Description
BSE circular regarding securities moving to various stages of Additional Surveillance Measure under Insolvency and Bankruptcy Code (IBC) framework effective November 03, 2025.
Summary
BSE has issued a circular regarding securities under Additional Surveillance Measure (ASM) for companies subject to the Insolvency and Bankruptcy Code (IBC). Effective November 03, 2025, nine securities are moving to Stage 0 (Receipt of corporate announcement/disclosure from the company). No securities are moving to Stage 1, Stage 2, or being excluded from the ASM framework. The circular provides consolidated lists of all securities currently under various IBC surveillance stages.
Key Points
- 9 securities moving to IBC Stage 0 effective November 03, 2025
- No securities moving to Stage 1 (Insolvency Resolution Process)
- No securities transitioning between Stage I and Stage II
- No securities being excluded from IBC ASM framework
- Consolidated list includes multiple securities already under IBC surveillance
- Special markers used: (*) for NSE alignment, (~) for T+0 scrips under parent company IBC, (^) for recommencement scrips
Regulatory Changes
The IBC surveillance framework continues to operate with four 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 II: Enhanced surveillance for companies in advanced IBC stages
- The framework includes special provisions for T+0 scrips and recommencement scrips
Securities Moving to Stage 0
| Sr. No. | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 538351 | INE663P01015 | A.F. Enterprises Ltd |
| 2 | 542851 | INE06H201014 | Gensol Engineering Ltd |
| 3 | 500178 | INE905C01034 | Harig Crankshafts Ltd |
| 4 | 526687 | INE084C01012 | Polo Hotels Ltd |
| 5 | 526823 | INE016C01014 | Rajeswari Infrastructure Ltd |
| 6 | 520086 | INE075B01020 | Sical Logistics Ltd |
| 7 | 533107 | INE542F01020 | Swan Defence And Heavy Industries Ltd |
| 8 | 540108 | INE864T01011 | Tiaan Consumer Ltd |
| 9 | 519307 | INE706A01022 | Vikas WSP Ltd |
Compliance Requirements
- Market participants must note the surveillance classification changes for the affected securities
- Trading members should be aware of enhanced monitoring and disclosure requirements for IBC securities
- Investors should exercise caution when trading securities under IBC surveillance framework
- Companies must ensure timely disclosure of corporate announcements related to insolvency proceedings
Important Dates
- Effective Date: November 03, 2025 - Implementation of surveillance measure changes for listed securities
Impact Assessment
Market Impact: The movement of nine securities to IBC Stage 0 signals formal recognition of insolvency-related disclosures for these companies. This classification serves as an early warning indicator for market participants regarding potential financial distress.
Trading Impact: Securities under IBC surveillance may experience:
- Increased volatility due to uncertainty around insolvency proceedings
- Reduced liquidity as risk-averse investors may avoid these stocks
- Enhanced scrutiny from exchanges and regulatory authorities
- Potential restrictions on trading mechanisms
Investor Risk: Heightened risk profile for all nine securities requires careful assessment of:
- Company’s ability to continue operations during insolvency proceedings
- Potential outcomes of resolution processes
- Impact on shareholder value and equity dilution
- Timeline and uncertainty of insolvency resolution
Impact Justification
Nine securities moving to IBC Stage 0 surveillance framework affects trading conditions and investor risk assessment for companies under insolvency proceedings