Description

BSE updates on securities under Insolvency and Bankruptcy Code surveillance measures, with one security (Aanchal Ispat Ltd) added to Stage 1 effective December 29, 2025.

Summary

BSE has issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective December 29, 2025. The circular adds one security, Aanchal Ispat Ltd (Scrip Code: 538812, ISIN: INE322R01022), to Stage 1 of the Additional Surveillance Measure. No securities are moving to Stage 0, between stages, or being excluded from the framework in this update.

Key Points

  • One security added to IBC Stage 1: Aanchal Ispat Ltd (Scrip Code: 538812)
  • No securities added to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moving from Stage I to Stage II
  • No securities moving from Stage II to Stage I
  • No securities being excluded from ASM for IBC
  • Consolidated list includes 15+ securities under various IBC stages
  • Effective date: December 29, 2025

Regulatory Changes

This circular implements the IBC surveillance framework as per BSE’s established guidelines for monitoring securities of companies undergoing insolvency resolution processes. The framework includes:

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

Compliance Requirements

  • Trading members must be aware of the surveillance status of Aanchal Ispat Ltd
  • Special notations apply: (^) indicates Recommencement Scrips, (~) indicates T+0 Scrips shortlisted in IBC Framework as per parent company
  • (*) indicates securities aligned with NSE framework

Important Dates

  • Effective Date: December 29, 2025 - Aanchal Ispat Ltd enters Stage 1 surveillance

Impact Assessment

The impact of this circular is minimal as it affects only one security. Aanchal Ispat Ltd being placed under Stage 1 surveillance indicates the company is in insolvency resolution process, which may result in:

  • Potential trading restrictions or enhanced margin requirements
  • Increased scrutiny of trading activity in the security
  • Investor caution due to IBC proceedings

The consolidated list continues to monitor multiple securities across different stages of IBC proceedings, maintaining transparency in the market about companies undergoing insolvency resolution.

Impact Justification

Routine surveillance update affecting only one security (Aanchal Ispat Ltd) with no securities moving between stages or being excluded