Description
BSE updates Additional Surveillance Measure for companies under Insolvency and Bankruptcy Code (IBC), with 12 securities moving to Stage 0 and 1 security being excluded from ASM effective December 01, 2025.
Summary
BSE has issued updates to the Additional Surveillance Measure (ASM) for securities of companies under the Insolvency and Bankruptcy Code (IBC). Effective December 01, 2025, 12 securities are moving to Stage 0 (Receipt of corporate announcement/disclosure), and 1 security (Bodhtree Consulting Ltd) is being excluded from ASM under IBC. No securities are being added to Stage 1 or moving between Stage 1 and Stage 2.
Key Points
- 12 securities moving to Stage 0 (corporate announcement receipt stage) effective December 01, 2025
- 1 security (Bodhtree Consulting Ltd - Scrip Code 539122) being excluded from ASM for IBC
- No securities shortlisted for Stage 1 or moving between Stage 1 and Stage 2
- Consolidated list includes securities at various IBC stages with companies like Aban Offshore, AGS Transact Technologies, Alchemist Ltd, and others
- Framework includes provisions for T+0 scrips and recommencement scrips
Regulatory Changes
The surveillance framework under IBC 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)
- Stage 2: Enhanced surveillance for companies under IBC
Special markers are used for:
- T+0 scrips shortlisted in IBC framework as per parent company
- Recommencement scrips
- Coordination with NSE where applicable
Compliance Requirements
- Trading members must be aware of the surveillance classification of these securities
- Enhanced monitoring and risk management required for securities under IBC surveillance
- Investors should note the insolvency status when trading these securities
- Market participants must comply with applicable trading restrictions for IBC-listed securities
Important Dates
- Effective Date: December 01, 2025 - All surveillance measure changes become applicable
Impact Assessment
Market Impact: Medium - affects 12 securities moving to Stage 0 and 1 security being excluded, indicating some progress in insolvency proceedings for certain companies.
Trading Impact: Securities in Stage 0 represent companies where IBC proceedings have been announced but formal insolvency resolution process may not have commenced. Bodhtree Consulting’s exclusion suggests resolution or withdrawal from IBC proceedings.
Investor Impact: Investors holding these securities should monitor developments closely as IBC status significantly affects trading liquidity, price discovery, and recovery prospects. The movement to Stage 0 may indicate early stages of insolvency proceedings or disclosure of relevant developments.
Securities Moving to Stage 0 (December 01, 2025)
- Axis Solutions Ltd (511144)
- Carnation Industries Ltd (530609)
- Eastern Silk Industries Ltd (590022)
- Goenka Diamond & Jewels Ltd (533189)
- Indosolar Ltd (533257)
- Jaiprakash Associates Ltd (532532)
- Kobo Biotech Ltd (531541)
- Maxgrow India Ltd (521167)
- Steelco Gujarat Ltd (500399)
- String Metaverse Ltd (534535)
- Ujaas Energy Ltd (533644)
- Vas Infrastructure Ltd (531574)
Securities Excluded from ASM
- Bodhtree Consulting Ltd (539122, INE104F01029)
Impact Justification
Affects 13 securities with changes in surveillance classification under IBC framework, impacting trading conditions for companies in insolvency proceedings