BSE Surveillance Measure: High Encumbrance Companies under SEBI SAST Reg. 28(3) - Effective March 05, 2026

Description

BSE updates the list of securities under surveillance measure for companies with high promoter encumbrance as per SEBI SAST Regulation 28(3), with 4 securities added and 4 removed effective March 05, 2026. The consolidated list now contains 13 securities.

Summary

BSE has updated the list of securities under the Surveillance Measure applicable to companies with high promoter encumbrance, as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Effective March 05, 2026, four new securities are added (Annexure I) and four securities are removed (Annexure II). The consolidated list (Annexure III) now comprises 13 securities.

Key Points

• 4 securities newly placed under high encumbrance surveillance effective March 05, 2026: Artemis Medicare Services Ltd, Eureka Forbes Ltd, Hexaware Technologies Ltd, and Sagility Ltd
• 4 securities removed from surveillance: GMR Power and Urban Infra Ltd, Patel Engineering Ltd, RattanIndia Power Ltd, and Tilaknagar Industries Ltd
• Consolidated active surveillance list contains 13 securities
• Securities marked with (*) are identified as per NSE data
• Removals may be due to inclusion in LTASM, STASM, or high promoter-plus-non-promoter encumbrance frameworks

Regulatory Changes

This circular updates the applicability of the BSE Surveillance Measure under SEBI SAST Regulation 28(3), which targets companies where promoter encumbrance on shares is elevated. Securities entering this framework are subject to enhanced market surveillance. The four outgoing securities (GMR Power, Patel Engineering, RattanIndia Power, Tilaknagar Industries) may have transitioned to other surveillance frameworks (LTASM, STASM, or high promoter/non-promoter encumbrance framework).

Compliance Requirements

• Brokers and trading members must note the updated list and apply applicable surveillance restrictions for the listed securities from March 05, 2026
• Companies on the list should be aware that their shares are subject to enhanced monitoring due to high promoter encumbrance levels
• Investors holding or trading in these securities should review the implications of surveillance classification on trading conditions

Important Dates

• Effective Date: March 05, 2026 — new inclusions and exclusions come into force
• Circular Date: March 04, 2026

Impact Assessment

Newly Added Securities (entering surveillance):

Removed Securities (exiting surveillance):

Enhanced surveillance typically results in reduced liquidity, increased scrutiny of trades, and potential trading restrictions for the affected securities. Institutional and retail investors should exercise caution when transacting in these securities. The inclusion of notable large-cap names like Hexaware Technologies and Eureka Forbes signals regulatory concern about promoter pledge or encumbrance levels at these companies.

Impact Justification

Directly affects trading conditions for 13 listed securities; investors and traders in these stocks face enhanced surveillance restrictions. Four securities are newly added and four are removed, signaling active regulatory monitoring of promoter encumbrance levels.