Description

Updated list of securities under Additional Surveillance Measure (ASM) framework for companies under Insolvency and Bankruptcy Code (IBC) effective January 02, 2026.

Summary

BSE has updated the list of securities under Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The circular provides consolidated lists across different IBC stages effective January 02, 2026. Neueon Towers Ltd has been newly added to Stage 1 surveillance.

Key Points

  • One security (Neueon Towers Ltd - Scrip Code: 532887, ISIN: INE333I01044) added to IBC Stage 1 surveillance
  • No securities moved from Stage 0 to Stage 1 or between Stage I and Stage II
  • No securities excluded from ASM framework in this update
  • Consolidated list includes 14+ securities across different IBC stages (Stage 0 and Stage 1)
  • Annexure III provides comprehensive list of all securities currently under IBC surveillance framework

Regulatory Changes

The circular implements the ongoing IBC surveillance framework with following classifications:

  • Stage 0: Receipt of corporate announcement/disclosure from the company regarding insolvency proceedings
  • Stage 1: Securities shortlisted in ASM for companies in IRP under IBC
  • Stage 2: Enhanced surveillance for companies progressing in insolvency process

Securities marked with special indicators:

  • (~) T+0 Scrips shortlisted in IBC framework as per parent company
  • (^) Recommencement Scrips
  • (*) As per NSE alignment

Compliance Requirements

  • Trading members must be aware of securities under IBC surveillance stages
  • Enhanced monitoring required for all listed securities under IBC framework
  • Investors should exercise additional caution when trading securities under ASM-IBC framework
  • Market participants must track stage transitions for affected securities

Important Dates

  • Effective Date: January 02, 2026 - All surveillance measures become applicable
  • Circular Date: January 01, 2026

Impact Assessment

Market Impact: High - Securities under IBC surveillance face trading restrictions and heightened scrutiny, potentially affecting liquidity and investor confidence.

Investor Impact: Securities under IBC framework carry elevated risk due to ongoing insolvency proceedings. Stage progression indicates deteriorating financial condition.

Operational Impact: Trading members must update surveillance systems and risk management frameworks to account for IBC-classified securities. Enhanced due diligence required for transactions in affected scrips.

Affected Securities: Neueon Towers Ltd newly enters Stage 1, joining other companies like Aanchal Ispat Ltd, Axis Solutions Ltd under Stage 1 surveillance. Additional companies including Aban Offshore Ltd, Ansal Properties, Arshiya Limited remain at Stage 0 (announcement stage).

Impact Justification

Critical surveillance measure affecting securities under insolvency proceedings with trading restrictions and investor protection implications