Description

BSE surveillance measures for securities under IBC with stage transitions and exclusions effective August 19, 2025.

Summary

BSE has issued surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective August 19, 2025. The circular includes stage transitions for various securities and excludes two companies from the Additional Surveillance Measure (ASM).

Key Points

  • All stage transition lists show ‘Nil’ entries for August 19, 2025
  • Two securities excluded from ASM under IBC framework
  • Consolidated list maintains 13+ securities under various IBC stages
  • Stage 0 represents receipt of corporate announcement/disclosure stage

Regulatory Changes

  • Securities moving between IBC surveillance stages
  • Exclusion of specific securities from ASM framework
  • Continued monitoring of securities under insolvency proceedings

Compliance Requirements

  • Trading restrictions apply to securities under IBC surveillance
  • Enhanced disclosure requirements for listed companies
  • Compliance with insolvency resolution process guidelines

Important Dates

  • Effective Date: August 19, 2025
  • All stage transitions and exclusions take effect from this date

Securities Excluded from ASM

  • Hindusthan National Glass & Industries Ltd (Scrip Code: 515145, ISIN: INE952A01022)
  • Steelco Gujarat Ltd (Scrip Code: 500399, ISIN: INE629B01024)

Impact Assessment

Minimal market impact as most stage transition lists are empty. The exclusion of two securities from ASM may provide trading relief for those specific stocks. The consolidated list shows continued surveillance of securities under various stages of insolvency proceedings.

Impact Justification

Routine surveillance measure update with two securities being excluded from IBC framework