Description

NSE surveillance measure regarding companies with high promoter and non-promoter encumbrance under SEBI SAST Regulation 2011. Bedmutha Industries excluded from framework and moved to LTASM.

Summary

NSE has issued an update to its surveillance framework for companies with high promoter and non-promoter encumbrance under Regulation 28(3) of SEBI (SAST) Regulation 2011. This circular provides updates on securities entering and exiting the measure. No new securities have been added, while Bedmutha Industries Limited has been excluded from the daily encumbrance framework and transitioned to the Long-Term Additional Surveillance Measure (LTASM) framework.

Key Points

  • No new securities are being added to the high encumbrance surveillance measure (Annexure I is Nil)
  • Bedmutha Industries Limited (BEDMUTHA, ISIN: INE844K01012) is being removed from the daily encumbrance framework effective January 12, 2026
  • Bedmutha Industries has been moved from Daily Encumbrance to LTASM framework
  • Consolidated list now contains only 3 securities: Future Market Networks Limited, N R Agarwal Industries Limited, and Shalimar Paints Limited
  • This measure continues in conjunction with all other prevailing exchange measures
  • Securities under this measure attract minimum 75% margin in Equity and Equity Derivatives segments

Regulatory Changes

This circular is issued in continuation of Exchange circular no NSE/SURV/51189 dated January 31, 2022. The framework addresses companies with high promoter and non-promoter encumbrance as per Regulation 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011.

The measure is subject to periodic review and works in conjunction with other surveillance measures imposed by the exchange.

Compliance Requirements

For Trading Members:

  • Note that securities under this framework (as listed in Annexure III) attract minimum 75% margin requirements
  • Margin applies to both:
    • All open positions in Equity and Equity Derivatives segments
    • New positions created
  • Comply with the updated list of securities effective from specified dates

Important Note: The shortlisting of securities under this measure should not be construed as an adverse action against the concerned company/entity.

Important Dates

  • January 09, 2026: Circular issuance date
  • January 12, 2026: Effective date for exclusion of Bedmutha Industries Limited from the framework
  • January 13, 2026: Last day for existing open positions under previous framework
  • January 14, 2026: 75% margin requirement becomes effective on all open positions and new positions (for securities in Annexure I - currently Nil)

Impact Assessment

Market Impact: Low - No new securities are being added to the restrictive measure, reducing potential trading constraints.

Operational Impact: Positive for Bedmutha Industries - The stock is being removed from the daily encumbrance framework and moved to LTASM, which may indicate improved compliance or reduced encumbrance levels.

Trading Impact: The consolidated list remains limited to only 3 securities (FMNL, NRAIL, SHALPAINTS), which continue to be subject to 75% margin requirements in cash and derivatives segments.

Investor Impact: Minimal immediate impact as no changes affect new securities. Investors in Bedmutha Industries may see improved trading flexibility with the move from daily encumbrance monitoring.

Securities Under Framework

Consolidated List (3 securities):

  1. Future Market Networks Limited (FMNL) - INE360L01017
  2. N R Agarwal Industries Limited (NRAIL) - INE740D01017
  3. Shalimar Paints Limited (SHALPAINTS) - INE849C01026

Excluded Securities:

  • Bedmutha Industries Limited (BEDMUTHA) - INE844K01012 (moved to LTASM framework)

Impact Justification

No new securities added to surveillance measure. One security (Bedmutha Industries) moved from daily encumbrance to LTASM framework, reducing immediate impact. Consolidated list remains at 3 securities.