Description

BSE updates the list of securities under surveillance measures related to Insolvency and Bankruptcy Code (IBC) proceedings, including Stage 0 and Stage 1 classifications.

Summary

BSE has released the updated list of securities under Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The circular identifies securities at different stages of the IBC process, with Alka India Ltd being newly added to Stage 0 (receipt of corporate announcement/disclosure) effective January 30, 2026.

Key Points

  • One security (Alka India Ltd - Scrip Code: 530889, ISIN: INE061B01038) added to Stage 0 surveillance effective January 30, 2026
  • No securities moved to Stage 1 ASM for IBC
  • No securities moved between Stage I and Stage II
  • No securities excluded from ASM framework
  • Consolidated list includes 14+ securities under various stages of IBC surveillance
  • Special markers indicate T+0 scrips (~) and recommencement scrips (^)
  • Framework includes companies at “Receipt of corporate announcement/disclosure” stage and Stage 1 IRP

Regulatory Changes

The surveillance framework continues to classify securities under IBC proceedings into distinct stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company regarding insolvency proceedings
  • Stage 1: Additional Surveillance Measure for Companies in Insolvency Resolution Process
  • Stage 2: Enhanced surveillance for companies progressing further in IBC proceedings

Securities can move between stages based on developments in insolvency proceedings.

Compliance Requirements

  • Trading members must note the surveillance classification of affected securities
  • Enhanced due diligence required for trades in securities under IBC surveillance
  • Investors should be aware of the heightened risk associated with securities under insolvency proceedings
  • Market participants must comply with applicable trading restrictions and surveillance measures for these securities

Important Dates

  • Effective Date: January 30, 2026 - Implementation of updated surveillance lists
  • Circular Date: January 29, 2026

Impact Assessment

Market Impact: High - Securities under IBC surveillance face significant trading restrictions, reduced liquidity, and heightened investor risk. The addition of Alka India Ltd to Stage 0 signals the initiation of insolvency-related disclosures.

Investor Impact: Investors holding these securities face substantial uncertainty regarding recovery of investments. Securities in IBC proceedings typically experience high volatility and limited trading activity.

Operational Impact: Trading members must update their surveillance systems and risk management frameworks to reflect the new classifications. Enhanced monitoring and client disclosures are required for affected securities.

Detailed Security List

Stage 0 (Receipt of Corporate Announcement)

  • Alka India Ltd (530889) - Newly Added
  • A.F. Enterprises Ltd (538351)
  • Aban Offshore Ltd (523204)
  • AGS Transact Technologies Ltd (543451)
  • Alchemist Ltd (526707)
  • Ambition Mica Limited (539223)
  • Ankit Metal & Power Ltd (532870)
  • Ansal Properties & Infrastructure Ltd (500013)
  • Arshiya Limited (506074)
  • Baron Infotech Ltd (532336)
  • Bil Vyapar Ltd (500059)
  • Birla Cotsyn (India) Ltd (533006)

Stage 1 (IRP under IBC)

  • Aanchal Ispat Ltd (538812) - Recommencement Scrip
  • Axis Solutions Ltd (511144)

Impact Justification

High severity as securities under IBC proceedings face significant trading restrictions and investor risk. Affects multiple securities with insolvency proceedings and requires immediate trader attention.