Description

BSE updates surveillance measures for securities under Insolvency and Bankruptcy Code (IBC), with 5 securities moving to Stage 1 effective February 09, 2026.

Summary

BSE has issued an update on surveillance measures for securities under the Insolvency and Bankruptcy Code (IBC) framework effective February 09, 2026. Five securities have been shortlisted in Additional Surveillance Measure Stage 1 for companies undergoing Insolvency Resolution Process (IRP). No securities are moving to Stage 0, transitioning between stages, or being excluded from ASM.

Key Points

  • 5 securities shortlisted in ASM Stage 1 for IRP under IBC effective February 09, 2026
  • No securities moving to Stage 0 (Receipt of corporate announcement/disclosure)
  • No securities transitioning between Stage I and Stage II
  • No securities being excluded from ASM framework
  • Consolidated list includes 13+ securities under various IBC stages

Securities Moving to Stage 1

Effective February 09, 2026:

  1. Aanchal Ispat Ltd - Scrip Code: 538812, ISIN: INE322R01022
  2. Axis Solutions Ltd - Scrip Code: 511144, ISIN: INE520G01024
  3. Maxgrow India Ltd - Scrip Code: 521167, ISIN: INE485D01043
  4. Spentex Industries Ltd* - Scrip Code: 521082, ISIN: INE376C01038
  5. Steelco Gujarat Ltd - Scrip Code: 500399, ISIN: INE629B01032

*As per NSE

Surveillance Framework 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 (IRP)
  • Stage 2: Enhanced surveillance for companies in IRP

Important Dates

  • Effective Date: February 09, 2026 - New surveillance measures come into effect

Impact Assessment

Trading Impact: Securities in Stage 1 ASM face additional surveillance including potential price bands, trade-for-trade segments, or additional margins. This may reduce liquidity and increase trading costs for these securities.

Investor Impact: Investors holding these securities should be aware of heightened risks associated with companies under insolvency proceedings. Trading restrictions may limit exit options.

Market Impact: Limited broader market impact as this affects only 5 specific securities currently under insolvency proceedings. However, signals continued regulatory monitoring of distressed companies.

Notes

  • Securities marked with ~ are T+0 Scrips, shortlisted in IBC Framework as per parent company
  • Securities marked with ^ are Recommencement Scrips
  • Consolidated list maintains all securities under IBC surveillance across different stages

Impact Justification

Affects trading surveillance for 5 securities under insolvency proceedings, important for investors in these specific stocks but limited broader market impact