Description

BSE announces updates to its Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC), with Quadrant Televentures Ltd newly added to Stage 1 effective February 25, 2026.

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). The circular details additions, stage movements, and exclusions effective February 25, 2026. Quadrant Televentures Ltd is the sole new entrant, placed directly into Stage 1.

Key Points

  • New Stage 0 additions (Receipt of corporate announcement): Nil
  • New Stage 1 additions (IRP under IBC): Quadrant Televentures Ltd (Scrip Code: 511116, ISIN: INE527B01020)
  • Stage I to Stage II escalations: Nil
  • Stage II to Stage I de-escalations: Nil
  • Exclusions from ASM-IBC framework: Nil
  • The consolidated list (Annexure III) covers a broad range of companies already under IBC surveillance across Stage 0 and Stage 1

Regulatory Changes

No structural changes to the IBC surveillance framework are introduced in this circular. The update is a routine periodic revision to the list of securities subject to ASM under the IBC framework. Stage classifications (Stage 0 and Stage 1) remain as previously defined, with Stage 1 implying heightened surveillance tied to active insolvency resolution proceedings.

Compliance Requirements

  • Trading members must note the revised list and apply applicable surveillance restrictions for Quadrant Televentures Ltd (Stage 1) from February 25, 2026
  • Investors in securities on the consolidated IBC surveillance list should be aware of enhanced margin requirements and trade restrictions associated with Stage 1 securities
  • Securities marked with * are as per NSE data; securities marked ~ are T+0 scrips shortlisted under the IBC framework as per parent company; securities marked ^ are recommencement scrips

Important Dates

  • Effective date for all changes: February 25, 2026
  • Circular date: February 24, 2026

Impact Assessment

The impact of this circular is limited to the single new addition of Quadrant Televentures Ltd to Stage 1 ASM-IBC surveillance. Traders and investors holding this scrip will be subject to additional surveillance-related restrictions (such as higher margins or trade-to-trade settlement) effective February 25, 2026. No securities were escalated to a more restrictive stage or removed from the framework in this update, indicating relative stability in the IBC-listed securities landscape. The broader consolidated list reflects ongoing monitoring of multiple distressed companies across sectors.

Impact Justification

Routine IBC surveillance update affecting a limited number of securities; only one new addition (Quadrant Televentures Ltd) to Stage 1, with no stage escalations or exclusions this cycle.