Description

BSE updates the Additional Surveillance Measure (ASM) framework for companies under Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC), with revised lists of securities effective April 17, 2026.

Summary

BSE has updated the Additional Surveillance Measure (ASM) framework for companies undergoing the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective April 17, 2026, new securities have been added to the framework (Annexure I), certain securities are being removed (Annexure II), and a consolidated list of all securities currently under the framework is provided (Annexure III).

Key Points

  • Securities listed in Annexure I have met the criteria for placement under the ASM-IBC framework effective April 17, 2026.
  • Securities listed in Annexure II are moving out of the IBC framework effective April 17, 2026.
  • A consolidated list of all securities currently under the framework is available as Annexure III.
  • The ASM-IBC framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.
  • Placement 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 references and builds upon prior Exchange 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

The framework continues to apply Additional Surveillance Measures to companies involved in Insolvency Resolution Processes as mandated under the IBC.

Compliance Requirements

  • Market participants and members must note the updated lists of securities under the IBC surveillance framework.
  • Trading members must adhere to applicable price bands and surveillance restrictions for securities listed in the framework.
  • Securities exiting the framework will have their price bands reinstated to pre-shortlisting levels, unless the scrip is under another surveillance measure, in which case the relevant framework’s price band prevails.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • April 16, 2026: Notice issued.
  • April 17, 2026: Effective date for addition and removal of securities under the IBC ASM framework.

Impact Assessment

Securities newly placed under the ASM-IBC framework will be subject to additional trading restrictions, including revised price bands, which may limit intraday volatility and trading activity. Securities exiting the framework will revert to their prior price bands (subject to no other active surveillance measure), potentially restoring normal trading conditions. Market participants holding or trading in affected securities should review the Annexures for the complete list of impacted scrips. The periodic review mechanism ensures the framework remains current with the insolvency status of listed companies.

Impact Justification

Directly affects trading conditions (price bands) for multiple securities under IBC/IRP framework, with immediate effect from April 17, 2026. Impacts both newly added and exiting securities under the surveillance framework.