Description

BSE circular updating Additional Surveillance Measure (ASM) lists for companies under 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 the Additional Surveillance Measure (ASM) framework for companies undergoing the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The changes are effective from March 04, 2026. One company — Galada Power & Telecommunication Ltd — has been newly added to Stage 1. No securities are being moved between stages or excluded from the ASM framework in this update.

Key Points

  • Stage 0 (New additions - Receipt of corporate announcement): Nil
  • Stage 1 (New additions): Galada Power & Telecommunication Ltd (Scrip Code: 504697, ISIN: INE255C01026)
  • Stage I to Stage II (Escalations): Nil
  • Stage II to Stage I (De-escalations): Nil
  • Moving to Stage 0: Nil
  • Excluded from ASM (IBC): Nil
  • Consolidated list (Annexure III) includes 15+ securities across Stage 0 and Stage 1 under IBC surveillance

Regulatory Changes

No changes to the ASM-IBC framework rules. This circular represents a periodic update to the list of securities subject to the existing Additional Surveillance Measure for IBC companies. The framework has two primary stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company (monitoring stage)
  • Stage 1: Active IRP under Insolvency and Bankruptcy Code

Compliance Requirements

  • Trading members and investors must note the revised ASM-IBC list effective March 04, 2026
  • Securities under Stage 1 are subject to enhanced surveillance and applicable trading restrictions per BSE’s ASM-IBC framework
  • Scrips marked with * are as per NSE data; scrips marked with ^ are recommencement scrips

Important Dates

  • Effective Date: March 04, 2026
  • Circular Date: March 02, 2026

Impact Assessment

The impact is limited and targeted to the specific securities listed. Galada Power & Telecommunication Ltd (504697) is the only new entrant, now subject to Stage 1 IBC surveillance restrictions. The consolidated list in Annexure III confirms ongoing monitoring of companies such as Aban Offshore Ltd, AGS Transact Technologies Ltd, Ansal Properties & Infrastructure Ltd, Arshiya Limited, and others already under IBC proceedings. Investors holding these securities should be aware of potential trading restrictions and heightened disclosure requirements. No broader market impact is expected from this routine update.

Impact Justification

Routine IBC surveillance update affecting a limited number of distressed/insolvent companies; only one new addition (Galada Power) to Stage 1, no exclusions, moderate market impact confined to affected scrips.