the Long-Term Additional Surveillance Measure (LT ASM) framework.
  • 13 securities remain in consolidated list (Annexure III): Forbes & Company Ltd, Forbes Precision Tools and Machine Parts Ltd, Future Market Networks Ltd, Gayatri Highways Ltd, India Finsec Ltd, Indo Tech Transformers Ltd, Onelife Capital Advisors Ltd, Premier Energy and Infrastructure Ltd, Setco Automotive Ltd, Sudal Industries Ltd, Tourism Finance Corporation of India Ltd, Tulsyan NEC Ltd, and Visa Steel Ltd.
  • Securities marked (*) are classified as per NSE data.

Regulatory Changes

This circular is issued under Regulation 28(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which requires exchanges to monitor and publish lists of companies where promoter or non-promoter encumbrance on shares is high. The framework subjects such securities to enhanced surveillance. Removal from this framework may occur when a security is subsumed into a stricter surveillance framework (LT ASM, ESM, or TT).

Compliance Requirements

  • Market participants and investors holding or trading in the 13 securities remaining on the consolidated list should note that these securities continue to be under the encumbrance surveillance measure.
  • Brokers and trading members should ensure awareness of applicable restrictions or disclosures associated with securities under this framework.
  • No new compliance obligations are triggered for February 27, 2026, as there are no new securities being added.

Important Dates

  • Effective Date: February 27, 2026 — changes to the encumbrance surveillance list take effect.
  • Circular Date: February 26, 2026.

Impact Assessment

The impact of this circular is moderate and limited to the specific securities listed. Brahmaputra Infrastructure Ltd’s removal from the encumbrance framework is offset by its inclusion in the stricter LT ASM framework, so there is no net relaxation for that scrip. The 13 securities in the consolidated list continue to face scrutiny related to high encumbrance levels, which may affect investor sentiment and trading activity in those stocks. No new securities are added, indicating no fresh escalation in surveillance actions for the current period.

Impact Justification

Routine periodic update to the encumbrance surveillance list under SEBI SAST Reg. 28(3); no new additions but affects 13 listed securities under ongoing restrictions and one removal.