Description

BSE announces updates to the Additional Surveillance Measure (ASM) for companies under the Insolvency Resolution Process (IRP) as per IBC, with Eastern Silk Industries Ltd newly added to Stage 1 effective February 27, 2026.

Summary

BSE has updated its Additional Surveillance Measure (ASM) framework for companies undergoing the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The circular details changes to the surveillance stages effective February 27, 2026, including one new addition to Stage 1 and a consolidated list of all securities currently under IBC-related surveillance.

Key Points

  • Eastern Silk Industries Ltd (Scrip Code: 590022, ISIN: INE962C01035) has been newly added to Stage 1 of the IBC ASM framework effective February 27, 2026 (as per NSE).
  • No securities were added to Stage 0 (Receipt of corporate announcement/disclosure).
  • No securities moved from Stage I to Stage II or from Stage II to Stage I.
  • No securities were excluded from IBC ASM in this update.
  • The consolidated list (Annexure III) includes over 15 companies currently under various stages of IBC surveillance, spanning Stage 0 and Stage 1.

Regulatory Changes

  • Eastern Silk Industries Ltd transitions into the IBC Stage 1 surveillance framework, which imposes additional trading restrictions and surveillance scrutiny.
  • The IBC ASM framework applies to companies that have received an order from the National Company Law Tribunal (NCLT) initiating the Corporate Insolvency Resolution Process (CIRP).

Compliance Requirements

  • Trading members and market participants must note the revised IBC ASM stage classifications effective February 27, 2026.
  • Securities under Stage 1 are subject to enhanced surveillance measures including trade-for-trade settlement and price bands as mandated by the exchange.
  • Investors holding or trading in securities listed in the consolidated list (Annexure III) should be aware of applicable surveillance restrictions.

Important Dates

  • Effective Date: February 27, 2026 — All changes to IBC ASM stages come into force.
  • Circular Date: February 26, 2026.

Impact Assessment

The addition of Eastern Silk Industries Ltd to IBC Stage 1 signals commencement of formal insolvency resolution proceedings and imposes enhanced trading restrictions on the scrip, which may significantly affect liquidity and price discovery for the stock. Investors in this company should exercise caution. The broader consolidated list includes companies such as Aban Offshore, AGS Transact Technologies, Ansal Properties, and Arshiya Limited, all of which remain under ongoing IBC surveillance at various stages. No new large-cap or widely-held companies were added in this update, limiting systemic market impact.

Impact Justification

Routine IBC surveillance update affecting a limited set of companies under insolvency proceedings; one new stock added to Stage 1 with trading restrictions, while no removals or stage escalations were made.