Description

BSE circular on surveillance measures for companies under Insolvency and Bankruptcy Code (IBC), with Alps Industries Ltd excluded from ASM effective November 11, 2025.

Summary

BSE has issued its regular update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective November 11, 2025. The circular shows no new additions to any IBC surveillance stages, but notably excludes Alps Industries Ltd (Scrip Code: 530715, ISIN: INE093B01015) from the ASM for Companies under IBC. The consolidated list maintains 13 companies at various stages of the IBC surveillance framework.

Key Points

  • No securities added to Stage 0 (Receipt of corporate announcement/disclosure) effective November 11, 2025
  • No securities added to Stage 1 of Additional Surveillance Measure for IRP under IBC
  • No movements between Stage I and Stage II
  • Alps Industries Ltd removed from ASM for Companies under IBC framework
  • Consolidated list includes 13 companies under various IBC surveillance stages
  • Framework includes T+0 scrips and recommencement scrips with special markings

Regulatory Changes

No changes to the IBC surveillance framework structure. The circular maintains the existing multi-stage surveillance approach:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Additional Surveillance Measure for Companies relating to Insolvency Resolution Process
  • Stage 2: Enhanced surveillance for companies in advanced insolvency proceedings

Compliance Requirements

  • Trading members must be aware of the updated IBC surveillance list
  • Securities under IBC framework are subject to special trading conditions
  • T+0 scrips shortlisted in IBC framework based on parent company status require special attention
  • Market participants should note recommencement scrips marked with (^) symbol

Important Dates

  • Effective Date: November 11, 2025
  • Circular Date: November 10, 2025

Impact Assessment

Market Impact: Low to medium. The exclusion of Alps Industries from IBC surveillance is positive for that specific security, potentially improving trading conditions and investor sentiment. No new companies added to surveillance indicates stable insolvency environment.

Operational Impact: Minimal operational changes for market participants as this is a routine update. Trading members need to update their surveillance systems to reflect Alps Industries’ exclusion.

Investor Impact: Positive for Alps Industries shareholders as removal from IBC surveillance suggests resolution or improvement in insolvency proceedings. The 13 companies remaining under IBC surveillance continue to carry elevated risk profiles requiring careful monitoring.

Companies Under IBC Surveillance

The consolidated list includes companies such as:

  • A.F. Enterprises Ltd
  • Aban Offshore Ltd
  • AGS Transact Technologies Ltd
  • Alchemist Ltd
  • Ambition Mica Limited
  • Ankit Metal & Power Ltd
  • Ansal Properties & Infrastructure Ltd
  • Arshiya Limited
  • Axis Solutions Ltd (Stage 1)
  • Baron Infotech Ltd
  • Birla Cotsyn (India) Ltd
  • Bloom Dekor Ltd
  • Bodhtree Consulting Ltd (Recommencement scrip)

All listed companies except Axis Solutions Ltd are at Stage 0 (Receipt of corporate announcement/disclosure stage).

Impact Justification

Routine surveillance update with one company (Alps Industries) being excluded from IBC surveillance framework, indicating improved resolution status