Description

BSE announces surveillance measures for securities under insolvency resolution process, with PAE Ltd added to Stage 0 effective January 08, 2026.

Summary

BSE has issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective January 08, 2026. PAE Ltd (Scrip Code: 517230, ISIN: INE766A01026) has been added to Stage 0 upon receipt of corporate announcement/disclosure regarding insolvency proceedings. No securities are moving between Stage 1 and Stage 2, and no securities are being excluded from the ASM framework.

Key Points

  • PAE Ltd added to IBC Stage 0 (Receipt of corporate announcement/disclosure) effective January 08, 2026
  • No securities shortlisted for Stage 1 (Additional Surveillance Measure for IRP)
  • No securities moving from Stage 1 to Stage 2 or vice versa
  • No securities being 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, Alchemist Ltd, and others
  • PAE Ltd is marked as a recommencement scrip (^)

Regulatory Changes

No new regulatory changes introduced. This circular implements the existing IBC surveillance framework as per established guidelines. The framework includes multiple stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Additional Surveillance Measure for Companies relating to Insolvency Resolution Process
  • Stage 2: Enhanced surveillance measures

Compliance Requirements

  • Investors and market participants must note the surveillance classification for PAE Ltd
  • Trading in securities under IBC surveillance stages may be subject to additional conditions and restrictions
  • Market participants should exercise due diligence when dealing with securities under IBC framework
  • Companies under IBC stages must comply with disclosure requirements regarding insolvency proceedings

Important Dates

  • Effective Date: January 08, 2026 - PAE Ltd enters IBC Stage 0
  • Circular Date: January 07, 2026

Impact Assessment

Market Impact: Limited direct market impact as only one security (PAE Ltd) is affected in this update. However, inclusion in IBC Stage 0 signals potential insolvency concerns.

Operational Impact: Investors holding PAE Ltd should monitor developments closely. The stock may face trading restrictions or enhanced surveillance measures. Market liquidity may be affected.

Investor Considerations: Securities under IBC framework carry elevated risk due to ongoing or potential insolvency proceedings. Investors should review their exposure to all companies listed in the consolidated annexure and assess portfolio risk accordingly.

Impact Justification

Routine surveillance update affecting one security entering IBC Stage 0; investors in PAE Ltd and companies under IBC framework should monitor compliance requirements