Description

BSE updates surveillance measures for companies under IBC proceedings, with PAE Ltd added to Stage 0 effective January 08, 2026.

Summary

BSE has issued surveillance measures for securities of companies under the Insolvency and Bankruptcy Code (IBC). Effective January 08, 2026, PAE Ltd (Scrip Code: 517230, ISIN: INE766A01026) has been added to Stage 0 following receipt of corporate announcement/disclosure. No securities were moved between Stage 1 and Stage 2, and no securities were excluded from IBC surveillance measures.

Key Points

  • PAE Ltd added to Stage 0 (Receipt of corporate announcement/disclosure) effective January 08, 2026
  • No securities shortlisted for Stage 1 (Additional Surveillance Measure for IRP)
  • No securities moved from Stage I to Stage II
  • No securities moved from Stage II to Stage I
  • No securities excluded from IBC ASM framework
  • Consolidated list includes 14+ companies under various IBC stages including A.F. Enterprises Ltd, Aanchal Ispat Ltd, Aban Offshore Ltd, AGS Transact Technologies Ltd, and others

Regulatory Changes

The surveillance framework for companies under IBC proceedings continues with staged approach:

  • 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: Higher level surveillance for companies in advanced insolvency stages

Special designations include:

  • Securities marked with (~) are T+0 Scrips shortlisted in IBC Framework as per parent company
  • Securities marked with (^) are Recommencement Scrips
  • Securities marked with (*) indicate NSE-specific listings

Compliance Requirements

  • Market participants must note the surveillance stage for affected securities
  • Trading in these securities subject to additional surveillance measures as per their respective stages
  • Members should monitor corporate announcements for companies under IBC proceedings
  • Enhanced due diligence required for securities under IBC framework

Important Dates

  • Effective Date: January 08, 2026 - PAE Ltd surveillance measure implementation
  • Circular Date: January 07, 2026

Impact Assessment

The addition of PAE Ltd to Stage 0 indicates the company has made disclosures regarding insolvency proceedings. This triggers enhanced surveillance but does not immediately restrict trading. The absence of securities moving to higher stages or being newly added to Stage 1 suggests stable conditions in the IBC surveillance framework. The consolidated list demonstrates BSE’s ongoing monitoring of 14+ companies across various stages of insolvency proceedings, providing transparency to market participants about securities under financial stress. Investors in these securities should exercise increased caution and monitor ongoing insolvency developments.

Impact Justification

Affects trading surveillance for companies under insolvency proceedings. PAE Ltd newly added to Stage 0. No securities moved between stages or excluded, limiting immediate market impact.