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