Description

BSE announces exclusion of two securities from Additional Surveillance Measure under Insolvency and Bankruptcy Code framework effective October 29, 2025.

Summary

BSE has announced changes to the Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC) framework, effective October 29, 2025. Two securities - JR Foods Ltd (Scrip Code: 530915, ISIN: INE989E01018) and Future Supply Chain Solutions Ltd (Scrip Code: 540798, ISIN: INE935Q01015) - are being excluded from the IBC surveillance framework. No new securities are being added to any stage of the IBC surveillance measures.

Key Points

  • Two securities to be excluded from ASM for Companies under IBC framework effective October 29, 2025
  • JR Foods Ltd (Scrip Code: 530915) removed from IBC surveillance
  • Future Supply Chain Solutions Ltd (Scrip Code: 540798) removed from IBC surveillance
  • No securities moving to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities being shortlisted in Stage 1 (Additional Surveillance Measure for IRP)
  • No securities moving between Stage I and Stage II
  • Consolidated list maintains existing securities in IBC surveillance framework across different stages

Regulatory Changes

The circular maintains the existing IBC surveillance framework structure with 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: Higher level of surveillance for companies in IBC process

The framework continues to apply to companies undergoing insolvency proceedings under the Insolvency and Bankruptcy Code.

Compliance Requirements

  • Trading members and market participants should note the exclusion of the two securities from IBC surveillance measures
  • Normal trading operations can resume for JR Foods Ltd and Future Supply Chain Solutions Ltd without IBC-related restrictions
  • Market participants should continue monitoring the consolidated list of securities remaining under IBC surveillance framework
  • Companies marked with special symbols (~ for T+0 Scrips, ^ for Recommencement Scrips) continue to have specific treatment

Important Dates

  • Effective Date: October 29, 2025 - Exclusion of JR Foods Ltd and Future Supply Chain Solutions Ltd from IBC surveillance framework

Impact Assessment

The exclusion of these two securities from the IBC surveillance framework is a positive development, indicating potential resolution or improvement in their insolvency proceedings. This allows for:

  • Market Access: Normal trading operations without additional surveillance restrictions for the two excluded companies
  • Investor Confidence: Removal from IBC framework may improve investor sentiment and liquidity
  • Operational Impact: Limited market-wide impact as only two securities are affected; the overall IBC surveillance framework continues unchanged
  • Precedent: Demonstrates the exit mechanism from IBC surveillance when companies show improvement or resolution in insolvency matters

The consolidated list shows 13 securities remain under various stages of IBC surveillance, maintaining market oversight for companies in insolvency proceedings.

Impact Justification

Two companies being excluded from IBC surveillance framework indicates resolution or improvement in their insolvency status, allowing normal trading operations to resume.