Description

BSE updates to Additional Surveillance Measure for companies under Insolvency and Bankruptcy Code (IBC), with Kilburn Office Automation Ltd excluded from ASM framework effective January 23, 2026.

Summary

BSE has issued an update to the Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The update is effective from January 23, 2026. No securities are being moved between surveillance stages, but Kilburn Office Automation Ltd (Scrip Code: 523218, ISIN: INE793E01014) has been excluded from the ASM framework.

Key Points

  • No securities shortlisted for Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moving into Stage 1 ASM under IBC
  • No securities transitioning between Stage I and Stage II
  • Kilburn Office Automation Ltd excluded from ASM for IBC effective January 23, 2026
  • Consolidated list maintains 14+ securities across various IBC stages including A.F. Enterprises, Aanchal Ispat, Aban Offshore, AGS Transact Technologies, Alchemist, and others

Regulatory Changes

The circular represents a routine update to BSE’s surveillance framework for securities of companies under insolvency proceedings. The framework operates in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company regarding insolvency
  • Stage 1: Additional Surveillance Measure for Companies relating to IRP under IBC
  • Stage 2: Enhanced surveillance measures

The framework includes special markings for T+0 scrips (~), recommencement scrips (^), and securities aligned with NSE (*).

Compliance Requirements

  • Market participants should note the exclusion of Kilburn Office Automation Ltd from the IBC ASM framework
  • Trading in securities listed in Annexure III remains subject to surveillance measures based on their designated stage
  • Investors and traders must be aware of the insolvency status of securities in the consolidated list

Important Dates

  • Effective Date: January 23, 2026 - Changes to surveillance measures take effect
  • Circular Date: January 22, 2026

Impact Assessment

This update has minimal immediate market impact as no securities are transitioning to stricter surveillance stages. The exclusion of Kilburn Office Automation Ltd from the ASM framework is positive for that specific security, potentially indicating resolution or improvement in its insolvency status. The consolidated list of 14+ securities under various IBC stages serves as an important reference for investors regarding companies facing insolvency proceedings, helping maintain market transparency and investor protection.

Impact Justification

Routine surveillance framework update with no securities moving into stricter stages. Only one security (Kilburn Office Automation) excluded from ASM, indicating minimal immediate market impact but important for monitoring insolvency-related securities.