Description

BSE updates surveillance framework for companies under Insolvency and Bankruptcy Code (IBC), adding Embassy Developments Ltd to Stage 0 effective December 15, 2025.

Summary

BSE has issued an update to its Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Effective December 15, 2025, Embassy Developments Ltd (Scrip Code: 532832, ISIN: INE069I01010) has been added to Stage 0 following receipt of corporate announcement/disclosure from the company. No securities are moving between stages or being excluded from the framework.

Key Points

  • Embassy Developments Ltd shortlisted in Stage 0 (Receipt of corporate announcement/disclosure) effective December 15, 2025
  • No securities added to Stage 1 (Additional Surveillance Measure for IRP)
  • No securities moving from Stage I to Stage II
  • No securities moving from Stage II to Stage I
  • No securities being excluded from ASM framework
  • Consolidated list contains 14 securities across various IBC stages

Regulatory Changes

No changes to the existing IBC surveillance framework structure. The circular represents routine updates to the list of securities under surveillance.

Compliance Requirements

Market participants should note:

  • Embassy Developments Ltd will be subject to Stage 0 surveillance measures from December 15, 2025
  • Trading members should apply appropriate surveillance protocols for securities under IBC framework
  • Investors should be aware of enhanced monitoring for companies in IBC stages

Important Dates

  • Effective Date: December 15, 2025 - Embassy Developments Ltd added to Stage 0

Impact Assessment

Market Impact: Low - Only one security added to Stage 0, which is the initial surveillance stage based on corporate disclosure.

Trading Impact: Minimal - Stage 0 represents early notification stage without stringent trading restrictions.

Investor Consideration: Investors in Embassy Developments Ltd should monitor developments related to insolvency proceedings or corporate actions that triggered Stage 0 classification.

Consolidated List Summary

The circular includes a consolidated list of 14 securities currently under IBC surveillance:

  • Stage 0 (Receipt of corporate announcement): 10 securities including newly added Embassy Developments Ltd
  • Stage 1 (IRP under IBC): 4 securities including A.F. Enterprises Ltd, Axis Solutions Ltd, Carnation Industries Ltd, and others

Impact Justification

Single company added to Stage 0 surveillance under IBC framework. No securities moving between stages or being excluded. Limited market impact.