Description

BSE circular updating the list of securities under Additional Surveillance Measure (ASM) related to Insolvency and Bankruptcy Code (IBC) proceedings, with Dharan Infra-EPC Ltd added to Stage 0 and Cian Healthcare Ltd excluded from ASM.

Summary

BSE has updated its Additional Surveillance Measure (ASM) framework for securities of companies under the Insolvency and Bankruptcy Code (IBC). Effective December 23, 2025, Dharan Infra-EPC Ltd (Scrip Code: 541161, ISIN: INE278R01034) has been added to Stage 0 following receipt of corporate announcement/disclosure from the company. Additionally, Cian Healthcare Ltd (Scrip Code: 542678, ISIN: INE05BN01019) is being excluded from the ASM framework.

Key Points

  • Dharan Infra-EPC Ltd added to Stage 0 (Receipt of corporate announcement/disclosure) effective December 23, 2025
  • Cian Healthcare Ltd excluded from ASM for IBC effective December 23, 2025
  • No securities moving to Stage 1 from Stage 0
  • No securities moving between Stage I and Stage II
  • Consolidated list includes 14+ securities across various IBC stages

Regulatory Changes

The surveillance measure applies to securities under the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). The framework has multiple stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Additional Surveillance Measure for Companies relating to IRP under IBC
  • Stage 2: Further escalated surveillance

Securities can move between stages or be excluded based on developments in insolvency proceedings.

Compliance Requirements

  • Trading members and investors should note the surveillance categorization of affected securities
  • Enhanced due diligence required for securities under IBC surveillance
  • Market participants must monitor announcements for securities in the consolidated list
  • T+0 scrips shortlisted in IBC Framework as per parent company are marked with ~
  • Recommencement scrips are marked with ^

Important Dates

  • Effective Date: December 23, 2025 - Changes to surveillance framework take effect

Impact Assessment

Market Impact: Limited direct market impact as only one security is being added and one excluded. However, investors in Dharan Infra-EPC Ltd should be aware of enhanced surveillance and potential liquidity implications.

Trading Impact: Securities under IBC surveillance may experience:

  • Enhanced monitoring by exchange
  • Potential trading restrictions or price bands
  • Lower liquidity due to investor caution
  • Increased disclosure requirements

Investor Considerations: Investors should exercise heightened caution when trading securities under IBC surveillance stages, as these companies are undergoing insolvency proceedings with uncertain outcomes. The exclusion of Cian Healthcare Ltd suggests resolution or withdrawal from insolvency process.

Impact Justification

Updates surveillance framework for securities under insolvency proceedings. One security added to Stage 0 (Dharan Infra-EPC) and one excluded (Cian Healthcare). Affects trading and investor awareness but limited scope with only two securities impacted.