Description

BSE updates surveillance measures for securities under Insolvency and Bankruptcy Code, with Jaiprakash Associates moved to Stage 1 effective August 13, 2025.

Summary

BSE has updated its surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective August 13, 2025. The key change involves moving Jaiprakash Associates Ltd to Stage 1 of Additional Surveillance Measure for Companies relating to the Insolvency Resolution Process.

Key Points

  • Jaiprakash Associates Ltd (Scrip Code: 532532, ISIN: INE455F01025) moved to IBC Stage 1
  • No securities added to or removed from Stage 0 (Receipt of corporate announcement/disclosure)
  • No movements between Stage I and Stage II
  • Consolidated list maintains 14+ securities across various IBC stages
  • T+0 scrips are marked with ~ symbol when shortlisted under parent company IBC framework

Regulatory Changes

The surveillance framework continues to operate in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from company
  • Stage 1: Additional Surveillance Measure for Companies relating to IRP under IBC
  • Stage 2: Higher level of surveillance measure

Compliance Requirements

  • Trading members must note the stage classification of IBC-related securities
  • Enhanced monitoring and reporting requirements apply to securities under surveillance
  • Special attention required for T+0 scrips marked under parent company IBC framework

Important Dates

  • Effective Date: August 13, 2025
  • All stage movements and classifications become applicable from this date

Impact Assessment

The movement of Jaiprakash Associates to Stage 1 indicates heightened surveillance due to IBC-related developments. This may result in increased margin requirements, position limits, or trading restrictions. The consolidated list shows ongoing monitoring of multiple securities across different stages of insolvency proceedings, ensuring market integrity and investor protection.

Impact Justification

Regular surveillance update affecting one security, maintaining market integrity for IBC-related companies