Description

BSE updates surveillance measures for companies under Insolvency and Bankruptcy Code (IBC). One security added to Stage 1 ASM effective January 27, 2026.

Summary

BSE has issued updated surveillance measures for securities of companies under the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). Effective January 27, 2026, Radhagobind Commercial Ltd (Scrip Code: 539673, ISIN: INE792P01020) has been placed under Stage 1 Additional Surveillance Measure. No securities are moving between stages or being excluded from surveillance during this period.

Key Points

  • One security added to IBC Stage 1 surveillance: Radhagobind Commercial Ltd
  • No securities in Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities moving from Stage I to Stage II
  • No securities moving from Stage II to Stage I
  • No securities excluded from IBC surveillance framework
  • Changes effective from January 27, 2026

Regulatory Changes

This circular implements the BSE’s framework for Additional Surveillance Measures (ASM) for companies undergoing Insolvency Resolution Process under the Insolvency and Bankruptcy Code. The framework has multiple stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Securities shortlisted in ASM for Companies relating to IRP as per IBC
  • Stage 2: Enhanced surveillance for companies in advanced stages of insolvency proceedings

Compliance Requirements

  • Trading members must be aware of securities under IBC surveillance framework
  • Enhanced due diligence required for securities under ASM
  • Investors should note the insolvency status when trading these securities
  • Price bands and trading restrictions may apply to securities under surveillance

Important Dates

  • Circular Date: January 23, 2026
  • Effective Date: January 27, 2026

Impact Assessment

Market Impact: Limited. Only one security is affected in this update, resulting in minimal immediate market disruption.

Trading Impact: Radhagobind Commercial Ltd will be subject to Additional Surveillance Measures, which may include price bands, trading restrictions, or enhanced reporting requirements. Liquidity in this security may be affected.

Investor Impact: Investors holding or trading Radhagobind Commercial Ltd should be aware of the company’s status under IBC proceedings and the associated risks of insolvency.

Securities Under IBC Surveillance

Added to Stage 1 (Effective January 27, 2026)

Scrip CodeISINSecurity Name
539673INE792P01020Radhagobind Commercial Ltd

Consolidated List Summary

The circular includes a consolidated list (Annexure III) of all securities currently under various stages of IBC surveillance, including companies such as A.F. Enterprises Ltd, Aanchal Ispat Ltd, Aban Offshore Ltd, AGS Transact Technologies Ltd, Alchemist Ltd, and others at different stages of the insolvency process.

Impact Justification

Routine surveillance update affecting only one security. Important for tracking insolvency proceedings but limited immediate market impact.