Description
BSE updates the Additional Surveillance Measure (ASM) list for companies under the Insolvency and Bankruptcy Code (IBC), with 9 securities moving to Stage 0 effective March 02, 2026 and no new Stage 1/2 additions.
Summary
BSE has issued an update to its Additional Surveillance Measure (ASM) for companies subject to the Insolvency and Bankruptcy Code (IBC). Effective March 02, 2026, 9 securities are being moved to Stage 0 (Receipt of corporate announcement/disclosure from the company). No new securities are being shortlisted under Stage 1 or Stage 2, and no securities are being excluded from IBC-ASM in this cycle.
Key Points
- 9 securities are being moved to IBC-ASM Stage 0 (corporate announcement/disclosure stage) effective March 02, 2026
- No new additions to Stage 1 (IRP shortlisted) or Stage 2 in this update
- No stage transitions from Stage I to Stage II or Stage II to Stage I
- No exclusions from IBC-ASM in this period
- Consolidated list (Annexure III) includes securities across multiple IBC stages
- Scrips marked
(^)are recommencement scrips; scrips marked(*)are as per NSE data
Regulatory Changes
This circular updates the IBC surveillance framework under BSE’s Additional Surveillance Measure (ASM) regime. The IBC-ASM framework operates in stages:
- Stage 0: Receipt of corporate announcement/disclosure — initial monitoring level
- Stage 1: Company shortlisted under Insolvency Resolution Process (IRP)
- Stage 2: Elevated surveillance for companies deeper in IBC proceedings
No structural changes to the framework are introduced in this circular.
Compliance Requirements
- Trading members and investors should note the updated IBC-ASM list before executing trades in the listed scrips
- Securities under IBC-ASM may be subject to additional margin requirements, price bands, or trade-for-trade settlement as applicable to their stage
- Market participants should refer to the consolidated list in Annexure III for the complete current IBC-ASM universe
Important Dates
- Effective Date: March 02, 2026 — all stage changes and new additions take effect
- Circular Date: February 27, 2026
Impact Assessment
Securities moving 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 impact is moderate and confined to the specific scrips listed. Stage 0 placement signals early-stage IBC monitoring and may lead to heightened investor caution. Traders in these securities should be aware of potential additional surveillance conditions. The broader market is unaffected.
Impact Justification
Routine periodic update to IBC surveillance list; no new Stage 1 or Stage 2 additions, but 9 securities moved to Stage 0 (corporate announcement/disclosure stage), affecting a moderate number of scrips with trading implications.