Description

BSE announces surveillance measures for companies under Insolvency Resolution Process, with Tasty Dairy Specialities Ltd added to Stage 0 effective October 16, 2025.

Summary

BSE has issued an update on surveillance measures applicable to securities of companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective October 16, 2025, Tasty Dairy Specialities Ltd (Scrip Code: 540955, ISIN: INE773Y01014) has been added to Stage 0, indicating receipt of corporate announcement or disclosure regarding insolvency proceedings. No securities are moving between Stage 1 and Stage 2, and no securities are being excluded from the IBC surveillance framework.

Key Points

  • Tasty Dairy Specialities Ltd added to Stage 0 of IBC surveillance framework
  • Stage 0 applies when corporate announcement/disclosure regarding insolvency is received
  • No securities moving to Stage 1 (Additional Surveillance Measure for IRP companies)
  • No movement between Stage 1 and Stage 2
  • No securities being excluded from IBC surveillance measures
  • Consolidated list includes multiple companies across different IBC stages
  • Framework includes special markers for T+0 scrips and recommencement scrips

Regulatory Changes

The IBC surveillance framework operates in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company regarding insolvency
  • Stage 1: Additional Surveillance Measure for companies in Insolvency Resolution Process
  • Stage 2: Enhanced surveillance for companies continuing under IBC

Securities under this framework are subject to enhanced monitoring and may have trading restrictions to protect investor interests.

Compliance Requirements

  • Market participants must be aware of securities under IBC surveillance
  • Enhanced due diligence required for trading in securities under IBC stages
  • Investors should monitor corporate announcements for companies in insolvency proceedings
  • Trading members must comply with applicable surveillance conditions for these securities

Important Dates

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

Impact Assessment

Market Impact: The addition of Tasty Dairy Specialities Ltd to Stage 0 surveillance alerts investors to potential insolvency proceedings. Securities under IBC surveillance typically experience heightened scrutiny, potential trading restrictions, and increased volatility. The consolidated list shows multiple companies across various IBC stages, indicating ongoing monitoring of distressed securities.

Investor Impact: Investors holding or considering positions in affected securities should exercise caution and conduct thorough due diligence. The IBC framework aims to protect investors by providing transparency about companies undergoing insolvency resolution.

Trading Impact: Securities under IBC surveillance may be subject to additional margin requirements, position limits, or other trading restrictions depending on the stage of surveillance applicable.

Impact Justification

Affects trading surveillance for companies under insolvency proceedings. One company added to Stage 0, impacting investor awareness and trading conditions for affected securities.