Description

BSE updates the list of securities subject to Additional Surveillance Measure (ASM) for companies under Insolvency Resolution Process (IRP) as per IBC, effective April 24, 2026, including additions and removals from the framework.

Summary

BSE has updated the list of securities placed under the Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective April 24, 2026, new securities are added per Annexure I, securities exiting the framework are listed in Annexure II, and a consolidated list of all securities currently under the framework is provided in Annexure III.

Key Points

  • Securities in Annexure I have satisfied the IBC ASM criteria and are placed under the framework effective April 24, 2026.
  • Securities in Annexure II are moving out of the IBC Framework effective April 24, 2026.
  • A consolidated list of all securities currently under the IBC Framework is attached as Annexure III.
  • The framework applies in conjunction with all other prevailing surveillance measures imposed by the exchanges.
  • Shortlisting under this framework is purely for market surveillance purposes and does not constitute an adverse action against the concerned company or entity.

Regulatory Changes

This notice continues the IBC surveillance framework established under Exchange notice no. 20180608-34 (June 08, 2018) and subsequently updated via notices dated May 20, 2022, February 10, 2023, and September 05, 2025. The current update reflects the periodic review mandated by the framework.

Compliance Requirements

  • Trading members must note the updated lists of securities entering and exiting the IBC ASM framework.
  • Market participants must apply applicable surveillance measure restrictions when trading in securities listed under the framework.
  • Where a scrip is subject to multiple surveillance frameworks, the most restrictive price band prevails.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • April 23, 2026: Notice issued.
  • April 24, 2026: Effective date for additions to and removals from the IBC ASM framework.

Impact Assessment

Securities added to the IBC ASM framework will be subject to enhanced surveillance restrictions, including applicable price band limits, which may reduce intraday trading volatility but also limit price discovery. Securities exiting the framework will have their price bands reinstated to the levels applicable before their shortlisting, provided they are not simultaneously subject to any other surveillance measure. The impact is confined to holders and traders of the specific scrips listed in the annexures; there is no broad market impact.

Impact Justification

Routine periodic update to the IBC surveillance framework affecting specific securities under insolvency proceedings; no systemic market-wide impact but material for holders of affected scrips.