Description

BSE updates the list of securities under Additional Surveillance Measure for companies in Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC), effective April 08, 2026.

Summary

BSE has updated the list of securities under the Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). New securities satisfying the IBC criteria have been added, and certain securities are being removed from the framework, both effective April 08, 2026. A consolidated list of all securities currently under the framework is provided as an annexure.

Key Points

  • Securities listed in Annexure I have met the criteria under the ASM-IBC framework and will be placed under surveillance effective April 08, 2026.
  • Securities listed in Annexure II are being moved out of the IBC framework effective April 08, 2026.
  • A consolidated list of all securities currently under the IBC framework is available in Annexure III.
  • The framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.
  • Shortlisting under this framework is solely for market surveillance purposes and must not be construed as an adverse action against the concerned company.

Regulatory Changes

This notice is issued with reference to prior Exchange notices:

  • Notice No. 20180608-34 dated June 08, 2018 (original framework introduction)
  • Notice No. 20220520-52 dated May 20, 2022
  • Notice No. 20230210-55 dated February 10, 2023
  • Notice No. 20250905-47 dated September 05, 2025

The IBC surveillance framework continues to be updated periodically as companies enter or exit insolvency proceedings.

Compliance Requirements

  • Trading members must take note of the revised list of securities under the IBC surveillance framework.
  • Members must apply the appropriate price band restrictions to newly added securities from April 08, 2026.
  • For securities exiting the framework, price bands must be reinstated to the level applicable before they were shortlisted, unless the scrip remains under another surveillance measure (in which case, the relevant surveillance framework’s price band prevails).
  • For clarifications, members may contact BSE at bse.surv@bseindia.com.

Important Dates

  • April 07, 2026: Notice issued.
  • April 08, 2026: Effective date for securities moving into and out of the IBC surveillance framework.

Impact Assessment

Securities placed under the IBC ASM framework are subject to additional trading restrictions, including tighter price bands, which limit daily price movement and may reduce liquidity. Securities exiting the framework will have their previous price bands reinstated (subject to no other surveillance measure applying), potentially improving trading conditions. Market participants holding or trading IBC-listed securities should review Annexures I, II, and III to assess exposure and adjust trading strategies accordingly. The measure is purely precautionary and regulatory in nature, not indicative of any specific adverse development at the company level.

Impact Justification

Directly affects trading conditions (price bands) for securities of companies undergoing insolvency proceedings; securities moving in and out of the IBC framework face immediate trading restrictions or reinstatement.