Description

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

Summary

BSE has issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework, effective December 22, 2025. Reliance Infrastructure Ltd (Scrip Codes: 500390 and 100390, ISIN: INE036A01016) has been placed under Additional Surveillance Measure Stage 1 for companies relating to the Insolvency Resolution Process. No securities are being moved to Stage 0, promoted from Stage 1 to Stage 2, demoted from Stage 2 to Stage 1, or excluded from ASM framework in this update.

Key Points

  • Reliance Infrastructure Ltd placed in IBC Stage 1 surveillance effective December 22, 2025
  • Both equity (500390) and T+0 scrip (100390) of Reliance Infrastructure covered
  • No securities added to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moving between Stage 1 and Stage 2
  • No securities being excluded from IBC surveillance framework
  • Consolidated list includes 13+ securities across various IBC stages
  • Companies in Stage 0 include Aban Offshore, Ansal Properties, Arshiya Limited, among others

Regulatory Changes

The IBC surveillance framework continues with its multi-stage approach:

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

Special marking for T+0 scrips (marked with ~) indicates they are shortlisted in IBC Framework as per parent company status.

Compliance Requirements

  • Investors should note the heightened risk associated with securities under IBC surveillance
  • Trading members must comply with enhanced disclosure and margin requirements for IBC Stage 1 securities
  • Companies must provide timely disclosures regarding insolvency proceedings
  • Securities marked with special symbols require attention to their specific trading characteristics

Important Dates

  • Effective Date: December 22, 2025 - Reliance Infrastructure Ltd placement in IBC Stage 1
  • Circular Date: December 19, 2025

Impact Assessment

Market Impact: High - Reliance Infrastructure is a significant infrastructure company, and its placement in IBC Stage 1 surveillance indicates serious financial distress and ongoing insolvency resolution proceedings. This will likely result in increased volatility and trading restrictions.

Investor Impact: Investors holding Reliance Infrastructure securities face heightened risk due to the insolvency proceedings. The IBC Stage 1 classification serves as a warning mechanism for market participants about the company’s financial stability.

Trading Impact: Securities under IBC surveillance typically face additional trading restrictions, higher margin requirements, and reduced liquidity. The consolidated list shows multiple companies across different IBC stages, indicating ongoing market surveillance of financially distressed entities.

Operational Impact: Market participants must update their risk management systems to reflect the changed surveillance status of affected securities and ensure compliance with enhanced monitoring requirements.

Impact Justification

Placement of Reliance Infrastructure in IBC Stage 1 surveillance indicates serious insolvency proceedings, significantly impacting investor risk and trading conditions for affected securities.