Description

BSE adds Tasty Dairy Specialities Ltd to Stage 0 surveillance under IBC framework effective October 16, 2025, following receipt of corporate announcement regarding insolvency proceedings.

Summary

BSE has updated its Additional Surveillance Measure (ASM) list for securities under the Insolvency and Bankruptcy Code (IBC) framework effective October 16, 2025. Tasty Dairy Specialities Ltd (Scrip Code: 540955, ISIN: INE773Y01014) has been added to Stage 0 following receipt of corporate announcement/disclosure regarding insolvency resolution process. No securities are moving to Stage 1, between stages, or being excluded from surveillance.

Key Points

  • Tasty Dairy Specialities Ltd added to IBC Stage 0 surveillance effective October 16, 2025
  • Scrip Code: 540955, ISIN: INE773Y01014
  • Stage 0 indicates receipt of corporate announcement/disclosure from company regarding IBC proceedings
  • No securities moving to Stage 1 from Stage 0
  • No securities transitioning between Stage I and Stage II
  • No securities excluded from ASM for IBC framework
  • Consolidated list includes 14+ securities across various IBC stages (partial list provided)

Regulatory Changes

The circular implements BSE’s framework for surveillance of securities where companies are undergoing or may undergo Insolvency Resolution Process under the Insolvency and Bankruptcy Code. The IBC surveillance framework has multiple stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Additional Surveillance Measure for Companies relating to Insolvency Resolution Process (IRP)
  • Stage 2: Further enhanced surveillance measures

Special notations in the framework:

  • Securities marked with (~) are T+0 Scrips shortlisted in IBC Framework as per parent company
  • Securities marked with (^) are Recommencement Scrips
  • Securities marked with (*) indicate alignment with NSE

Compliance Requirements

  • Market participants must be aware of securities under IBC surveillance framework
  • Trading members should apply appropriate risk management for securities in various IBC stages
  • Investors should exercise additional caution when trading securities under IBC surveillance
  • Companies in IBC surveillance must provide timely disclosures regarding insolvency proceedings

Important Dates

  • Effective Date: October 16, 2025 - Tasty Dairy Specialities Ltd enters Stage 0 surveillance
  • Circular Date: October 15, 2025

Impact Assessment

Market Impact: The addition of Tasty Dairy Specialities Ltd to Stage 0 surveillance signals potential financial distress and possible insolvency proceedings. This typically results in:

  • Increased volatility in the affected security
  • Potential liquidity constraints
  • Heightened regulatory scrutiny
  • Additional disclosure requirements

Trading Impact: Securities under IBC surveillance may face:

  • Additional margin requirements
  • Restricted trading parameters
  • Enhanced monitoring by exchange
  • Potential migration to higher surveillance stages if insolvency proceedings advance

Investor Impact: Shareholders of Tasty Dairy Specialities Ltd should monitor developments closely as IBC proceedings can significantly impact shareholder value and may result in corporate restructuring or liquidation proceedings.

Impact Justification

Addition of one security to IBC Stage 0 surveillance indicates potential insolvency proceedings. Limited immediate market impact but signals increased monitoring for affected security.