Description

BSE updates the list of securities under Additional Surveillance Measure relating to Insolvency Resolution Process as per IBC, effective December 09, 2025.

Summary

BSE has issued an updated list of securities under Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). The circular identifies 6 securities being placed in Stage 1 of IBC 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 Stage 1 of Additional Surveillance Measure under IBC effective December 09, 2025
  • No securities added to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moving from Stage I to Stage II
  • No securities moving from Stage II to Stage I
  • No securities excluded from ASM for IBC
  • Consolidated list provided showing all securities currently under IBC surveillance framework
  • Annexures provide detailed lists of affected securities with scrip codes and ISIN numbers

Regulatory Changes

The circular implements the ongoing surveillance framework for securities of companies under insolvency proceedings. Securities are categorized into different stages based on their status in the insolvency resolution process:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Additional Surveillance Measure for Companies relating to IRP as per IBC
  • Stage 2: Enhanced surveillance for companies in advanced stages of insolvency

Special notations include:

  • (*) Securities as per NSE
  • (~) T+0 Scrips shortlisted in IBC Framework as per parent company
  • (^) Recommencement Scrips

Compliance Requirements

For Market Participants:

  • Exercise enhanced due diligence when trading securities listed under IBC surveillance
  • Monitor stage classifications as they indicate progression of insolvency proceedings
  • Be aware that securities under IBC surveillance may have restricted trading or additional margin requirements

For Listed Companies:

  • Companies under IBC proceedings must comply with disclosure requirements
  • Provide timely updates on insolvency resolution process status

For Investors:

  • Heightened risk assessment required for securities under IBC surveillance
  • Understanding of insolvency implications on investment decisions

Important Dates

  • Effective Date: December 09, 2025 - Implementation of updated IBC surveillance list
  • Circular Date: December 08, 2025

Impact Assessment

Market Impact:

  • Securities under Stage 1 IBC surveillance face increased scrutiny and potential trading restrictions
  • Investor confidence may be affected for companies undergoing insolvency proceedings
  • Price discovery may be impacted due to surveillance measures

Trading Impact:

  • Enhanced surveillance may lead to additional margin requirements
  • Possible impact on liquidity for affected securities
  • Trading members must exercise caution and implement risk controls

Investor Impact:

  • High risk associated with securities under insolvency proceedings
  • Potential for significant value erosion or recovery depending on resolution outcome
  • Need for continuous monitoring of corporate developments

Securities in Stage 1 (Effective December 09, 2025)

  1. Axis Solutions Ltd (511144, INE520G01024)
  2. Carnation Industries Ltd (530609, INE081B01028)
  3. Jaiprakash Associates Ltd (532532, INE455F01025)
  4. Maxgrow India Ltd (521167, INE485D01043)
  5. Steelco Gujarat Ltd (500399, INE629B01032)
  6. Ujaas Energy Ltd* (533644, INE899L01030)

Consolidated Framework

The consolidated list in Annexure III shows multiple securities across different stages of IBC surveillance, including companies like Aban Offshore Ltd, AGS Transact Technologies Ltd, Alchemist Ltd, Ansal Properties & Infrastructure Ltd, Arshiya Limited, and others at various stages of the insolvency resolution process.

Impact Justification

High impact surveillance action affecting multiple securities under insolvency proceedings, with direct trading implications for investors and market participants