Description

BSE updates surveillance measures for companies under Insolvency and Bankruptcy Code (IBC), with Housing Development and Infrastructure Ltd moving to Stage 1 effective February 10, 2026.

Summary

BSE has issued an update to surveillance measures for securities of companies under the Insolvency and Bankruptcy Code (IBC) framework. The circular identifies securities moving between different stages of Additional Surveillance Measure (ASM) for companies in insolvency resolution process. One security - Housing Development and Infrastructure Ltd (Scrip Code: 532873, ISIN: INE191I01012) - has been added to Stage 1 surveillance effective February 10, 2026. The circular also provides a consolidated list of all securities currently under IBC surveillance framework across different stages.

Key Points

  • Housing Development and Infrastructure Ltd (HDIL) shortlisted in ASM Stage 1 for IRP under IBC effective February 10, 2026
  • No securities moving to Stage 0 (corporate announcement/disclosure stage)
  • No securities moving from Stage 1 to Stage 2
  • No securities moving from Stage 2 to Stage 1
  • No securities being excluded from ASM framework
  • Consolidated list includes securities across Stage 0 and Stage 1 of IBC surveillance
  • Some securities marked with special indicators: ~ for T+0 scrips shortlisted as per parent company, ^ for recommencement scrips, * for NSE designation

Regulatory Changes

No new regulatory framework changes. This circular implements the existing Additional Surveillance Measure framework for companies under IBC as per established guidelines.

Compliance Requirements

  • Trading members and market participants must note the updated surveillance classification for affected securities
  • Enhanced monitoring and reporting requirements apply to securities under ASM-IBC framework
  • Investors should be aware of heightened risk associated with securities under insolvency proceedings
  • Securities in Stage 1 are subject to additional disclosure and surveillance requirements

Important Dates

  • Effective Date: February 10, 2026 - New surveillance classifications come into effect
  • Circular Date: February 9, 2026

Impact Assessment

Market Impact: Limited direct market impact as only one security is being added to Stage 1 surveillance. However, signals ongoing insolvency proceedings for Housing Development and Infrastructure Ltd which may affect investor sentiment for that specific security.

Trading Impact: Securities under IBC surveillance stages face additional trading restrictions and monitoring. Investors in HDIL should be aware of the elevated risk profile associated with Stage 1 classification.

Investor Impact: The consolidated list provides transparency on all securities currently under IBC framework, helping investors identify companies in various stages of insolvency resolution process. This enables informed investment decisions and risk assessment.

Annexure Details

Annexure I - Stage Classifications effective February 10, 2026:

  • Stage 0 additions: Nil
  • Stage 1 additions: Housing Development and Infrastructure Ltd (532873)
  • Stage 1 to Stage 2 movements: Nil
  • Stage 2 to Stage 1 movements: Nil

Annexure II - Exits and Exclusions:

  • Securities moving to Stage 0: Nil
  • Securities excluded from ASM-IBC: Nil

Annexure III - Consolidated list includes multiple securities across different stages including companies like Aanchal Ispat Ltd, Aban Offshore Ltd, AGS Transact Technologies Ltd, Alchemist Ltd, Alka India Ltd, Ansal Properties & Infrastructure Ltd, Arshiya Limited, Baron Infotech Ltd, and others with various stage classifications.

Impact Justification

Routine surveillance update affecting one security moving to IBC Stage 1. Medium impact as it signals insolvency proceedings but affects limited number of securities. Provides consolidated list of all securities under IBC surveillance across stages.