Description

BSE updates the list of securities under surveillance measures relating to the Insolvency Resolution Process (IRP) as per Insolvency and Bankruptcy Code (IBC), effective December 23, 2025.

Summary

BSE has updated its surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework, effective December 23, 2025. Dharan Infra-EPC Ltd (Scrip Code: 541161, ISIN: INE278R01034) has been added to Stage 0 under “Receipt of corporate announcement/disclosure from the company.” Cian Healthcare Ltd (Scrip Code: 542678, ISIN: INE05BN01019) has been excluded from the ASM for Companies as per IBC.

Key Points

  • Dharan Infra-EPC Ltd added to IBC Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moved to Stage 1 (Additional Surveillance Measure for IRP)
  • No securities transitioned between Stage I and Stage II
  • Cian Healthcare Ltd removed from IBC surveillance framework
  • Consolidated list includes multiple securities across different IBC stages, including A.F. Enterprises Ltd, Aanchal Ispat Ltd, Aban Offshore Ltd, AGS Transact Technologies Ltd, and others

Regulatory Changes

The circular updates the IBC surveillance framework with the following 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 under IBC

Special notations apply:

  • (*) Securities as per NSE
  • (~) T+0 Scrips shortlisted in IBC Framework as per parent company
  • (^) Recommencement Scrips

Compliance Requirements

  • Market participants must note the updated surveillance status of affected securities
  • Trading in these securities subject to applicable IBC stage restrictions
  • Enhanced disclosure and monitoring requirements for securities under surveillance
  • Investors should exercise caution when dealing with securities under IBC framework

Important Dates

  • Effective Date: December 23, 2025
  • All changes to surveillance measures take effect from the opening of trading on December 23, 2025

Impact Assessment

The addition of Dharan Infra-EPC Ltd to Stage 0 indicates receipt of insolvency-related announcements, which may impact investor confidence and trading activity. The exclusion of Cian Healthcare Ltd from the IBC framework is positive, suggesting resolution or withdrawal from insolvency proceedings. The consolidated list demonstrates BSE’s ongoing monitoring of companies under various stages of insolvency, with securities ranging from initial disclosure stage to advanced surveillance measures. Market participants should monitor these securities closely for further developments in insolvency proceedings.

Impact Justification

Affects trading and surveillance status of securities under insolvency proceedings; Dharan Infra-EPC Ltd added to Stage 0, Cian Healthcare Ltd excluded from IBC framework