Description

BSE announces surveillance measures for companies under Insolvency and Bankruptcy Code (IBC), including addition of SAB Events & Governance Now Media Ltd and A.F. Enterprises Ltd to surveillance stages effective November 13, 2025.

Summary

BSE has updated its Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Two securities are being added to surveillance stages: SAB Events & Governance Now Media Ltd (Scrip Code: 540081, ISIN: INE860T01019) is being placed in Stage 0 (receipt of corporate announcement/disclosure), while A.F. Enterprises Ltd (Scrip Code: 538351, ISIN: INE663P01015) is being placed in Stage 1 of the Insolvency Resolution Process (IRP) surveillance. These changes are effective from November 13, 2025.

Key Points

  • SAB Events & Governance Now Media Ltd added to Stage 0 (corporate announcement stage) under IBC surveillance framework
  • A.F. Enterprises Ltd added to Stage 1 of Additional Surveillance Measure for IRP under IBC
  • No securities are moving from Stage I to Stage II or vice versa
  • No securities are being excluded from ASM or moving to Stage 0 in this update
  • Consolidated list includes 14+ securities currently under various IBC surveillance stages
  • Securities marked with asterisk (*) are as per NSE listings
  • Securities marked with tilde (~) are T+0 scrips shortlisted in IBC framework as per parent company
  • Securities marked with caret (^) are recommencement scrips

Regulatory Changes

The circular implements BSE’s framework for monitoring securities of companies undergoing insolvency proceedings. The surveillance mechanism operates in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company regarding IBC proceedings
  • Stage 1: Active monitoring under Additional Surveillance Measure for companies in Insolvency Resolution Process (IRP)
  • Stage 2: Enhanced surveillance for companies with prolonged insolvency proceedings

This update adds new securities to the surveillance framework while maintaining existing monitoring of other companies already under IBC proceedings.

Compliance Requirements

Investors and market participants should note:

  • Securities under IBC surveillance stages are subject to additional trading restrictions and monitoring
  • Enhanced disclosure requirements apply to companies in these surveillance stages
  • Market participants must exercise caution when trading these securities due to insolvency-related risks
  • Broker-dealers should ensure appropriate risk disclosures are provided to clients for these securities

Important Dates

  • Effective Date: November 13, 2025 - Surveillance measures become applicable for newly added securities

Impact Assessment

Market Impact: The addition of securities to IBC surveillance stages signals heightened risk and typically results in increased volatility and reduced liquidity for affected securities. Investors may face restrictions on trading these securities.

Operational Impact: Trading members must update their risk management systems to reflect the new surveillance classifications. Enhanced monitoring and reporting requirements apply to transactions in these securities.

Investor Impact: Shareholders of SAB Events & Governance Now Media Ltd and A.F. Enterprises Ltd should be aware of the insolvency proceedings and associated risks. The surveillance framework aims to protect investor interests by ensuring transparency and orderly trading during resolution processes.

The consolidated list shows multiple companies remain under various stages of IBC surveillance, indicating ongoing industry-wide challenges with corporate insolvencies that market participants should monitor closely.

Impact Justification

Affects specific securities under insolvency proceedings with enhanced surveillance measures; impacts trading and investor awareness for listed companies in IBC framework