Description

BSE announces surveillance measures for securities under Insolvency and Bankruptcy Code (IBC), with Morarjee Textiles moving to Stage 1 and Rolta India and Techindia Nirman excluded from ASM.

Summary

BSE has issued updated surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework, effective December 18, 2025. Morarjee Textiles Ltd (Scrip Code: 532621, ISIN: INE161G01027) has been shortlisted in Stage 1 of the Additional Surveillance Measure for Companies relating to the Insolvency Resolution Process. Two companies - Rolta India Ltd and Techindia Nirman Ltd - are being excluded from ASM under IBC.

Key Points

  • Morarjee Textiles Ltd added to Stage 1 IBC surveillance effective December 18, 2025
  • No securities moving to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities transitioning between Stage I and Stage II
  • Rolta India Ltd (Scrip Code: 500366, ISIN: INE293A01013) excluded from IBC ASM
  • Techindia Nirman Ltd (Scrip Code: 526576, ISIN: INE778A01021) excluded from IBC ASM
  • Consolidated list includes 13+ securities across various IBC stages
  • Framework includes T+0 scrips and recommencement scrips with special notations

Regulatory Changes

The surveillance framework under IBC operates in multiple stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Additional Surveillance Measure for Companies relating to Insolvency Resolution Process
  • Stage 2: Enhanced surveillance for companies in IBC proceedings

Companies can move between stages or be excluded based on their insolvency status and compliance with IBC requirements.

Compliance Requirements

  • Securities under IBC surveillance are subject to additional trading restrictions and disclosure requirements
  • Market participants should note the surveillance stage of each security before trading
  • Companies marked with (*) follow NSE classifications
  • Securities marked with (~) are T+0 scrips shortlisted in IBC framework as per parent company
  • Securities marked with (^) are recommencement scrips

Important Dates

  • Effective Date: December 18, 2025 - All surveillance measure changes come into effect

Impact Assessment

Trading Impact: Securities in IBC surveillance stages face additional trading restrictions which may affect liquidity and price discovery. The addition of Morarjee Textiles to Stage 1 means enhanced monitoring of trading activity.

Investor Impact: Investors holding or trading in affected securities should be aware of the heightened surveillance and potential risks associated with companies under insolvency proceedings.

Market Impact: The exclusion of Rolta India and Techindia Nirman from ASM suggests resolution or closure of their IBC proceedings, potentially normalizing trading conditions for these securities.

Operational Impact: Brokers and trading members need to update their systems to reflect the new surveillance classifications effective December 18, 2025.

Impact Justification

Updates surveillance framework for companies under IBC proceedings. One company moves to Stage 1 surveillance while two are excluded. Affects trading conditions for specific securities.