Description

BSE updates surveillance measures for securities under Insolvency and Bankruptcy Code (IBC), with Indosolar Ltd moving to Stage 1 additional surveillance effective December 30, 2025.

Summary

BSE has updated its Additional Surveillance Measure (ASM) framework for securities under the Insolvency and Bankruptcy Code (IBC). Effective December 30, 2025, Indosolar Ltd (Scrip Code: 533257, ISIN: INE866K01023) has been moved to Stage 1 surveillance due to entering the Insolvency Resolution Process. No securities are moving between other stages or being excluded from surveillance. The circular includes a consolidated list of 15+ securities currently under various stages of IBC surveillance.

Key Points

  • Indosolar Ltd (533257) enters Stage 1 Additional Surveillance Measure for IRP under IBC
  • No securities added to Stage 0 (receipt of corporate announcement/disclosure)
  • No securities moving from Stage I to Stage II or vice versa
  • No securities excluded from ASM framework
  • Changes effective December 30, 2025
  • Consolidated list includes securities at various IBC stages including Aban Offshore, Ansal Properties, Arshiya Limited, and others

Regulatory Changes

The IBC surveillance framework operates in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from company regarding insolvency proceedings
  • Stage 1: Securities enter Additional Surveillance Measure upon formal IRP initiation
  • Stage 2: Enhanced surveillance for prolonged insolvency cases

Securities under IBC surveillance face special trading conditions and increased monitoring to protect investor interests during insolvency resolution.

Compliance Requirements

  • Market participants must note the surveillance status of Indosolar Ltd effective December 30, 2025
  • Trading members should inform clients about IBC surveillance implications
  • Investors should be aware of heightened risk associated with securities under IBC proceedings
  • Companies under surveillance must continue disclosure obligations regarding insolvency process updates

Important Dates

  • Effective Date: December 30, 2025 - Indosolar Ltd moves to IBC Stage 1 surveillance

Impact Assessment

Market Impact: High - IBC surveillance status significantly affects investor sentiment and trading behavior for affected securities. Stage 1 classification indicates formal insolvency proceedings have commenced.

Trading Impact: Securities under IBC surveillance typically experience reduced liquidity, wider bid-ask spreads, and special margin requirements. Investors face elevated resolution uncertainty.

Investor Risk: Very High for Indosolar Ltd - IRP initiation signals financial distress and uncertain recovery prospects. Shareholders may face significant dilution or complete loss depending on resolution outcome.

Operational Impact: The consolidated list shows 15+ securities across various IBC stages, indicating ongoing exchange monitoring of financially stressed companies to maintain market integrity.

Impact Justification

IBC surveillance measures directly impact trading conditions and investor risk for affected securities. Movement to Stage 1 ASM indicates formal insolvency resolution process initiation for Indosolar Ltd.