Description
BSE surveillance updates for securities under IBC proceedings, with Swan Defence And Heavy Industries Ltd added to Stage 1 surveillance effective November 12, 2025.
Summary
BSE has issued surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective November 12, 2025. Swan Defence And Heavy Industries Ltd (Scrip Code: 533107, ISIN: INE542F01020) has been added to Stage 1 Additional Surveillance Measure (ASM). No securities were moved to Stage 0, upgraded from Stage 1 to Stage 2, downgraded from Stage 2 to Stage 1, or excluded from the IBC framework during this update.
Key Points
- Swan Defence And Heavy Industries Ltd added to Stage 1 ASM under IBC framework effective November 12, 2025
- No securities moved to Stage 0 (Receipt of corporate announcement/disclosure stage)
- No securities transitioned between Stage 1 and Stage 2
- No securities excluded from IBC surveillance framework
- Consolidated list includes 13+ securities currently under various stages of IBC surveillance
- Notable companies in the consolidated list include Aban Offshore Ltd, Ansal Properties & Infrastructure Ltd, and Arshiya Limited
Regulatory Changes
The circular implements the Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code. The framework has multiple stages:
- Stage 0: Receipt of corporate announcement/disclosure from the company regarding IBC proceedings
- Stage 1: Active surveillance with additional monitoring and potential trading restrictions
- Stage 2: Enhanced surveillance measures with stricter trading controls
Securities can move between stages based on developments in their insolvency proceedings.
Compliance Requirements
- Market participants should note the surveillance status of Swan Defence And Heavy Industries Ltd before trading
- Enhanced due diligence required for all securities listed under IBC surveillance framework
- Trading members must comply with additional surveillance measure requirements applicable to Stage 1 securities
- Investors should be aware of heightened risks associated with securities under IBC proceedings
- Special notations apply: T+0 scrips marked with ~, Recommencement scrips marked with ^
Important Dates
- Effective Date: November 12, 2025 - Swan Defence And Heavy Industries Ltd enters Stage 1 ASM
- Circular Date: November 11, 2025
Impact Assessment
Market Impact: High - Securities under IBC surveillance face restricted trading conditions, reduced liquidity, and heightened investor scrutiny. The addition of Swan Defence to Stage 1 indicates the company is under active insolvency resolution proceedings.
Investor Impact: Investors holding or trading Swan Defence And Heavy Industries Ltd should be aware of increased risks including potential delisting, trading restrictions, and uncertainty regarding asset recovery.
Trading Impact: Stage 1 ASM typically involves trading restrictions such as reduced price bands, trade-for-trade settlement, or other measures to protect investor interests during insolvency proceedings.
Broader Market Implications: The consolidated list of 13+ securities under IBC surveillance reflects ongoing corporate stress in certain sectors, requiring vigilance from market participants.
Impact Justification
High importance due to IBC surveillance affecting trading conditions for companies under insolvency proceedings. Swan Defence moved to Stage 1 surveillance with potential impact on liquidity and trading restrictions.