Description

BSE updates the Additional Surveillance Measure (ASM) list for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC), with Galada Power & Telecommunication Ltd newly added to Stage 1 effective March 04, 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 circular lists changes to surveillance stages effective March 04, 2026, along with a consolidated list of all securities currently under IBC-related surveillance.

Key Points

  • One new security added to Stage 1: Galada Power & Telecommunication Ltd (Scrip Code: 504697, ISIN: INE255C01026) has been placed under IBC Stage 1 surveillance w.e.f. March 04, 2026.
  • No securities were shortlisted at Stage 0 (corporate announcement/disclosure receipt) in this update.
  • No securities were moved from Stage I to Stage II or from Stage II to Stage I.
  • No securities were excluded from ASM IBC surveillance in this update.
  • A comprehensive consolidated list of all securities currently under IBC surveillance (across all stages) is provided in Annexure III.

Regulatory Changes

  • Galada Power & Telecommunication Ltd enters ASM Stage 1 under the IBC surveillance framework.
  • The consolidated list in Annexure III covers companies at Stage 1 and at the “Receipt of corporate announcement/disclosure” (Stage 0) level, including notable names such as Aban Offshore Ltd, Arshiya Limited, Ansal Properties & Infrastructure Ltd, AGS Transact Technologies Ltd, and others.

Compliance Requirements

  • Trading members must note the updated surveillance stages and apply applicable trade restrictions or margin requirements for securities listed under IBC ASM stages.
  • Securities marked with * are as per NSE data; securities marked with ^ are recommencement scrips, which may have specific reinstatement conditions.
  • Members should ensure client-level compliance with enhanced surveillance norms for all listed IBC securities.

Important Dates

  • Effective Date: March 04, 2026 — all changes (new additions, stage movements, exclusions) come into force.

Impact Assessment

The impact of this circular is moderate and targeted. Only one security — Galada Power & Telecommunication Ltd — is newly placed under Stage 1 IBC surveillance, subjecting it to enhanced trade scrutiny and potentially higher margins. No broad market disruption is expected. Investors and traders holding positions in this scrip should be aware of the heightened surveillance status. The consolidated list in Annexure III serves as a reference for all IBC-related surveillance securities, useful for compliance teams conducting portfolio reviews.

Impact Justification

Routine IBC surveillance update; only one new security (Galada Power & Telecommunication Ltd) added to Stage 1, no securities moved between stages or excluded, limiting broad market impact.