Description

BSE updates the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Kanel Industries Ltd is newly added to Stage 1, while no securities are moving between stages or being excluded.

Summary

BSE has issued its periodic update to the Additional Surveillance Measure (ASM) framework for companies undergoing the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective February 23, 2026, Kanel Industries Ltd (Scrip Code: 500236, ISIN: INE252C01023) is newly shortlisted under Stage 1 of the IBC surveillance framework. No securities are being moved from Stage I to Stage II or vice versa, and no securities are being excluded from the framework in this update.

Key Points

  • New Stage 1 Addition: Kanel Industries Ltd (Scrip Code: 500236, ISIN: INE252C01023) added to IBC Stage 1 effective February 23, 2026.
  • Stage 0 (Receipt of corporate announcement): NIL new additions.
  • Stage I to Stage II transitions: NIL.
  • Stage II to Stage I transitions: NIL.
  • Exclusions from ASM IBC framework: NIL.
  • A large consolidated list (Annexure III) of all securities currently under the IBC surveillance framework remains in effect, covering companies across Stage 0 and Stage 1.
  • Notations apply: securities marked * are as per NSE data; securities marked ~ are T+0 scrips shortlisted under IBC framework as per parent company; securities marked ^ are recommencement scrips.

Regulatory Changes

No structural changes to the IBC surveillance framework are introduced in this circular. The update is a periodic refresh of the securities list under BSE’s existing ASM-IBC mechanism, which applies enhanced surveillance to companies involved in insolvency resolution proceedings.

Compliance Requirements

  • Trading members and investors holding securities under the IBC ASM framework must be aware of the applicable surveillance stage for each security, as trading restrictions and margin requirements differ by stage.
  • Kanel Industries Ltd investors should note the stock’s new Stage 1 designation, which typically involves additional surveillance and may affect trading conditions (e.g., trade-for-trade settlement, higher margins).
  • Members should refer to the consolidated list in Annexure III to confirm the current IBC stage of all securities before executing trades.

Important Dates

  • Effective Date: February 23, 2026 — all changes listed in Annexures I and II come into force.
  • Circular Date: February 20, 2026.

Impact Assessment

The impact of this circular is limited and stock-specific. The sole new addition—Kanel Industries Ltd—will face enhanced surveillance conditions under Stage 1 from February 23, 2026, which may reduce liquidity and increase trading costs for that scrip. The consolidated list in Annexure III reflects a broad set of companies already under IBC proceedings; no changes to that list other than the new Stage 1 entry are made in this update. Market-wide impact is minimal.

Impact Justification

Routine periodic IBC surveillance update affecting a limited number of stocks; one new addition to Stage 1 (Kanel Industries Ltd). No broad market impact, but relevant to investors holding IBC-listed securities.