BSE’s Surveillance department (DOSS) issued Notice No. 20260416-29 dated April 16, 2026, regarding significant price and/or volume movement observed in 34 listed companies. The Exchange had written to these companies seeking clarifications to ensure trading members and investors have access to the latest relevant information. This notice discloses which companies have responded and which have not yet replied.

Key Points

• BSE observed significant price/volume movement in 34 companies and sought clarifications from each
• 16 companies have submitted replies (attached as Replies1 and Replies2 to the notice)
• 18 companies have not yet submitted replies as of the notice date
• Action is part of BSE’s routine market surveillance to protect investor interests
• Notice signed by Sanjay Jain (Deputy Vice President, Surveillance) and Shreya Ghose (Manager, Surveillance)

Regulatory Changes

No new regulatory changes introduced. This is a standard surveillance disclosure under BSE’s market monitoring framework requiring listed companies to explain unusual price or volume activity in their scrips.

Compliance Requirements

Companies that have replied (clarifications attached):

1. Afcons Infrastructure Ltd (Security Code: 544280)
2. Awfis Space Solutions Ltd (Security Code: 544181)
3. Citichem India Ltd (Security Code: 544324)
4. Deepak Fertilisers & Petrochemicals Corporation Ltd (Security Code: 500645)
5. Indiabulls Ltd (Security Code: 533520)
6. LKP Securities Ltd (Security Code: 540192)
7. Lotus Chocolate Company Ltd (Security Code: 523475)
8. Mefcom Capital Markets Ltd (Security Code: 531176)
9. Modern Diagnostic & Research Centre Ltd (Security Code: 544673)
10. Ovobel Foods Ltd (Security Code: 530741)
11. Rama Vision Ltd (Security Code: 523289)
12. The New India Assurance Company Ltd (Security Code: 540769)
13. Trident Texofab Ltd (Security Code: 540726)
14. Tusaldah Ltd (Security Code: 531301)
15. Asian Hotels (West) Ltd (Security Code: 533221)
16. Benchmark Computer Solutions Ltd (Security Code: 544052)

Companies with reply awaited (must submit clarifications to BSE):

1. Asia Pack Ltd (Security Code: 530899)
2. Checkpoint Trends Ltd (Security Code: 531099)
3. Gajanan Securities Services Ltd (Security Code: 538609)
4. Goel Food Products Ltd (Security Code: 543538)
5. K&R Rail Engineering Ltd (Security Code: 514360)
6. Kisaan Parivar Industries Ltd (Security Code: 519230)
7. Milgrey Finance & Investments Ltd (Security Code: 511018)
8. Narmada Macplast Drip Irrigation Systems Ltd (Security Code: 517431)
9. Naturite Agro Products Ltd (Security Code: 538926)
10. Nidhi Granites Ltd (Security Code: 512103)
11. Panth Infinity Ltd (Security Code: 539143)
12. Saffron Industries Ltd (Security Code: 531436)
13. Sampat Aluminium Ltd (Security Code: 544520)
14. Supertech Ev Ltd (Security Code: 544428)
15. Tamilnadu Telecommunications Ltd (Security Code: 523419)
16. Vishal Bearings Ltd (Security Code: 539398)
17. Yug Decor Ltd (Security Code: 540550)
18. ZR2 Bioenergy Ltd (Security Code: 506640)

Important Dates

• Notice Date: April 16, 2026
• Notice Number: 20260416-29
• No specific deadline mentioned for pending replies; companies with outstanding responses are expected to submit at the earliest

Impact Assessment

This notice is primarily informational for trading members and investors. The 16 companies that have already replied have fulfilled their disclosure obligation; investors should review the attached clarifications (Replies1 and Replies2) to assess any price-sensitive information. The 18 companies that have not yet replied remain under regulatory scrutiny, and continued non-response may attract further surveillance action from BSE. No trading halts or circuit modifications have been announced in this notice. Investors in scrips of the non-responding companies should exercise caution until clarifications are received.

BSE Notice No. 20260415-29 informs trading members that price bands have been revised for 32 equity scrips effective April 16, 2026. The revisions span a range of circuit filter limits — from a restrictive 2% to a wider 20% — reflecting individualized surveillance assessments for each scrip.

Key Points

• Price band revisions are effective from April 16, 2026
• A total of 32 scrips are affected (list may be partially truncated in source)
• Price bands revised to 2% (tightest): Jauss Polymers Ltd (526001), Ramchandra Leasing & Finance Ltd (538540)
• Price bands revised to 20% (widest): Gujarat Cotex Ltd (751108), Speciality Medicines Ltd (544738)
• Price bands revised to 10%: Eco Hotels And Resorts Ltd, Insolation Energy Ltd, ITCONS E-Solutions Ltd, Jinkushal Industries Ltd, Panth Infinity Ltd, Rama Vision Ltd, Shivansh Finserve Ltd, Super Iron Foundry Ltd, Tarini International Ltd
• Price bands revised to 5%: Alphalogic Techsys Ltd, Chiraharit Ltd, Dee Development Engineers Ltd, Dhampur Bio Organics Ltd, Eraaya Lifespaces Ltd, Galada Finance Ltd, Goel Food Products Ltd, Gujarat Cotex Ltd (514386), Heera Ispat Ltd, Indrayani Biotech Ltd, Landmarc Leisure Corporation Ltd, Narmadesh Brass Industries Ltd, Pro Fin Capital Services Ltd, S.A.L. Steel Ltd, Shipwaves Online Ltd, Shreyas Intermediates Ltd, Space Incubatrics Technologies Ltd, TAI Industries Ltd

Regulatory Changes

No new regulatory framework is introduced. This notice implements price band adjustments under BSE’s existing DOSS (Department of Surveillance and Supervision) monitoring powers. Price bands are a standard surveillance tool used to limit excessive intraday volatility and protect investors in scrips exhibiting unusual price movements.

Compliance Requirements

• Trading Members: Must note revised price band limits for the listed scrips and ensure orders are placed within the new band limits effective April 16, 2026
• Algorithmic / Program Trading: Systems must be updated to reflect new circuit filter limits to avoid order rejections
• No action required from listed companies or investors directly

Important Dates

• Notice Date: April 15, 2026
• Effective Date: April 16, 2026

Impact Assessment

Market Impact: Moderate and localized. The revisions primarily affect small and micro-cap scrips with limited broader market implications.

Tightened Bands (2%): Jauss Polymers Ltd and Ramchandra Leasing & Finance Ltd face the most restrictive bands, signaling heightened surveillance concern and severely limiting daily price movement.

Widened Bands (20%): Gujarat Cotex Ltd (751108) and Speciality Medicines Ltd gain more trading flexibility, potentially indicating improved liquidity or removal of prior restrictions.

Trader Impact: Active intraday and positional traders in these 32 scrips must adjust strategies. Tighter bands reduce risk of large losses but also cap gains; wider bands increase both opportunity and risk.

Surveillance Signal: The mix of tightening and widening suggests BSE is actively monitoring this cohort — tightening where volatility or manipulation concerns exist, widening where conditions have normalized.