Surveillance Measure for Securities under IBC - March 2026 Update

Description

BSE announces updates to Additional Surveillance Measures (ASM) for companies under Insolvency and Bankruptcy Code (IBC), including 7 securities to be excluded from ASM effective March 10, 2026.

Summary

BSE has released its periodic update to the Additional Surveillance Measure (ASM) framework 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 IBC surveillance stage, while 7 securities are being excluded from ASM entirely.

Key Points

• No securities are being newly added to Stage 0 (corporate announcement/disclosure stage) w.e.f. March 10, 2026
• No securities are being moved into Stage 1 of IBC-related ASM w.e.f. March 10, 2026
• No securities are moving from Stage I to Stage II or from Stage II to Stage I
• 7 securities are being fully excluded from IBC-related ASM w.e.f. March 10, 2026
• The consolidated list of securities currently under IBC surveillance remains active with companies at various stages

Regulatory Changes

The IBC ASM framework categorizes securities into stages based on their insolvency resolution process status:

• Stage 0: Receipt of corporate announcement/disclosure from the company
• Stage 1: Active Additional Surveillance Measure under IBC
• Stage 2: Elevated surveillance under IBC

This update reflects a net reduction in IBC-monitored securities with 7 exclusions and zero new additions.

Compliance Requirements

• Trading members should note the exclusion of 7 securities from IBC ASM restrictions effective March 10, 2026
• Securities remaining on the consolidated list (Annexure III) continue to be subject to their respective IBC surveillance stage requirements
• Annotations apply: (*) denotes NSE-sourced data; (^) denotes Recommencement Scrips

Important Dates

• Effective Date: March 10, 2026 — All changes (exclusions and stage movements) take effect

Impact Assessment

Securities excluded from IBC ASM (7 companies):

Exclusion from ASM typically allows normal trading conditions to resume for these securities, potentially improving liquidity. The absence of any new additions to IBC surveillance stages indicates no fresh insolvency-related concerns emerged for listed companies in this review cycle.

Impact Justification

Routine IBC surveillance update with no new securities added to ASM stages; 7 securities are being excluded which reduces restrictions on those stocks effective March 10, 2026.