BSE has issued a notice for suspension of trading in securities of MSR India Ltd (Scrip Code: 508922) and Shree Securities Ltd (Scrip Code: 538975) effective May 18, 2026, pursuant to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026. The suspension is triggered by non-compliance with Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters — September 2025 and December 2025. Companies have until May 13, 2026 to achieve compliance and avoid the suspension.

Key Points

• Trading in securities of MSR India Ltd (508922) and Shree Securities Ltd (538975) will be suspended w.e.f. May 18, 2026
• Non-compliance pertains to Regulation 31 of SEBI LODR Regulations for Q2 (September 2025) and Q3 (December 2025)
• The entire promoter shareholding in the non-compliant entity and all securities in promoter demat accounts will be frozen during the suspension period
• Compliance deadline is May 13, 2026 — companies that comply by this date will avoid suspension
• Post-suspension, after 15 days, trading will be permitted only on Trade for Trade basis in Z group on the first trading day of every week for six months
• Revocation of suspension requires full compliance plus payment of applicable fines

Regulatory Changes

This notice is issued under the Standard Operating Procedure (SOP) for suspension and revocation of trading of specified securities of listed entities, as outlined in SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 (originally issued July 11, 2023, last updated January 30, 2026). Regulation 31 of SEBI LODR Regulations governs the submission of shareholding pattern disclosures by listed entities.

Compliance Requirements

• Affected companies must file/rectify their Regulation 31 (shareholding pattern) submissions for September 2025 and December 2025 quarters to the satisfaction of BSE on or before May 13, 2026
• Companies must also pay all applicable fines to have suspension revoked
• Promoters must ensure compliance with demat freeze implications; their entire shareholding across all demat accounts will be frozen during any suspension period
• For clarifications, companies may contact BSE at bse.soplodr@bseindia.com

Important Dates

• April 16, 2026: Notice issued by BSE
• May 13, 2026: Deadline for companies to comply with SEBI LODR Regulation 31 to avoid suspension
• May 18, 2026: Trading suspension effective date (if non-compliance persists)
• 15 days post-suspension: Trading permitted on Trade for Trade basis in Z group only on the first trading day of every week
• 6 months post-reclassification: Period during which Z group restricted trading applies before full revocation review

Impact Assessment

This circular has a high direct impact on investors holding securities of MSR India Ltd and Shree Securities Ltd. A trading suspension eliminates liquidity entirely, preventing both buying and selling of shares on normal terms. The freezing of promoter shareholding across all demat accounts is a significant regulatory sanction that restricts promoter control and mobility of securities. Even after the initial 15-day full suspension, the subsequent Trade for Trade / Z group trading regime severely restricts market participation, as delivery-based settlement and limited trading windows reduce price discovery and investor access. Investors in these companies should monitor compliance status closely before May 13, 2026.