Description
BSE circular detailing securities under surveillance measures related to Insolvency and Bankruptcy Code (IBC), including securities excluded from ASM framework effective October 29, 2025.
Summary
BSE has issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective October 29, 2025. The circular includes annexures showing securities at various IBC stages, securities moving between stages, and notably, two securities being excluded from the Additional Surveillance Measure (ASM) framework: JR Foods Ltd (Scrip Code: 530915, ISIN: INE989E01018) and Future Supply Chain Solutions Ltd (Scrip Code: 540798, ISIN: INE935Q01015). The consolidated list shows 13+ securities currently under various stages of IBC surveillance.
Key Points
- No new securities added to Stage 0 (Receipt of corporate announcement/disclosure) effective October 29, 2025
- No new securities added to Stage 1 (IRP under IBC) effective October 29, 2025
- No securities moved from Stage I to Stage II effective October 29, 2025
- No securities moved from Stage II to Stage I effective October 29, 2025
- Two securities excluded from ASM for Companies under IBC: JR Foods Ltd and Future Supply Chain Solutions Ltd
- Consolidated list includes securities at different IBC stages, ranging from Stage 0 (receipt of announcement) to Stage 1 (IRP)
- Notable companies in consolidated list include Aban Offshore Ltd, AGS Transact Technologies Ltd, Alchemist Ltd, Alps Industries Ltd, Ansal Properties & Infrastructure Ltd, and Arshiya Limited
Regulatory Changes
The circular continues BSE’s implementation of the surveillance framework for companies undergoing insolvency resolution process under the Insolvency and Bankruptcy Code. The framework includes multiple stages:
- Stage 0: Receipt of corporate announcement/disclosure from the company
- Stage 1: Additional Surveillance Measure for Companies relating to the Insolvency Resolution Process (IRP) as per IBC
- Stage 2: Enhanced surveillance measure
The framework also identifies T+0 scrips shortlisted in IBC Framework as per parent company (marked with ~) and recommencement scrips (marked with ^).
Compliance Requirements
- Market participants should note the exclusion of JR Foods Ltd and Future Supply Chain Solutions Ltd from IBC-related ASM effective October 29, 2025
- Investors and traders should monitor the consolidated list of securities under IBC surveillance stages for risk assessment
- Trading members should be aware of special notations for T+0 scrips and recommencement scrips in the IBC framework
- Market participants should track securities that may move between different IBC stages in future circulars
Important Dates
- Effective Date: October 29, 2025 - Changes to IBC surveillance framework take effect
- Circular Date: October 28, 2025
Impact Assessment
Market Impact: Limited immediate market-wide impact as no securities are being newly added to surveillance stages. The exclusion of two companies from ASM may provide relief to shareholders of JR Foods Ltd and Future Supply Chain Solutions Ltd, potentially improving liquidity and reducing trading restrictions for these securities.
Investor Impact: Positive for investors in the two excluded securities as removal from ASM framework typically indicates improved corporate governance or resolution of insolvency concerns. Investors holding securities in the consolidated list should continue monitoring for potential stage movements.
Operational Impact: Trading members need to update their systems to reflect the removal of the two securities from IBC-related ASM framework. The consolidated list provides transparency on which securities remain under various stages of IBC surveillance, helping market participants assess risk exposure.
Annexure Details
Annexure I: Lists showing no changes to Stage 0 or Stage 1, and no movements between stages.
Annexure II: Lists two securities excluded from ASM under IBC framework:
- JR Foods Ltd (530915 / INE989E01018)
- Future Supply Chain Solutions Ltd (540798 / INE935Q01015)
Annexure III: Consolidated list of securities under IBC surveillance including companies such as A.F. Enterprises Ltd, Aban Offshore Ltd, AGS Transact Technologies Ltd, Alchemist Ltd, Alps Industries Ltd, Ambition Mica Limited, Ankit Metal & Power Ltd, Ansal Properties & Infrastructure Ltd, Arshiya Limited, Axis Solutions Ltd, Baron Infotech Ltd, Birla Cotsyn (India) Ltd, and Bloom Dekor Ltd, among others.
Impact Justification
Updates to IBC surveillance framework affecting multiple securities, with two companies (JR Foods Ltd and Future Supply Chain Solutions Ltd) being excluded from ASM. Important for investors tracking distressed companies but limited immediate market-wide impact.