Description
BSE circular updating the list of securities under Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) as per IBC, effective March 10, 2026. Seven securities are being excluded from ASM.
Summary
BSE has issued its periodic update to the Additional Surveillance Measure (ASM) list for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective March 10, 2026, no new securities are being added to any stage of the IBC surveillance framework, while seven securities are being excluded from ASM. A consolidated list of securities currently under IBC surveillance across various stages is also provided.
Key Points
- No new securities added to Stage 0 (Receipt of corporate announcement/disclosure) w.e.f. March 10, 2026
- No new securities added to Stage 1 (IRP under IBC) w.e.f. March 10, 2026
- No securities moving from Stage I to Stage II or Stage II to Stage I
- Seven securities excluded from ASM for IBC companies w.e.f. March 10, 2026
- Consolidated list of remaining IBC-monitored securities includes companies at Stage 0 and Stage 1
- Some securities marked with (*) as per NSE data; some marked (^) as Recommencement Scrips
Regulatory Changes
The IBC surveillance framework operates across multiple stages:
- Stage 0: Receipt of corporate announcement/disclosure from the company
- Stage 1: Securities under Insolvency Resolution Process (IRP)
- Stage 2: Higher surveillance stage for advanced IBC cases
This update reflects no escalations or de-escalations between stages, but removes seven companies that have completed or exited the insolvency process.
Compliance Requirements
- Trading members and market participants must note the exclusion of the seven securities from ASM-IBC framework effective March 10, 2026
- Normal trading rules will apply to excluded securities post removal from ASM
- Securities remaining on the consolidated list continue to be subject to applicable ASM restrictions per their respective stages
Important Dates
- Effective Date: March 10, 2026 — all changes (exclusions and consolidated list) take effect
- Circular Date: March 9, 2026
Impact Assessment
Securities excluded from ASM-IBC (effective March 10, 2026):
| Sr. No. | Scrip Code | ISIN | Company Name |
|---|---|---|---|
| 1 | 539223 | INE563S01011 | Ambition Mica Ltd |
| 2 | 533006 | INE655I01024 | Birla Cotsyn (India) Ltd |
| 3 | 531171 | INE248C01013 | Dharti Proteins Ltd |
| 4 | 540027 | INE171P01019 | Prabhat Technologies (India) Ltd |
| 5 | 524610 | INE886C01010 | Rathi Graphic Technologies Ltd |
| 6 | 532766 | INE516H01012 | Richa Industries Ltd |
| 7 | 506196 | INE965V01012 | Viksit Engineering Ltd |
These seven companies are relieved of ASM-IBC restrictions, potentially allowing normal trading conditions to resume. The broader consolidated list of IBC-monitored securities remains largely unchanged, with companies spanning Stage 0 (disclosure stage) and Stage 1 (active IRP). Market impact is limited to the specific securities listed above; no systemic or broad market impact is expected.
Impact Justification
Routine periodic update to IBC surveillance list with no new additions but seven securities being excluded. Moderate impact limited to the specific companies being removed from ASM framework.