Description

BSE updates Additional Surveillance Measure list for companies under Insolvency and Bankruptcy Code, with Housing Development and Infrastructure Ltd added to Stage 1 effective February 10, 2026.

Summary

BSE has issued an update to the Additional Surveillance Measure (ASM) framework for securities of companies under the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). Housing Development and Infrastructure Ltd (Scrip Code: 532873, ISIN: INE191I01012) has been shortlisted in Stage 1 of the ASM effective February 10, 2026. No securities are moving between stages or being excluded from surveillance.

Key Points

  • Housing Development and Infrastructure Ltd added to ASM Stage 1 under IBC framework
  • No securities listed 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 being excluded from ASM framework
  • Effective date: February 10, 2026
  • Consolidated list includes 14+ securities across various IBC stages

Regulatory Changes

The circular implements BSE’s framework for monitoring securities of companies undergoing insolvency proceedings under IBC. The surveillance framework has multiple stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Additional Surveillance Measure for companies in IRP
  • Stage 2: Enhanced surveillance measures

Securities in the consolidated list include companies like A.F. Enterprises Ltd, Aanchal Ispat Ltd, Aban Offshore Ltd, AGS Transact Technologies Ltd, Alchemist Ltd, Alka India Ltd, and others at various surveillance stages.

Compliance Requirements

  • Market participants must be aware of surveillance categorization for affected securities
  • Trading in these securities may be subject to additional restrictions based on ASM stage
  • Investors should exercise caution when dealing with securities under IBC surveillance
  • T+0 scrips shortlisted under IBC framework follow parent company classification
  • Recommencement scrips are marked with special indicators

Important Dates

  • February 10, 2026: Effective date for all surveillance measure changes

Impact Assessment

Market Impact: Limited direct market impact as only one security is being added to Stage 1. The surveillance framework serves as an investor protection mechanism by flagging companies undergoing insolvency proceedings.

Trading Impact: Housing Development and Infrastructure Ltd will face Stage 1 ASM restrictions, which typically include price bands, trading limits, or enhanced margin requirements. Liquidity may be affected.

Investor Impact: Investors holding or trading the affected security should be aware of the increased surveillance and associated risks. The IBC stage indicates ongoing insolvency resolution proceedings.

Operational Impact: Brokers and trading members need to update their surveillance systems to reflect the new categorization effective February 10, 2026.

Impact Justification

Regular surveillance update affecting one security moving to Stage 1 ASM under IBC framework. Impacts trading conditions for affected stock but represents standard regulatory monitoring process.