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 issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) effective September 9, 2025. Swan Defence And Heavy Industries Ltd moves to Stage 1 of Additional Surveillance Measure, while no securities are being moved to Stage 0 or excluded from surveillance measures.
Key Points
- One security (Swan Defence And Heavy Industries Ltd) enters Stage 1 surveillance under IBC framework
- No securities are moving to Stage 0 (receipt of corporate announcement disclosure stage)
- No securities are being excluded from ASM for IBC companies
- No securities are moving between Stage I and Stage II
- Consolidated list maintains 13+ companies under various stages of IBC surveillance
Regulatory Changes
Implementation of Additional Surveillance Measure for companies under Insolvency Resolution Process as per Insolvency and Bankruptcy Code, with staged approach from Stage 0 (corporate announcement receipt) to higher surveillance stages.
Compliance Requirements
- Companies under IBC proceedings subject to enhanced surveillance measures
- Staged surveillance framework applies based on insolvency process status
- Special marking for T+0 scrips and recommencement scrips
- Cross-reference with NSE for certain securities
Important Dates
- Effective Date: September 9, 2025 - New surveillance measures take effect
Impact Assessment
Limited market impact as only one security is newly affected. Existing framework continues for companies already under surveillance. Swan Defence shareholders may experience increased monitoring and potential trading restrictions under Stage 1 surveillance measures.
Impact Justification
Affects companies under insolvency proceedings with specific surveillance measures, limited scope but important for affected securities