Description

BSE circular announcing updates to Additional Surveillance Measures (ASM) for companies under Insolvency and Bankruptcy Code (IBC), effective March 11, 2026. Three securities added to Stage 1 IRP surveillance.

Summary

BSE has issued an update to its Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective March 11, 2026, three securities have been newly added to Stage 1 surveillance, while no securities are being moved between stages or excluded from the framework in this cycle.

Key Points

  • Three securities newly shortlisted under ASM Stage 1 (IRP/IBC) effective March 11, 2026: Neueon Corporation Ltd (532887), PAE Ltd (517230), and Radhagobind Commercial Ltd (539673)
  • No securities shortlisted under Stage 0 (Receipt of corporate announcement/disclosure) in this update
  • No securities moved from Stage I to Stage II or Stage II to Stage I
  • No securities excluded from IBC-ASM in this update
  • Consolidated list (Annexure III) includes 14 securities currently under various IBC surveillance stages
  • Annotations: (*) denotes NSE-sourced data; (^) denotes Recommencement Scrips

Regulatory Changes

This circular reflects updates to BSE’s ongoing IBC-ASM surveillance framework. The framework operates across two active stages:

  • Stage 0: Receipt of corporate announcement/disclosure from the company
  • Stage 1: Full Additional Surveillance Measure under IBC/IRP

No new regulatory framework changes are introduced; this is a periodic update to the list of affected securities.

Compliance Requirements

  • Brokers and market participants must note the revised ASM classifications effective March 11, 2026
  • Trading members dealing in Neueon Corporation Ltd, PAE Ltd, and Radhagobind Commercial Ltd must apply Stage 1 ASM margin and trading restrictions from the effective date
  • All entities on the consolidated list (Annexure III) remain subject to applicable IBC-ASM trading conditions per their respective stage classifications

Important Dates

  • Effective Date: March 11, 2026 — all changes to ASM classifications come into force
  • Circular Date: March 10, 2026

Impact Assessment

The three newly added Stage 1 securities — Neueon Corporation Ltd (INE333I01044), PAE Ltd (INE766A01026), and Radhagobind Commercial Ltd (INE792P01020) — will face enhanced surveillance trading restrictions including higher margin requirements. Investors holding these securities should be aware of potentially reduced liquidity and additional compliance obligations for their brokers. The consolidated list of 14 securities under IBC surveillance (Annexure III) spans multiple stages, reflecting the ongoing regulatory oversight of companies in insolvency proceedings on the BSE platform.

Impact Justification

Directly affects trading conditions for securities under IBC insolvency proceedings; Stage 1 ASM classification imposes significant trading restrictions on affected stocks effective March 11, 2026.