Description

BSE places additional securities under the ASM framework for companies covered by Inter Creditor Agreement (ICA), effective April 22, 2026.

Summary

BSE has identified securities that satisfy the criteria for Additional Surveillance Measure (ASM) applicable to companies under the Inter Creditor Agreement (ICA) framework. These securities will be subject to enhanced surveillance with effect from April 22, 2026. The measure is referenced against Exchange notice no. 20220520-52 dated May 20, 2022.

Key Points

  • Securities listed in Annexure I have met ASM criteria under the ICA framework
  • The measure is effective from April 22, 2026
  • A consolidated list of all securities under the framework is available in Annexure III
  • The framework operates in conjunction with all other prevailing surveillance measures
  • Securities will be reviewed on a periodical basis
  • The shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the concerned company

Regulatory Changes

Additional securities have been brought under the ASM for Companies as per Inter Creditor Agreement (ICA), as originally established under Exchange notice no. 20220520-52 dated May 20, 2022. No changes to the framework itself are indicated; this notice announces the inclusion of new securities.

Compliance Requirements

  • Market participants and members must note the updated list of securities under the ASM-ICA framework
  • Trading in these securities will be subject to the conditions stipulated under the ICA surveillance framework
  • Members should refer to Annexure I for the newly added securities and Annexure III for the full consolidated list
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com

Important Dates

  • Notice Date: April 21, 2026
  • Effective Date: April 22, 2026

Impact Assessment

Securities placed under the ASM-ICA framework are subject to heightened surveillance, which typically involves additional margin requirements and trading restrictions. This can affect liquidity and price discovery for the impacted securities. Market participants holding or intending to trade these securities should review the Annexure I list and adjust their risk management accordingly. The periodic review mechanism means securities may be removed from the framework if they no longer satisfy the criteria.

Impact Justification

Securities placed under ASM-ICA framework face enhanced surveillance and trading restrictions effective next trading day; affects market participants holding or trading these securities.