Description

BSE updates on securities under Insolvency and Bankruptcy Code (IBC) surveillance framework with changes effective December 01, 2025. Includes movement of 12 securities to Stage 0 and exclusion of 1 security from ASM.

Summary

BSE has issued an update on the surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework, effective December 01, 2025. The circular identifies securities moving between different stages of surveillance and those being excluded from Additional Surveillance Measures (ASM). Twelve securities are moving to Stage 0 (Receipt of corporate announcement/disclosure), and one security (Bodhtree Consulting Ltd) is being excluded from ASM.

Key Points

  • No securities shortlisted for Stage 0 w.e.f. December 01, 2025
  • No securities entering Stage 1 (IRP - Insolvency Resolution Process) w.e.f. December 01, 2025
  • No securities moving from Stage I to Stage II w.e.f. December 01, 2025
  • No securities moving from Stage II to Stage I w.e.f. December 01, 2025
  • 12 securities moving to Stage 0 (Receipt of corporate announcement/disclosure) effective December 01, 2025
  • 1 security (Bodhtree Consulting Ltd - Scrip Code: 539122) being excluded from ASM for Companies under IBC
  • Consolidated list includes securities at various IBC stages for ongoing surveillance

Securities Moving to Stage 0

The following 12 securities are moving to “Receipt of corporate announcement/disclosure from the company” stage:

  1. Axis Solutions Ltd (511144 / INE520G01024)
  2. Carnation Industries Ltd (530609 / INE081B01028)
  3. Eastern Silk Industries Ltd (590022 / INE962C01035)
  4. Goenka Diamond & Jewels Ltd (533189 / INE516K01024)
  5. Indosolar Ltd (533257 / INE866K01023)
  6. Jaiprakash Associates Ltd (532532 / INE455F01025)
  7. Kobo Biotech Ltd (531541 / INE881A01015)
  8. Maxgrow India Ltd (521167 / INE485D01043)
  9. Steelco Gujarat Ltd (500399 / INE629B01032)
  10. String Metaverse Ltd (534535 / INE958L01026)
  11. Ujaas Energy Ltd (533644 / INE899L01030)
  12. Vas Infrastructure Ltd (531574 / INE192C01013)

Securities Excluded from ASM

  • Bodhtree Consulting Ltd (Scrip Code: 539122, ISIN: INE104F01029) is being excluded from Additional Surveillance Measure for Companies under IBC

Regulatory Framework

The surveillance framework operates in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Additional Surveillance Measure for Companies relating to Insolvency Resolution Process (IRP) under IBC
  • Stage 2: Enhanced surveillance for companies under IBC

Special markers apply to certain securities:

  • Securities marked with (*) follow NSE classification
  • Securities marked with (~) are T+0 scrips shortlisted in IBC framework as per parent company
  • Securities marked with (^) are recommencement scrips

Important Dates

  • Effective Date: December 01, 2025 - All changes to surveillance stages become effective

Impact Assessment

This circular represents a routine surveillance update with mixed implications:

Positive Developments:

  • Bodhtree Consulting Ltd’s exclusion from ASM indicates resolution or improvement in insolvency-related concerns
  • No new securities entering Stage 1 or Stage 2 shows no deterioration in existing surveillance universe

Investor Considerations:

  • The 12 securities moving to Stage 0 remain under surveillance but at the preliminary disclosure stage
  • Investors should monitor corporate announcements from these companies for insolvency-related developments
  • Trading in these securities may be subject to additional disclosure requirements and surveillance measures
  • The consolidated list indicates ongoing monitoring of multiple securities across different IBC stages

Market Impact: Limited immediate market impact as this is an administrative surveillance update. However, investors holding positions in the affected securities should remain vigilant about potential insolvency proceedings and associated trading restrictions.

Impact Justification

Regular surveillance update affecting 13 securities under IBC framework. Important for investors holding these stocks but routine administrative measure with no new securities entering Stage 1 or Stage 2.