Description

BSE applies Additional Surveillance Measure to securities of companies under Insolvency Resolution Process (IRP) as per IBC, with updated annexures effective April 21, 2026.

Summary

BSE has updated its Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Securities newly meeting the criteria are added to the framework effective April 21, 2026, while others are removed. The full consolidated list is provided in Annexure III attached to the notice.

Key Points

  • Securities listed in Annexure I have newly satisfied the criteria for IBC-related Additional Surveillance Measure, effective April 21, 2026.
  • Securities listed in Annexure II are moving out of the IBC Framework effective April 21, 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 IBC surveillance framework originally established via Exchange Notice No. 20180608-34 (June 8, 2018) and subsequently amended by notices dated May 20, 2022, February 10, 2023, and September 5, 2025. Both additions to and removals from the framework take effect April 21, 2026.

Compliance Requirements

  • Market participants and members must take note of the revised list of securities under the IBC surveillance framework.
  • Trading in affected securities must adhere to the price band restrictions applicable under this framework.
  • For securities exiting the framework, the previous applicable price band will be reinstated, unless the scrip is subject to another surveillance measure, in which case that measure’s price band prevails.
  • Members with clarifications may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • April 20, 2026: Notice issued.
  • April 21, 2026: Effective date for addition and removal of securities from the IBC surveillance framework.

Impact Assessment

Securities newly placed under the IBC framework will face tightened price band restrictions, limiting daily price movement and potentially reducing liquidity. Securities removed from the framework will have their prior price bands reinstated (subject to no other active surveillance measures), which may improve liquidity and price discovery. The periodic review mechanism means further changes to the list can occur at any time, requiring ongoing vigilance from market participants trading in IBC-listed companies.

Impact Justification

Directly affects trading conditions (price bands) for multiple securities under IBC/IRP framework; securities added or removed from surveillance list face immediate trading restrictions or reinstatements effective April 21, 2026.