Description

BSE updates surveillance measures for companies under IBC proceedings, with Jaiprakash Associates moving to Stage 1 surveillance.

Summary

BSE has updated surveillance measures for securities of companies under the Insolvency and Bankruptcy Code (IBC) framework. The changes include movement of Jaiprakash Associates Ltd to Stage 1 Additional Surveillance Measure, effective August 13, 2025.

Key Points

  • Jaiprakash Associates Ltd (Scrip Code: 532532, ISIN: INE455F01025) moved to Stage 1 surveillance under IBC framework
  • 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 companies
  • Consolidated list includes 14+ companies under various stages of IBC surveillance

Regulatory Changes

Implementation of tiered surveillance framework for companies under insolvency proceedings:

  • Stage 0: Receipt of corporate announcement/disclosure from company
  • Stage 1: Additional Surveillance Measure for IRP companies
  • Stage 2: Enhanced surveillance measures

Compliance Requirements

  • Trading members must be aware of surveillance classifications
  • Enhanced monitoring required for securities under IBC surveillance
  • Special attention to T+0 scrips marked with ~ symbol
  • Compliance with surveillance framework as per parent company for subsidiary securities

Important Dates

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

Impact Assessment

Trading Impact: Securities under surveillance may face additional restrictions and monitoring. Jaiprakash Associates moving to Stage 1 indicates increased regulatory oversight due to insolvency proceedings.

Market Impact: Consolidated list shows significant number of companies under IBC surveillance, reflecting ongoing corporate distress situations in the market.

Investor Impact: Enhanced due diligence required for investments in listed companies, particularly those under insolvency resolution processes.

Impact Justification

Regular surveillance measure update affecting companies under insolvency proceedings