Description

BSE announces updates to Additional Surveillance Measures (ASM) for companies under Insolvency Resolution Process (IRP) as per IBC, effective March 12, 2026. Two securities are newly added to Stage 1, while no securities are being excluded or moved between stages.

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 12, 2026, two securities — Aban Offshore Ltd and Rajeswari Infrastructure Ltd — are shortlisted under Stage 1 surveillance. No securities are being moved between stages or excluded from ASM. A consolidated list of all securities currently under IBC-related surveillance is also provided.

Key Points

  • Stage 0 (New additions): NIL — no securities newly added to the corporate announcement/disclosure stage.
  • Stage 1 (New additions): Two securities added effective March 12, 2026:
    • Aban Offshore Ltd (Scrip Code: 523204, ISIN: INE421A01028)
    • Rajeswari Infrastructure Ltd (Scrip Code: 526823, ISIN: INE016C01014)
  • Stage I to Stage II transitions: NIL
  • Stage II to Stage I transitions: NIL
  • Exclusions from ASM: NIL
  • Stage 0 exclusions: NIL
  • The consolidated list (Annexure III) includes over 16 securities across various stages of IBC surveillance.

Regulatory Changes

No structural changes to the IBC surveillance framework are introduced. This circular represents a routine periodic update to the list of securities subject to ASM under IBC proceedings. The surveillance stages are:

  • Stage 0: Receipt of corporate announcement/disclosure from the company.
  • Stage 1: Active Additional Surveillance Measure under IRP/IBC.
  • Stage 2: Enhanced surveillance for advanced-stage insolvency cases.

Compliance Requirements

  • Market participants and investors holding or trading in securities listed under IBC ASM (particularly newly added Stage 1 securities) must be aware of applicable trading restrictions.
  • Brokers and trading members must apply the relevant surveillance-based trading conditions for Aban Offshore Ltd and Rajeswari Infrastructure Ltd from March 12, 2026 onwards.
  • Entities with exposure to any of the consolidated list securities should monitor further BSE communications for stage changes or exclusions.

Important Dates

  • Effective Date: March 12, 2026 — all changes (Stage 1 additions) come into force.
  • Circular Date: March 11, 2026.

Impact Assessment

The addition of Aban Offshore Ltd and Rajeswari Infrastructure Ltd to Stage 1 ASM under IBC will subject these securities to enhanced trading surveillance, potentially including price bands, periodic call auction mechanisms, or other restrictions. Investors in these stocks may face reduced liquidity and heightened volatility. The broader consolidated list of IBC-surveillance securities highlights ongoing market risk in the insolvency space. No securities are being released from surveillance in this update, indicating no immediate relief for existing IBC-listed companies.

Impact Justification

Directly affects trading conditions for securities under IBC proceedings; newly listed Stage 1 securities face trading restrictions impacting investors and liquidity.