Description

BSE updates the list of securities under Additional Surveillance Measure for companies in Insolvency Resolution Process (IRP) under IBC, effective April 13, 2026, including additions and removals from the framework.

Summary

BSE has updated the list of securities subject to the Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The update is effective April 13, 2026, and covers new additions (Annexure I), removals (Annexure II), and a consolidated list of all securities currently under the framework (Annexure III).

Key Points

  • Securities listed in Annexure I have satisfied the criteria for inclusion under the IBC-IRP Additional Surveillance Measure, effective April 13, 2026.
  • Securities listed in Annexure II are moving out of the IBC Framework effective April 13, 2026.
  • A consolidated list of all securities currently under the IBC Framework is provided in Annexure III.
  • The framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.
  • Inclusion under this framework is purely for market surveillance purposes and should not be construed as an adverse action against the concerned company.
  • Contact for clarifications: bse.surv@bseindia.com

Regulatory Changes

This notice updates the IBC surveillance framework in reference to prior notices:

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

No new regulatory framework is introduced; this is a periodic update to the existing IBC-IRP Additional Surveillance Measure.

Compliance Requirements

  • Market participants and members must note the updated list of securities under the IBC Framework.
  • The IBC Framework applies alongside all other active surveillance measures; the most restrictive price band prevails where multiple frameworks apply.
  • Members should monitor the Annexures for specific scrips affected.

Important Dates

  • April 13, 2026: Effective date for inclusion of new securities (Annexure I) and removal of securities (Annexure II) from the IBC Framework.

Impact Assessment

Securities newly added to the IBC Framework (Annexure I) will be subject to additional surveillance restrictions including modified price bands. Securities moving out of the framework (Annexure II) will have their price bands reinstated to pre-inclusion levels, provided they are not subject to any other surveillance measure. Where a scrip remains under another surveillance framework, the price band of that framework will continue to prevail. This is a routine periodic review with moderate impact limited to the specific securities listed in the annexures.

Impact Justification

Routine periodic update to IBC surveillance framework affecting a defined set of securities undergoing insolvency proceedings; impacts specific scrips but is a standard regulatory surveillance action, not a systemic market change.