Description

BSE announces updated IBC-linked Additional Surveillance Measure (ASM) lists effective March 16, 2026, including Reliance Home Finance Ltd being added to Stage 1.

Summary

BSE has issued an updated list of securities under the Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). The changes are effective from March 16, 2026. Reliance Home Finance Ltd (Scrip Code: 540709, ISIN: INE217K01011) has been newly shortlisted under Stage 1 of the IBC-ASM framework.

Key Points

  • Reliance Home Finance Ltd added to IBC-ASM Stage 1 w.e.f. March 16, 2026
  • No securities added to Stage 0 (Receipt of corporate announcement/disclosure stage)
  • No securities moved from Stage I to Stage II or Stage II to Stage I
  • No securities excluded from IBC-ASM in this update
  • A consolidated list of all securities currently under IBC surveillance is provided in Annexure III, covering companies at various IBC stages

Regulatory Changes

The consolidated list (Annexure III) includes securities placed under IBC-ASM at different stages:

  • Stage 0 (Receipt of corporate announcement/disclosure): Includes companies such as A.F. Enterprises Ltd, AGS Transact Technologies Ltd, Alchemist Ltd, Ankit Metal & Power Ltd, Ansal Properties & Infrastructure Ltd, and others
  • Stage 1: Includes Aanchal Ispat Ltd, Aban Offshore Ltd, Alka India Ltd, Arshiya Limited, Axis Solutions Ltd, and newly added Reliance Home Finance Ltd, among others

Compliance Requirements

  • Trading members and investors must note the enhanced surveillance conditions applicable to all securities listed under IBC-ASM stages
  • Securities under Stage 1 are subject to additional margin requirements and trade-for-trade settlement restrictions
  • Market participants should review the complete Annexure III consolidated list for all currently monitored IBC securities
  • Scrips marked with (*) are as per NSE; scrips marked with (^) are recommencement scrips

Important Dates

  • Effective Date: March 16, 2026 — all changes to IBC-ASM surveillance lists come into force

Impact Assessment

The addition of Reliance Home Finance Ltd to IBC-ASM Stage 1 will subject the scrip to stricter trading conditions, including higher margins and possible trade-for-trade settlement, impacting liquidity and trading volumes. Investors holding or trading in IBC-listed securities should exercise caution as these companies are under active insolvency resolution proceedings. The nil movement between Stage I and Stage II, and nil exclusions, suggests the overall IBC surveillance landscape is largely stable this cycle, with one incremental addition.

Impact Justification

Multiple securities placed under IBC-linked ASM stages affecting trading conditions; Reliance Home Finance Ltd newly added to Stage 1 with effect from March 16, 2026.