Description

Updated surveillance measures and stage classifications for securities under IBC framework effective September 1, 2025.

Summary

BSE has updated surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective September 1, 2025. The circular details stage movements and classifications for companies undergoing insolvency proceedings, with 8 securities moving to Stage 0 (receipt of corporate announcement/disclosure).

Key Points

  • 8 securities moving to Stage 0 (corporate announcement/disclosure stage) from September 1, 2025
  • No securities currently in Stage 1 or Stage 2 surveillance measures
  • No securities being excluded from ASM for IBC companies
  • Consolidated list includes multiple companies across different IBC stages
  • Special markings for T+0 scrips and recommencement scrips

Securities Moving to Stage 0

  • Arshiya Ltd (506074)
  • Compuage Infocom Ltd (532456)
  • Future Lifestyle Fashions Ltd (536507)
  • Future Supply Chain Solutions Ltd (540798)
  • Gensol Engineering Ltd (542851)
  • Harig Crankshafts Ltd (500178)
  • String Metaverse Ltd (534535)
  • Swan Defence And Heavy Industries Ltd (533107)

Surveillance Framework

  • Stage 0: Receipt of corporate announcement/disclosure from company
  • Stage 1: Additional Surveillance Measure for Companies relating to IRP
  • Stage 2: Enhanced surveillance measures under IBC
  • Special classifications for T+0 scrips and recommencement scrips

Important Dates

  • Effective Date: September 1, 2025
  • All stage movements and new classifications become applicable from this date

Impact Assessment

The surveillance measures affect trading conditions and investor awareness for securities under insolvency proceedings. Companies in higher surveillance stages face additional disclosure requirements and trading restrictions. The movement of 8 securities to Stage 0 indicates either initiation of or changes in their insolvency status, requiring enhanced monitoring by market participants.

Impact Justification

Affects multiple securities under IBC surveillance with stage movements impacting trading conditions