Description

BSE updates the list of securities under Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) as per IBC, effective February 23, 2026. Kanel Industries Ltd is newly added to Stage 1.

Summary

BSE has updated the list of securities under the Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). The changes are effective from February 23, 2026. Kanel Industries Ltd (Scrip Code: 500236) is the only new addition, placed under Stage 1 surveillance. No securities are moving between stages, and none are being excluded from the framework in this update.

Key Points

  • Kanel Industries Ltd (Scrip Code: 500236, ISIN: INE252C01023) is newly added to IBC ASM Stage 1 w.e.f. February 23, 2026.
  • No securities are shortlisted under Stage 0 (receipt of corporate announcement/disclosure) in this update.
  • No securities are moving from Stage I to Stage II or from Stage II to Stage I.
  • No securities are being excluded from ASM IBC framework.
  • The consolidated list (Annexure III) contains 15+ securities across various IBC stages, including notable names such as Aban Offshore Ltd, AGS Transact Technologies Ltd, Arshiya Limited, and Ansal Properties & Infrastructure Ltd.
  • Securities marked with * 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 have been announced. This circular represents a routine periodic review and update of the securities list under the existing ASM-IBC mechanism. Stage definitions remain unchanged:

  • Stage 0: Receipt of corporate announcement/disclosure from the company.
  • Stage 1: Shortlisted under ASM for companies undergoing IRP as per IBC.
  • Stage 2: Escalated surveillance for continued non-compliance or worsening IBC proceedings.

Compliance Requirements

  • Trading Members / Brokers: Must be aware of the revised ASM-IBC list and apply applicable trading restrictions and margin requirements for securities under Stage 1 and Stage 2.
  • Investors: Should exercise due diligence before trading in securities under IBC surveillance, as these companies are undergoing insolvency proceedings.
  • Companies (Kanel Industries Ltd): Subject to enhanced surveillance and applicable trading restrictions from February 23, 2026, under Stage 1 of the IBC ASM framework.

Important Dates

  • Effective Date: February 23, 2026 — all changes (additions, exclusions, stage movements) come into force.
  • Circular Date: February 20, 2026.

Impact Assessment

The impact of this circular is moderate and targeted. Only one new security (Kanel Industries Ltd) is being added to the IBC surveillance framework, limiting the fresh market impact. However, the broader consolidated list (Annexure III) continues to include a significant number of companies across multiple sectors, which face ongoing trading restrictions and heightened margin requirements. Market participants holding or trading securities on the consolidated IBC list should remain cautious given the insolvency proceedings associated with these companies. The absence of any Stage II escalations or exclusions indicates a relatively stable period for the IBC surveillance universe.

Impact Justification

Routine periodic update to the IBC surveillance framework. Only one new security (Kanel Industries Ltd) is added to Stage 1; no securities are moving between stages or being excluded. The consolidated list in Annexure III affects multiple securities already under IBC surveillance.