Description

BSE notifies addition and removal of securities under the Additional Surveillance Measure for companies in Insolvency Resolution Process (IRP) under IBC, effective April 22, 2026.

Summary

BSE has updated the list of securities subject to 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, and certain securities are being removed from the framework, both with effect from April 22, 2026.

Key Points

  • Securities listed in Annexure I are newly placed under the IBC Surveillance Framework effective April 22, 2026.
  • Securities listed in Annexure II are being removed from the IBC Framework effective April 22, 2026.
  • A consolidated list of all securities currently under the framework is provided in Annexure III.
  • The IBC 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.
  • Price bands for scrips exiting the framework will be reinstated to their pre-shortlisting levels, unless the scrip remains under another surveillance measure.

Regulatory Changes

This notice is issued with reference to prior Exchange notices: 20180608-34 (June 8, 2018), 20220520-52 (May 20, 2022), 20230210-55 (February 10, 2023), and 20250905-47 (September 5, 2025), which established the ASM framework for IBC-related companies. The current notice updates the list of securities within that framework.

Compliance Requirements

  • Trading members must take note of the updated lists in Annexures I, II, and III.
  • Members must apply the applicable price band and surveillance restrictions for securities entering the IBC framework.
  • For securities exiting the framework, members should note the reinstated price bands, subject to no other surveillance measure being applicable.
  • For clarifications, members may contact BSE at bse.surv@bseindia.com.

Important Dates

  • April 21, 2026: Notice date.
  • April 22, 2026: Effective date for both addition of new securities to and removal of securities from the IBC Surveillance Framework.

Impact Assessment

Securities placed under the IBC framework are subject to additional surveillance restrictions, including modified price bands, which directly impacts their trading. Investors and traders holding these scrips may face tighter price movement limits. Securities exiting the framework will revert to normal price bands (unless subject to other surveillance measures), potentially allowing wider price movement. The framework is periodic in review, meaning the list can change regularly as companies progress through or exit insolvency proceedings.

Impact Justification

Directly affects tradability and price bands of securities under insolvency proceedings; changes effective next trading day with consolidated annexures listing impacted scrips.