Description

BSE updates surveillance measures for companies under Insolvency and Bankruptcy Code, affecting multiple securities across different stages.

Summary

BSE has updated surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework, effective September 04, 2025. The circular details companies moving between different surveillance stages and those being excluded from Additional Surveillance Measures.

Key Points

  • Two securities added to Stage 0 surveillance: Aban Offshore Ltd and Quadrant Televentures Ltd
  • ARSS Infrastructure Projects Ltd excluded from ASM under IBC framework
  • No securities moving between Stage I and Stage II in either direction
  • Consolidated list includes 13+ companies across various IBC surveillance stages
  • Framework includes T+0 scrips and recommencement scrips with special markings

Regulatory Changes

  • Updated classification of securities under IBC surveillance framework
  • Stage-based surveillance system continues with companies categorized from Stage 0 (corporate announcement receipt) to higher stages
  • Special provisions for T+0 scrips and recommencement scrips

Compliance Requirements

  • Securities under surveillance subject to enhanced monitoring requirements
  • Companies must comply with additional disclosure obligations based on their surveillance stage
  • Trading restrictions may apply based on surveillance classification

Important Dates

  • Effective Date: September 04, 2025
  • All surveillance measure changes take effect from market opening on the specified date

Impact Assessment

Market Impact: Medium - affects trading and investor sentiment for listed securities under IBC proceedings

Operational Impact: Companies under surveillance face enhanced scrutiny and potential trading restrictions, while ARSS Infrastructure Projects Ltd benefits from exclusion from ASM measures

Investor Impact: Investors in affected securities should be aware of enhanced surveillance measures and potential volatility in trading patterns

Impact Justification

Affects multiple securities under IBC surveillance with stage changes and exclusions