Description
BSE updates surveillance measures for securities under Insolvency and Bankruptcy Code, adding Embassy Developments Ltd to Stage 0 effective December 15, 2025.
Summary
BSE has updated the surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC). Embassy Developments Ltd (Scrip Code: 532832, ISIN: INE069I01010) has been added to Stage 0 (Receipt of corporate announcement/disclosure from the company) effective December 15, 2025. No securities are moving between Stage 1 and Stage 2, and no securities are being excluded from the ASM framework. The circular includes a consolidated list of 14 securities currently under various stages of IBC surveillance.
Key Points
- Embassy Developments Ltd added to IBC Stage 0 effective December 15, 2025
- No securities moving to Stage 1 (Additional Surveillance Measure for IRP)
- No securities transitioning between Stage 1 and Stage 2
- No securities being excluded from IBC surveillance framework
- Consolidated list includes 14 securities across different IBC stages
- 10 securities at “Receipt of corporate announcement/disclosure” stage
- 4 securities at Stage 1 (IRP under IBC)
Regulatory Changes
The circular implements BSE’s framework for Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code. Securities are categorized into different stages:
- Stage 0: Receipt of corporate announcement/disclosure from the company regarding IBC proceedings
- Stage 1: Additional Surveillance Measure for companies in Insolvency Resolution Process
- Stage 2: Higher level of surveillance for companies in IBC
Special notations apply: securities marked with (*) follow NSE classification, (~) for T+0 scrips shortlisted based on parent company, and (^) for recommencement scrips.
Compliance Requirements
- Trading members must be aware of securities under IBC surveillance framework
- Enhanced due diligence required for securities listed in the surveillance measures
- Market participants should note the applicable surveillance stage for each security
- Compliance with additional disclosure and trading requirements for securities under ASM
Important Dates
- Effective Date: December 15, 2025 - All surveillance measure changes take effect
- Circular Date: December 12, 2025
Impact Assessment
The addition of Embassy Developments Ltd to Stage 0 surveillance indicates the company has made corporate announcements or disclosures related to IBC proceedings. This classification typically results in:
- Enhanced monitoring of trading activity in the security
- Potential impact on liquidity and investor sentiment
- Additional scrutiny and reporting requirements
- Possible trading restrictions or enhanced margin requirements
The consolidated list of 14 securities under IBC surveillance includes established companies like Aban Offshore Ltd, Ansal Properties & Infrastructure Ltd, and Arshiya Limited, indicating ongoing insolvency proceedings affecting multiple market participants. Investors and traders should exercise caution when dealing with these securities and stay informed about developments in their respective insolvency cases.
Consolidated List of Securities Under IBC Surveillance
Stage 0 (Receipt of corporate announcement/disclosure):
- Aban Offshore Ltd (523204)
- AGS Transact Technologies Ltd (543451)
- Alchemist Ltd (526707)
- Ambition Mica Limited (539223)
- Ankit Metal & Power Ltd (532870)
- Ansal Properties & Infrastructure Ltd (500013)
- Arshiya Limited (506074)
- Baron Infotech Ltd (532336)
- Bil Vyapar Ltd (500059)
- Birla Cotsyn (India) Ltd (533006)
- Bloom Dekor Ltd (526225)
- Embassy Developments Ltd (532832) - Newly Added
Stage 1 (IRP under IBC):
- A.F. Enterprises Ltd (538351)
- Axis Solutions Ltd (511144)
- Carnation Industries Ltd (530609)
Impact Justification
Addition of one security to IBC surveillance Stage 0; affects trading conditions for Embassy Developments Ltd and provides updated consolidated list of 14 securities under IBC surveillance