Description
BSE updates the encumbrance surveillance framework under Reg. 28(3) of SEBI (SAST) Regulation 2011, effective February 27, 2026. No new securities are added; Brahmaputra Infrastructure Ltd exits due to inclusion in LT ASM, leaving 13 securities in the consolidated list.
Summary
BSE has issued an update to the surveillance measure applicable to companies with high Promoter as well as non-Promoter encumbrance under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. Effective February 27, 2026, no new securities are added to the framework, one security exits, and the consolidated list stands at 13 securities.
Key Points
- Annexure I (New Additions): Nil — no securities have been freshly shortlisted under this measure effective February 27, 2026.
- Annexure II (Exits): Brahmaputra Infrastructure Ltd (Scrip Code: 535693, ISIN: INE320I01017) is removed from the framework as it has been included in the Long-Term Additional Surveillance Measure (LT ASM).
- Annexure III (Consolidated List): 13 securities remain under the encumbrance surveillance measure.
- Securities marked (*) in Annexure II indicate exit due to LT ASM inclusion; ($) indicates ESM inclusion; (#) indicates Trade-to-Trade (TT) framework inclusion.
Regulatory Changes
This circular operates under Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which mandates disclosure of encumbrance of shares by promoters and non-promoters. BSE periodically reviews and updates the list of securities that fall under heightened surveillance due to high encumbrance levels. The exit of Brahmaputra Infrastructure Ltd reflects a transition to a stricter surveillance tier (LT ASM).
Compliance Requirements
- Companies on the consolidated list (Annexure III) remain subject to the encumbrance surveillance framework and associated trading restrictions or disclosure obligations.
- Market participants and investors holding or trading securities listed in Annexure III should be aware of the continued applicability of surveillance conditions.
- Brahmaputra Infrastructure Ltd (535693) participants should note the transition to LT ASM framework conditions.
Important Dates
- Effective Date: February 27, 2026 — changes to the encumbrance surveillance list come into force.
Impact Assessment
Consolidated List — 13 Securities Under Encumbrance Surveillance (Annexure III):
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 502865 | INE518A01013 | Forbes & Company Ltd |
| 2 | 544186 | INE0TT901016 | Forbes Precision Tools and Machine Parts Ltd |
| 3 | 533296 | INE360L01017 | Future Market Networks Ltd |
| 4 | 541546 | INE287Z01012 | Gayatri Highways Ltd |
| 5 | 535667 | INE474O01010 | India Finsec Ltd |
| 6 | 532717 | INE332H01014 | Indo Tech Transformers Ltd |
| 7 | 533632 | INE912L01015 | Onelife Capital Advisors Ltd |
| 8 | 533100 | INE429K01012 | Premier Energy and Infrastructure Ltd |
| 9 | 505075 | INE878E01021 | Setco Automotive Ltd |
| 10 | 506003 | INE618D01015 | Sudal Industries Ltd |
| 11 | 526650 | INE305A01023 | Tourism Finance Corporation of India Ltd |
| 12 | 513629 | INE463D01016 | Tulsyan NEC Ltd |
| 13 | 532721 | INE286H01012 | Visa Steel Ltd |
The overall market impact is moderate. The framework targets securities where promoter or non-promoter encumbrance is elevated, signalling potential financial stress or leveraged shareholding. No new entrants limits immediate fresh market concern. The exit of Brahmaputra Infrastructure Ltd to LT ASM indicates an escalation in its surveillance tier, which may impose tighter trading restrictions on that scrip.
Impact Justification
Routine update to the SEBI (SAST) Reg. 28(3) encumbrance surveillance framework. No new securities are added (Annexure I is Nil), one security exits to LT ASM, and 13 securities remain under the consolidated list. Medium impact as it affects existing surveillance subjects with no fresh entrants.