Description

BSE updates surveillance measures for companies under IBC proceedings, moving Harig Crankshafts Ltd and Vikas WSP Ltd to Stage 1 effective September 10, 2025.

Summary

BSE has updated surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework. Two companies - Harig Crankshafts Ltd and Vikas WSP Ltd - have been moved to Stage 1 of Additional Surveillance Measure for Companies relating to the Insolvency Resolution Process, effective September 10, 2025.

Key Points

  • Two securities moved to IBC Stage 1 surveillance: Harig Crankshafts Ltd (500178) and Vikas WSP Ltd (519307)
  • No securities moved to Stage 0 or between other stages
  • No securities excluded from ASM for IBC framework
  • Consolidated list shows 13+ companies currently under various stages of IBC surveillance
  • Framework includes stages from corporate announcement disclosure to advanced surveillance measures

Regulatory Changes

The circular implements the IBC surveillance framework with multiple stages:

  • Stage 0: Receipt of corporate announcement/disclosure from company
  • Stage 1: Additional Surveillance Measure for Companies relating to IRP under IBC
  • Stage 2: Higher level surveillance (no movements this cycle)

Compliance Requirements

  • Securities under IBC surveillance are subject to additional monitoring measures
  • Companies must comply with enhanced disclosure requirements
  • Trading restrictions may apply based on surveillance stage
  • Market participants should note special designations for T+0 scrips and recommencement scrips

Important Dates

  • September 10, 2025: Effective date for all surveillance measure changes
  • All stage movements and exclusions take effect from this date

Impact Assessment

Market Impact: Medium - affects specific securities under insolvency proceedings with enhanced surveillance measures that may impact trading patterns and investor confidence.

Operational Impact: Companies under surveillance face additional compliance requirements and potential trading restrictions, while investors need to consider enhanced risk factors when trading these securities.

Impact Justification

Affects specific companies under insolvency proceedings with enhanced surveillance measures