Description

BSE updates Additional Surveillance Measure for companies under Insolvency and Bankruptcy Code, with String Metaverse Ltd added to Stage 1 and 10 securities moving to Stage 0 effective February 01, 2026.

Summary

BSE has updated the Additional Surveillance Measure (ASM) framework for securities of companies under the Insolvency and Bankruptcy Code (IBC). Effective February 01, 2026, String Metaverse Ltd has been added to Stage 1 of IBC surveillance, while 10 securities are moving to Stage 0 (receipt of corporate announcement/disclosure). Ujaas Energy Ltd is being excluded from the ASM framework.

Key Points

  • String Metaverse Ltd (Scrip Code: 534535, ISIN: INE958L01026) added to IBC Stage 1 surveillance
  • 10 securities moving to Stage 0 (corporate announcement stage) including Jaiprakash Associates, Reliance Infrastructure, and others
  • Ujaas Energy Ltd excluded from ASM framework for IBC companies
  • No securities moving between Stage I and Stage II
  • Framework includes special markings for T+0 scrips and recommencement scrips
  • Consolidated list includes multiple companies at various IBC stages including A.F. Enterprises, Aban Offshore, AGS Transact Technologies, and Alchemist Ltd

Regulatory Changes

The surveillance framework continues to operate in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company regarding IBC proceedings
  • Stage 1: Additional Surveillance Measure for companies in Insolvency Resolution Process (IRP)
  • Stage 2: Enhanced surveillance for companies with advanced IBC proceedings

Special classifications include securities marked with (~) for T+0 scrips shortlisted under parent company IBC framework, and (^) for recommencement scrips.

Compliance Requirements

  • Trading members must note the surveillance status of affected securities
  • Enhanced monitoring and risk management required for securities under IBC surveillance
  • Investors should be aware of the insolvency status when trading these securities
  • Compliance with BSE’s ASM framework provisions mandatory for all market participants

Important Dates

  • Effective Date: February 01, 2026 - All surveillance measure changes take effect

Impact Assessment

Trading Impact: Securities under IBC surveillance face trading restrictions and enhanced monitoring, which can affect liquidity and price discovery. The addition of String Metaverse Ltd to Stage 1 subjects it to additional surveillance measures.

Investor Impact: High impact for investors holding the affected securities, particularly the 10 securities moving to Stage 0, as this indicates formal disclosure of insolvency proceedings. The exclusion of Ujaas Energy Ltd suggests resolution or exit from insolvency process.

Market Impact: The surveillance framework helps protect investors by clearly identifying companies undergoing insolvency proceedings, promoting transparency and informed decision-making in the market.

Impact Justification

High impact surveillance measure affecting multiple securities under insolvency proceedings with direct trading implications for investors