Description

BSE updates additional surveillance measures for securities under Insolvency and Bankruptcy Code (IBC), including 6 securities in Stage 1 effective December 09, 2025.

Summary

BSE has issued updates to the Additional Surveillance Measure (ASM) framework for companies under the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). Six securities have been shortlisted in Stage 1 of the surveillance framework, effective December 09, 2025. No securities are moving between stages or being excluded from the framework in this update.

Key Points

  • 6 securities shortlisted in ASM Stage 1 for companies under IRP as per IBC
  • No securities at Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moving from Stage I to Stage II or vice versa
  • No securities being excluded from ASM framework
  • Consolidated list includes multiple securities at various IBC stages

Regulatory Changes

No new regulatory framework changes. This circular implements existing ASM framework for IBC companies with updated security classifications.

Compliance Requirements

  • Market participants should note the surveillance stage classification of affected securities
  • Enhanced monitoring applicable for securities in ASM Stage 1
  • Trading members must adhere to applicable surveillance measures for listed securities

Important Dates

  • Effective Date: December 09, 2025 - ASM Stage 1 classification becomes effective for listed securities

Securities Affected

Stage 1 Securities (Effective December 09, 2025)

  1. Axis Solutions Ltd (Scrip Code: 511144, ISIN: INE520G01024)
  2. Carnation Industries Ltd (Scrip Code: 530609, ISIN: INE081B01028)
  3. Jaiprakash Associates Ltd (Scrip Code: 532532, ISIN: INE455F01025)
  4. Maxgrow India Ltd (Scrip Code: 521167, ISIN: INE485D01043)
  5. Steelco Gujarat Ltd (Scrip Code: 500399, ISIN: INE629B01032)
  6. Ujaas Energy Ltd (Scrip Code: 533644, ISIN: INE899L01030) - As per NSE

Impact Assessment

The surveillance measures will impact trading in the six listed securities, potentially affecting liquidity and investor participation. Securities under IBC proceedings carry heightened risk due to ongoing insolvency resolution processes. Market participants should exercise enhanced due diligence when trading these securities. The consolidated list in Annexure III includes over 12 companies at various IBC stages, indicating broader market impact of insolvency proceedings on listed securities.

Impact Justification

High ranking due to surveillance measures impacting trading of securities under insolvency proceedings, affecting investor risk and liquidity