Description
BSE updates its Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC), with 9 securities newly moved to Stage 0 effective March 02, 2026. No new securities shortlisted in Stage 1 or Stage 2.
Summary
BSE has issued its periodic update on the Additional Surveillance Measure (ASM) framework applied to companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective March 02, 2026, nine securities have been moved to Stage 0 (Receipt of Corporate Announcement/Disclosure), while no new securities have been added to Stage 1 or Stage 2. No securities have been excluded from the ASM-IBC framework in this update.
Key Points
- 9 securities newly moved to Stage 0 (IBC surveillance) effective March 02, 2026
- Nil new securities shortlisted under Stage 0, Stage 1, or Stage 2 in Annexure I
- Nil securities excluded from ASM-IBC framework
- Consolidated list in Annexure III covers all securities currently under IBC surveillance across all stages
- Securities marked
^are Recommencement Scrips; securities marked*are as per NSE data
Regulatory Changes
This circular implements a routine update to BSE’s ASM-IBC surveillance framework. Stage movements reflect changes in the insolvency resolution status of listed companies:
- Stage 0: Receipt of corporate announcement/disclosure from the company
- Stage 1: Active insolvency resolution process under IBC
- Stage 2: Advanced/prolonged insolvency proceedings
No structural changes to the ASM-IBC framework itself have been announced.
Compliance Requirements
- Trading members and investors must note the revised surveillance status of the 9 newly added securities under Stage 0
- Securities under ASM-IBC are subject to enhanced surveillance conditions, including applicable trade-for-trade settlement and price band restrictions as per the relevant stage
- Market participants should monitor official BSE announcements for any further stage transitions for these securities
Important Dates
- Effective Date: March 02, 2026 — all stage changes and new additions come into force
- Circular Date: February 27, 2026
Impact Assessment
Newly Added to Stage 0 (Annexure II) — effective March 02, 2026:
| Sr. No. | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 504697 | INE255C01026 | Galada Power & Telecommunication Ltd^ |
| 2 | 532887 | INE333I01044 | Neueon Corporation Ltd |
| 3 | 517230 | INE766A01026 | PAE Ltd |
| 4 | 500322 | INE167E01037 | Panyam Cements & Mineral Industries Ltd^ |
| 5 | 539673 | INE792P01020 | Radhagobind Commercial Ltd |
| 6 | 512197 | INE798C01017 | Silveroak Commercials Ltd |
| 7 | 533107 | INE542F01020 | Swan Defence And Heavy Industries Ltd |
| 8 | 531574 | INE192C01013 | Vas Infrastructure Ltd |
| 9 | 517399 | INE756A01019 | VXL Instruments Ltd |
The broader impact is limited to holders of these specific securities. Being placed under Stage 0 surveillance signals early-stage IBC proceedings, typically resulting in heightened regulatory scrutiny and potential trading restrictions. Investors in the affected companies should exercise caution and monitor corporate announcements closely. The absence of any Stage 1 or Stage 2 additions indicates no escalation in the severity of ongoing IBC cases this cycle.
Impact Justification
Affects a limited set of securities undergoing IBC proceedings; no new Stage 1/Stage 2 additions, but 9 companies newly placed under Stage 0 surveillance. Significant for investors holding these specific stocks but limited broader market impact.