Description

BSE notifies securities placed under Additional Surveillance Measure for companies undergoing Insolvency Resolution Process (IRP) as per IBC, effective April 10, 2026, along with securities moving out of the framework.

Summary

BSE has notified market participants about securities being placed under the Additional Surveillance Measure (ASM) for companies undergoing the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC), effective April 10, 2026. The notice also lists securities moving out of the IBC Framework from the same date. This notice is issued with reference to prior exchange notices dating back to June 2018.

Key Points

  • Securities listed in Annexure I have satisfied the criteria for placement under the Additional Surveillance Measure for IBC/IRP companies, effective April 10, 2026.
  • Securities listed in Annexure II are moving out of the IBC Framework effective April 10, 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 the exchanges.
  • Shortlisting under this framework is purely for market surveillance purposes and should not be construed as an adverse action against the concerned company.

Regulatory Changes

This notice updates the list of securities under the Additional Surveillance Measure for IBC-related companies, building upon the framework established via:

  • Exchange notice no. 20180608-34 (June 8, 2018)
  • Exchange notice no. 20220520-52 (May 20, 2022)
  • Exchange notice no. 20230210-55 (February 10, 2023)
  • Exchange notice no. 20250905-47 (September 5, 2025)

Compliance Requirements

  • Market participants and trading members must take note of the updated list of securities under the IBC Framework.
  • Members should refer to Annexures I, II, and III for the specific securities affected.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • April 10, 2026: Effective date for securities newly placed under the IBC Surveillance Framework (Annexure I) and for securities moving out of the framework (Annexure II).

Impact Assessment

Securities placed under the IBC Framework are subject to additional surveillance measures that typically include restrictions on price bands. Upon entering the framework, price bands are adjusted per the surveillance measure rules. For securities exiting the framework (Annexure II), the price band will be reinstated to the level applicable before the security was shortlisted, unless the security remains under any other surveillance measure, in which case the price band of that other framework prevails. This has direct implications for intraday trading limits and volatility management for the affected securities.

Impact Justification

Directly affects tradability and price bands of securities under insolvency proceedings; immediate operational impact on market participants from April 10, 2026.