Description

BSE updates the list of securities under surveillance measures related to Insolvency and Bankruptcy Code (IBC) proceedings, with changes effective January 19, 2026.

Summary

BSE has issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC). The circular provides the revised list of securities under various stages of Additional Surveillance Measure (ASM) related to Insolvency Resolution Process (IRP), effective from January 19, 2026. Two securities have been newly added to Stage 1 surveillance.

Key Points

  • Two securities added to Stage 1 ASM for IBC: PAE Ltd (Scrip Code: 517230, ISIN: INE766A01026) and VXL Instruments Ltd (Scrip Code: 517399, ISIN: INE756A01019)
  • No securities added to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moved from Stage I to Stage II
  • No securities moved from Stage II to Stage I
  • No securities excluded from ASM framework
  • Consolidated list includes multiple securities at various stages including Stage 0 and Stage 1
  • Special markings: (*) indicates NSE aligned securities, (~) indicates T+0 scrips shortlisted based on parent company, (^) indicates recommencement scrips

Regulatory Changes

The surveillance framework continues under existing IBC guidelines with routine updates to the list of affected securities. The Additional Surveillance Measure for companies under insolvency proceedings operates in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Securities shortlisted in ASM for companies relating to IRP
  • Stage 2: Enhanced surveillance for continuing IBC cases

Compliance Requirements

  • Market participants must note the updated surveillance status of listed securities
  • Trading members should be aware of enhanced monitoring requirements for securities in Stage 1 and Stage 2
  • Investors should exercise caution when trading in securities under IBC surveillance measures
  • Companies under surveillance must comply with disclosure requirements related to insolvency proceedings

Important Dates

  • Effective Date: January 19, 2026 - All surveillance measure changes become applicable
  • Circular Date: January 16, 2026

Impact Assessment

Market Impact: Limited direct market impact as this is a routine surveillance update. The two securities newly added to Stage 1 may experience increased scrutiny and potential volatility.

Operational Impact: Trading members and market participants need to update their surveillance monitoring systems to reflect the current status of affected securities. Enhanced due diligence required for the two newly added Stage 1 securities.

Investor Impact: Investors holding or considering positions in PAE Ltd and VXL Instruments Ltd should be aware of the insolvency-related surveillance status and associated risks. The consolidated list provides transparency on all securities currently under IBC-related monitoring.

Impact Justification

Routine surveillance update affecting specific securities under insolvency proceedings. Two companies added to Stage 1 surveillance, no movements between stages or exclusions.