Description

BSE circular on surveillance measures for companies under Insolvency and Bankruptcy Code (IBC) process with updates to stage classifications effective October 14, 2025.

Summary

BSE has issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework, effective October 14, 2025. The circular shows no new securities being added to any IBC surveillance stages (Stage 0, Stage 1, or Stage 2), and no securities moving between stages. However, RCI Industries & Technologies Ltd (Scrip Code: 537254, ISIN: INE140B01014) is being excluded from the ASM for Companies under IBC.

Key Points

  • No securities added to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities added to Stage 1 (Additional Surveillance Measure for IRP under IBC)
  • No securities moving from Stage 1 to Stage 2
  • No securities moving from Stage 2 to Stage 1
  • RCI Industries & Technologies Ltd excluded from IBC surveillance framework
  • Consolidated list includes 14+ securities currently under various IBC stages
  • Framework includes special markings for T+0 scrips (~) and recommencement scrips (^)

Regulatory Changes

No new regulatory framework changes. This is a routine update to the existing IBC surveillance framework maintaining the multi-stage classification system for companies under insolvency resolution process.

Compliance Requirements

  • Market participants should note the exclusion of RCI Industries & Technologies Ltd from IBC surveillance
  • Trading members should update their surveillance systems accordingly
  • Enhanced due diligence applies to securities remaining in the consolidated IBC list
  • Securities in different IBC stages have varying trading restrictions and surveillance parameters

Important Dates

  • Effective Date: October 14, 2025 - Changes to IBC surveillance classifications take effect

Impact Assessment

Market Impact: Low - With no new additions and only one exclusion, this update has minimal market-wide impact. The exclusion of RCI Industries & Technologies Ltd is positive for that specific security as it moves out of enhanced surveillance.

Trading Impact: Low - Normal trading continues for most securities. RCI Industries & Technologies Ltd may see improved liquidity as surveillance measures are lifted.

Investor Impact: Positive for RCI Industries & Technologies Ltd shareholders as the company exits IBC surveillance framework, potentially indicating resolution of insolvency concerns or corporate action completion.

Impact Justification

Routine surveillance update with one security being excluded from IBC framework. No new inclusions in surveillance stages.