Description

BSE updates on securities under Insolvency and Bankruptcy Code surveillance measures, with 9 securities moving to Stage 0 effective November 03, 2025.

Summary

BSE has issued its regular surveillance update for securities under the Insolvency and Bankruptcy Code (IBC) framework. Effective November 03, 2025, nine securities will move to Stage 0 (Receipt of corporate announcement/disclosure from the company). No securities are being added to Stage 1, moved between Stage I and Stage II, or excluded from ASM during this update period. The circular includes the consolidated list of all securities currently under IBC surveillance.

Key Points

  • 9 securities moving to IBC Stage 0 (Receipt of corporate announcement) effective November 03, 2025
  • No securities being added to Stage 1 (Additional Surveillance Measure for IRP)
  • No securities moving between Stage I and Stage II
  • No securities being excluded from ASM for IBC
  • Consolidated list provided showing all securities currently under IBC surveillance framework
  • Securities marked with special indicators: (*) for NSE alignment, (~) for T+0 scrips under parent company IBC, (^) for recommencement scrips

Regulatory Changes

No new regulatory changes introduced. This is a routine update applying the existing IBC surveillance framework to track companies undergoing insolvency resolution processes.

Compliance Requirements

  • Market participants must note the updated surveillance status of affected securities
  • Trading members should be aware of enhanced surveillance applicable to these securities
  • Investors should exercise due diligence when trading securities under IBC surveillance
  • Companies listed must ensure timely disclosure of insolvency-related developments

Important Dates

  • Effective Date: November 03, 2025 - Nine securities move to IBC Stage 0

Securities Moving to Stage 0

  1. A.F. Enterprises Ltd (538351, INE663P01015)
  2. Gensol Engineering Ltd (542851, INE06H201014)
  3. Harig Crankshafts Ltd (500178, INE905C01034)
  4. Polo Hotels Ltd (526687, INE084C01012)
  5. Rajeswari Infrastructure Ltd (526823, INE016C01014)
  6. Sical Logistics Ltd (520086, INE075B01020)
  7. Swan Defence And Heavy Industries Ltd (533107, INE542F01020)
  8. Tiaan Consumer Ltd (540108, INE864T01011)
  9. Vikas WSP Ltd (519307, INE706A01022)

Impact Assessment

Market Impact: Medium - The surveillance measure affects 9 securities, signaling to investors that these companies have made announcements or disclosures related to insolvency proceedings. This represents the initial stage of IBC surveillance.

Investor Impact: Investors holding these securities should be aware of the elevated risk profile associated with companies under insolvency proceedings. Stage 0 indicates receipt of corporate announcements regarding insolvency, which may progress to higher surveillance stages.

Trading Impact: Securities under IBC surveillance may experience increased volatility and reduced liquidity. Market participants should factor in the insolvency status when making trading decisions.

Operational Impact: Limited immediate operational impact on exchanges or trading systems. The surveillance framework continues to operate as designed to protect market integrity and provide transparency regarding companies under insolvency resolution.

Impact Justification

Regular surveillance update affecting 9 securities moving to IBC Stage 0, requiring investor awareness but no immediate action