Description
BSE updates surveillance measures for companies under Insolvency and Bankruptcy Code, with Swan Defence moving to Stage 1 effective September 9, 2025.
Summary
BSE has updated its surveillance measures for securities of companies under the Insolvency and Bankruptcy Code (IBC). The circular provides a comprehensive list of companies at various stages of surveillance, with Swan Defence And Heavy Industries Ltd moving to Stage 1 of Additional Surveillance Measure effective September 9, 2025.
Key Points
- Swan Defence And Heavy Industries Ltd (Scrip Code: 533107, ISIN: INE542F01020) moves to Stage 1 surveillance under IBC framework
- No securities are moving between other surveillance stages during this update
- No securities are being excluded from ASM for IBC companies
- Consolidated list includes 13+ companies under various stages of IBC surveillance
- Special notations apply for T+0 scrips and recommencement scrips
Regulatory Changes
- Enhanced surveillance measures applied to Swan Defence And Heavy Industries Ltd
- Continued monitoring of companies under insolvency resolution process
- Maintenance of multi-stage surveillance framework (Stage 0 to Stage 2)
Compliance Requirements
- Companies under IBC surveillance must comply with additional disclosure requirements
- Enhanced monitoring and reporting obligations for affected securities
- Trading participants must be aware of surveillance status for risk management
Important Dates
- Effective Date: September 9, 2025 - New surveillance measures take effect
- Circular Date: September 8, 2025
Impact Assessment
Trading Impact: Medium - One security moves to enhanced surveillance, affecting trading conditions and investor perception. The surveillance measures may result in increased volatility monitoring and potential trading restrictions.
Market Impact: Companies under IBC surveillance face enhanced scrutiny, which may affect liquidity and investor confidence. The consolidated list of 13+ companies indicates ongoing market cleanup efforts for distressed securities.
Impact Justification
Affects trading surveillance for companies under insolvency proceedings, with one company moving to enhanced surveillance stage