Description

BSE updates Additional Surveillance Measure for companies under Insolvency and Bankruptcy Code, with Jaiprakash Associates Ltd moved to Stage 1 effective August 13, 2025.

Summary

BSE has updated the Additional Surveillance Measure (ASM) for securities under the Insolvency and Bankruptcy Code (IBC) framework effective August 13, 2025. The key change is moving Jaiprakash Associates Ltd (Scrip Code: 532532, ISIN: INE455F01025) from Stage 0 to Stage 1 surveillance.

Key Points

  • Jaiprakash Associates Ltd moved to IBC Stage 1 surveillance effective August 13, 2025
  • 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 under IBC
  • Consolidated list shows 14+ companies under various IBC surveillance stages

Regulatory Changes

The circular implements changes to the IBC surveillance framework with different stages:

  • Stage 0: Receipt of corporate announcement/disclosure from company
  • Stage 1: Additional Surveillance Measure for companies in Insolvency Resolution Process
  • Stage 2: Enhanced surveillance level

Compliance Requirements

  • Trading members must comply with enhanced surveillance requirements for securities under IBC
  • Special monitoring applies to companies in insolvency resolution process
  • T+0 scrips marked with ~ are subject to IBC framework based on parent company status

Important Dates

  • Effective Date: August 13, 2025
  • All surveillance measure changes take effect from market opening on this date

Impact Assessment

The surveillance measures will impact trading in affected securities through enhanced monitoring and potential trading restrictions. Jaiprakash Associates Ltd faces increased scrutiny under Stage 1 surveillance, which may affect liquidity and trading patterns. The comprehensive list of 14+ companies under various IBC stages indicates ongoing market attention to insolvency-related securities.

Impact Justification

Surveillance measure affects trading conditions for companies under IBC process, particularly Jaiprakash Associates which moves to Stage 1