Description

BSE places additional securities under the IBC Surveillance Framework effective April 09, 2026, while some securities move out of the framework. Consolidated list attached as annexure.

Summary

BSE has updated the list of securities subject to the Additional Surveillance Measure (ASM) for companies under the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). New securities have been added to the framework and certain securities have been removed, both effective April 09, 2026. This notice is issued in continuation of earlier notices dating back to June 2018.

Key Points

  • Securities listed in Annexure I now satisfy the IBC ASM criteria and are placed under the framework effective April 09, 2026.
  • Securities listed in Annexure II are moving out of the IBC Framework effective April 09, 2026.
  • A consolidated list of all securities currently under the IBC Framework is provided in Annexure III.
  • The IBC surveillance framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges.
  • Shortlisting under this framework is purely for market surveillance purposes and should not be construed as adverse action against the company.

Regulatory Changes

The framework update references and is consistent with prior notices:

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

Compliance Requirements

  • Exchange members must note the revised list of securities under the IBC ASM Framework.
  • For securities exiting the framework, price bands will be reinstated to the levels applicable before the scrip was shortlisted, unless the scrip remains under another surveillance measure (in which case the relevant surveillance framework’s price band prevails).
  • Members with clarifications may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • April 08, 2026: Notice issued.
  • April 09, 2026: Effective date for additions to and removals from the IBC Surveillance Framework.

Impact Assessment

Securities newly placed under the IBC ASM Framework will face restricted price bands, limiting intraday price movement and potentially reducing liquidity. For securities exiting the framework, normal price bands are reinstated (subject to no other active surveillance measure), which may improve trading conditions. Market participants holding or trading in affected securities should review the updated Annexures to assess exposure. The framework’s periodic review mechanism means further changes to the list are possible in subsequent notices.

Impact Justification

Directly affects tradability and price bands of securities under insolvency proceedings; changes effective next trading day (April 09, 2026) impact market participants immediately.