Description

BSE circular regarding securities under Additional Surveillance Measure relating to Insolvency Resolution Process, with Tiaan Consumer Ltd moving to Stage 1 effective December 02, 2025.

Summary

BSE has updated the list of securities under Additional Surveillance Measure (ASM) for companies in the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). Tiaan Consumer Ltd (Scrip Code: 540108, ISIN: INE864T01011) has been newly shortlisted in Stage 1 of IBC surveillance effective December 02, 2025. The consolidated list includes 14 companies at various stages of insolvency proceedings.

Key Points

  • Tiaan Consumer Ltd newly added to IBC Stage 1 surveillance effective December 02, 2025
  • No securities moved to Stage 0 (corporate announcement/disclosure stage)
  • No securities moved from Stage 1 to Stage 2 or vice versa
  • No securities excluded from ASM for IBC
  • Consolidated list maintains 14 companies under IBC surveillance
  • Stage 0 includes companies like Aban Offshore Ltd, AGS Transact Technologies Ltd, Alchemist Ltd, and others
  • Stage 1 now includes A.F. Enterprises Ltd and Tiaan Consumer Ltd

Regulatory Changes

The surveillance framework continues to monitor companies undergoing insolvency proceedings with two main stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company regarding IBC proceedings
  • Stage 1: Companies in formal Additional Surveillance Measure under IBC
  • Stage 2: Enhanced surveillance for companies progressing in insolvency proceedings

Special categories include T+0 scrips shortlisted based on parent company status and recommencement scrips.

Compliance Requirements

  • Trading members must be aware of securities under IBC surveillance
  • Enhanced due diligence required for transactions in these securities
  • Investors should exercise caution when dealing with securities under IBC stages
  • Companies in Stage 0 include: Aban Offshore, AGS Transact Technologies, Alchemist, Ambition Mica, Ankit Metal & Power, Ansal Properties & Infrastructure, Arshiya, Axis Solutions, Baron Infotech, Bil Vyapar, Birla Cotsyn, Bloom Dekor, and others
  • A.F. Enterprises Ltd and Tiaan Consumer Ltd are now under Stage 1 surveillance

Important Dates

  • Effective Date: December 02, 2025 - New surveillance measures become applicable
  • Circular Date: December 01, 2025

Impact Assessment

Market Impact: High - Securities under IBC surveillance face severe trading restrictions and liquidity constraints. Investors may face difficulties in exiting positions.

Investor Risk: Very High - Companies in insolvency proceedings have significant uncertainty regarding recovery of investments. Tiaan Consumer Ltd investors face elevated risk with Stage 1 classification.

Trading Impact: Securities under IBC surveillance typically experience:

  • Reduced liquidity
  • Wider bid-ask spreads
  • Potential price discovery issues
  • Increased margin requirements
  • Limited institutional participation

Operational Impact: The consolidated list of 14 companies under various IBC stages indicates ongoing stress in specific sectors. Market participants should monitor these securities closely for further developments in insolvency proceedings.

Impact Justification

Securities under IBC surveillance face significant trading restrictions and investor risk. Movement to Stage 1 indicates formal insolvency proceedings have commenced for Tiaan Consumer Ltd.