Description

BSE updates surveillance measures for securities under Insolvency and Bankruptcy Code (IBC), with Reliance Infrastructure Ltd added to Stage 1 effective December 22, 2025.

Summary

BSE has issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC). Effective December 22, 2025, Reliance Infrastructure Ltd (Scrip Code: 500390 and 100390, ISIN: INE036A01016) has been added to Stage 1 of the Additional Surveillance Measure for Companies relating to the Insolvency Resolution Process. No securities are being moved to Stage 0, moved between stages, or excluded from the framework in this update.

Key Points

  • Reliance Infrastructure Ltd added to IBC Stage 1 surveillance effective December 22, 2025
  • Both equity scrips (500390) and T+0 scrips (100390~) of Reliance Infrastructure are included
  • No securities shortlisted for 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 for IBC
  • Consolidated list includes multiple companies at various IBC stages, including A.F. Enterprises Ltd, Aanchal Ispat Ltd, Aban Offshore Ltd, AGS Transact Technologies Ltd, and others

Regulatory Changes

The circular implements BSE’s framework for surveillance of securities where companies are undergoing insolvency resolution proceedings under the Insolvency and Bankruptcy Code. The framework has multiple stages:

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

Securities marked with ~ are T+0 scrips shortlisted in the IBC framework as per parent company. Securities marked with ^ are recommencement scrips.

Compliance Requirements

  • Market participants should note the surveillance status of Reliance Infrastructure Ltd
  • Traders and investors should be aware of enhanced monitoring and potential trading restrictions on securities under IBC surveillance
  • T+0 trading participants should note that scrip 100390~ is also included in the surveillance measure
  • Market intermediaries should ensure compliance with applicable surveillance framework requirements

Important Dates

  • Effective Date: December 22, 2025 - Reliance Infrastructure Ltd enters IBC Stage 1 surveillance

Impact Assessment

Market Impact: The addition of Reliance Infrastructure to IBC Stage 1 surveillance signals formal insolvency resolution proceedings, which typically results in increased volatility and trading restrictions. This may affect investor sentiment and liquidity for the scrip.

Trading Impact: Securities under IBC surveillance are subject to additional monitoring and may face trading restrictions including price bands, margin requirements, or settlement obligations. Both regular and T+0 scrips are affected.

Investor Impact: High impact for shareholders of Reliance Infrastructure Ltd as IBC proceedings indicate financial distress and potential restructuring, dilution, or value impairment. Investors should exercise heightened caution.

Regulatory Impact: The surveillance framework ensures market integrity by flagging securities where companies are undergoing insolvency proceedings, providing transparency to market participants about elevated risks.

Impact Justification

Addition of Reliance Infrastructure to IBC Stage 1 surveillance represents significant insolvency proceedings that directly impact trading and investor decisions for affected securities