Description
BSE updates Additional Surveillance Measure (ASM) for companies under Insolvency and Bankruptcy Code, moving Indosolar Ltd and Ujaas Energy Ltd to Stage 1.
Summary
BSE has updated the Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC). Two securities - Indosolar Ltd and Ujaas Energy Ltd - have been moved to Stage 1 surveillance effective August 11, 2025. The circular provides comprehensive lists of securities at various IBC surveillance stages.
Key Points
- Two securities moved to IBC Stage 1: Indosolar Ltd (533257) and Ujaas Energy Ltd (533644)
- No securities moved to Stage 0 (Receipt of corporate announcement/disclosure)
- No securities moved from Stage I to Stage II or vice versa
- No securities excluded from ASM for IBC
- Consolidated list includes 14+ companies across different IBC surveillance stages
Regulatory Changes
Implementation of stage-wise surveillance framework for companies under IBC proceedings, with different levels of monitoring based on insolvency status and corporate disclosures.
Compliance Requirements
- Companies under IBC surveillance must comply with enhanced disclosure requirements
- Securities marked with (*) follow NSE guidelines
- T+0 scrips marked with (~) are subject to parent company IBC framework
- Market participants must adhere to specific trading conditions for listed securities
Important Dates
- Effective Date: August 11, 2025 - New surveillance measures become applicable
Impact Assessment
The surveillance measures will affect trading liquidity and investor participation in the specified securities. Enhanced monitoring may lead to increased volatility and reduced trading volumes for companies under higher surveillance stages. The framework provides systematic oversight of companies in insolvency proceedings while maintaining market transparency.
Impact Justification
Surveillance stage changes affect trading conditions for specific securities under insolvency proceedings