Description

BSE places additional securities under IBC Surveillance Framework effective April 15, 2026, with some securities moving out of the framework and a consolidated list provided.

Summary

BSE has issued a notice updating 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). New securities satisfying the IBC criteria are being added to the framework, while certain securities are moving out, both effective April 15, 2026. A consolidated list of all securities currently under this framework is provided in Annexure III of the notice.

Key Points

  • Securities listed in Annexure I are newly placed under the IBC Surveillance Framework effective April 15, 2026.
  • Securities listed in Annexure II are being removed from the IBC Framework effective April 15, 2026.
  • A consolidated list of all securities currently under the framework is available in Annexure III.
  • The IBC 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.
  • Price bands of securities moving out of the framework will be reinstated to the band applicable before shortlisting, unless the scrip remains under another surveillance measure.

Regulatory Changes

This notice updates the IBC Surveillance Framework originally established via Exchange Notice No. 20180608-34 (June 8, 2018) and subsequently revised through notices dated May 20, 2022, February 10, 2023, and September 5, 2025. The current update reflects a periodic review of securities meeting IBC/IRP criteria.

Compliance Requirements

  • Trading members must note the updated list of securities under the IBC Surveillance Framework.
  • Members should refer to Annexures I, II, and III (attached to the notice) for the specific securities affected.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.
  • Price band restrictions applicable to the framework must be observed for all listed securities.

Important Dates

  • April 13, 2026: Notice issuance date.
  • April 15, 2026: Effective date for inclusion of new securities (Annexure I) and removal of securities (Annexure II) from the IBC Surveillance Framework.

Impact Assessment

Securities placed under the IBC Surveillance Framework are subject to modified price bands and heightened scrutiny, which can significantly restrict trading activity and investor participation. The addition of new securities may dampen liquidity and increase volatility for affected scrips. Conversely, securities exiting the framework will have their original price bands restored (subject to no other active surveillance measure), potentially improving tradability. Market participants holding positions in affected securities should review the annexures and adjust their strategies accordingly. The framework’s conjunction with other surveillance measures means cumulative restrictions may apply in some cases.

Impact Justification

Directly affects tradability and price bands of multiple securities undergoing insolvency resolution; effective date imminent (April 15, 2026); impacts market participants holding or trading IBC-listed scrips.