Description

BSE announces updates to the 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 an update to its Additional Surveillance Measure (ASM) framework for companies undergoing the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The changes are effective February 25, 2026. Only one new security has been added to Stage 1, and no securities are being escalated, de-escalated, or excluded in this update.

Key Points

  • Quadrant Televentures Ltd (Scrip Code: 511116, ISIN: INE527B01020) is newly added to IBC ASM Stage 1 effective February 25, 2026.
  • No securities have been added to 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 the IBC ASM framework.
  • The consolidated list continues to track a large number of companies across Stage 0 and Stage 1, including Aban Offshore Ltd, AGS Transact Technologies Ltd, Arshiya Limited, Ansal Properties & Infrastructure Ltd, and others.

Regulatory Changes

The IBC surveillance framework operates in stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company.
  • Stage 1: Active IBC Insolvency Resolution Process (IRP) surveillance with enhanced trading restrictions.
  • Stage 2: Heightened measures for prolonged or escalated insolvency cases.

This circular reflects the February 25, 2026 periodic review cycle with minimal changes to the existing framework.

Compliance Requirements

  • Trading members and investors must note the updated IBC ASM stage classifications before trading in listed securities of companies under IBC.
  • Securities marked with * indicate data sourced from NSE.
  • Securities marked with ~ are T+0 scrips shortlisted under IBC framework as per the parent company.
  • Securities marked with ^ are recommencement scrips (e.g., Aanchal Ispat Ltd, Alka India Ltd).
  • Market participants should adhere to applicable trading restrictions and margin requirements for Stage 1 and Stage 2 securities.

Important Dates

  • Effective Date: February 25, 2026 — All changes to IBC ASM stage classifications come into effect.

Impact Assessment

The impact of this circular is limited in scope. Only one new company (Quadrant Televentures Ltd) has been added to Stage 1, and there are no escalations to Stage 2 or exclusions from the framework. Investors holding or trading in Quadrant Televentures Ltd should be aware of the enhanced surveillance measures now applicable. The broader consolidated list of IBC-flagged securities remains largely unchanged, continuing to affect trading in multiple small and mid-cap companies undergoing insolvency proceedings.

Impact Justification

Routine periodic update to IBC surveillance framework; only one new Stage 1 addition (Quadrant Televentures Ltd) with no Stage II escalations or exclusions, limiting broad market impact.