Description

BSE circular detailing surveillance measures for companies under insolvency resolution process, including movement of Seya Industries Ltd to Stage 1 effective November 07, 2025.

Summary

BSE has issued surveillance measures for securities of companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective November 07, 2025, Seya Industries Ltd (Scrip Code: 524324, ISIN: INE573R01012) has been shortlisted in Stage 1 of Additional Surveillance Measure. The circular provides consolidated lists of securities at various IBC stages and details movement between stages.

Key Points

  • Seya Industries Ltd moved to Stage 1 of Additional Surveillance Measure for IRP under IBC
  • No securities moved to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moved from Stage I to Stage II
  • No securities moved from Stage II to Stage I
  • No securities excluded from ASM for IBC framework
  • Consolidated list includes 13+ securities at various stages of IBC surveillance
  • Framework includes Stage 0 (announcement stage) and Stage 1 (active surveillance)

Regulatory Changes

The surveillance framework under IBC continues with staged approach:

  • Stage 0: Receipt of corporate announcement/disclosure from company regarding insolvency
  • Stage 1: Active Additional Surveillance Measure for companies in IRP
  • Stage 2: Enhanced surveillance (higher stage)

Special markers apply:

  • (*) indicates alignment with NSE
  • (~) denotes T+0 scrips shortlisted in IBC framework as per parent company
  • (^) marks recommencement scrips

Compliance Requirements

  • Trading members must be aware of securities under IBC surveillance stages
  • Enhanced due diligence required for Stage 1 securities
  • Investors should note increased risk associated with companies under insolvency proceedings
  • Market participants must monitor stage movements for portfolio securities

Important Dates

  • Effective Date: November 07, 2025
  • Circular Date: November 06, 2025

Impact Assessment

The addition of Seya Industries Ltd to Stage 1 surveillance indicates the company is undergoing active insolvency resolution process. This triggers:

  • Enhanced monitoring and potential trading restrictions
  • Increased scrutiny from regulatory authorities
  • Higher risk profile for investors holding these securities
  • Possible liquidity constraints due to surveillance measures

The consolidated list shows 13 securities across various IBC stages, with notable companies including Aban Offshore Ltd, Ansal Properties & Infrastructure Ltd, and Arshiya Limited at Stage 0, indicating widespread insolvency proceedings in the market. Axis Solutions Ltd remains at Stage 1 along with the newly added Seya Industries Ltd.

Securities in Surveillance Framework

Stage 1 (Active Surveillance)

  • Seya Industries Ltd (524324)
  • Axis Solutions Ltd (511144)

Stage 0 (Announcement Stage) - Selected Examples

  • A.F. Enterprises Ltd (538351)
  • Aban Offshore Ltd (523204)
  • AGS Transact Technologies Ltd (543451)
  • Alchemist Ltd (526707)
  • Alps Industries Ltd (530715)
  • Ansal Properties & Infrastructure Ltd (500013)
  • Arshiya Limited (506074)
  • And others as listed in Annexure III

Impact Justification

Affects surveillance framework for companies under IBC proceedings. One security moved to Stage 1, indicating ongoing insolvency resolution process with trading implications.