Description

BSE places additional securities under the Insolvency Resolution Process (IRP) surveillance framework effective April 27, 2026, and updates the list of securities moving in and out of the IBC framework.

Summary

BSE has updated the list of securities under the Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). New securities satisfying the IBC surveillance criteria will be placed under the framework effective April 27, 2026, while certain securities are simultaneously being removed from the framework on the same date. A consolidated list of all securities currently under the framework is provided as Annexure III.

Key Points

  • Securities listed in Annexure I have met the criteria under the ASM-IBC framework and will be added effective April 27, 2026
  • Securities listed in Annexure II will be removed from the IBC framework effective April 27, 2026
  • A consolidated list of all securities under the framework is available in Annexure III
  • The IBC surveillance framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges
  • Shortlisting under this framework is purely for market surveillance purposes and should not be construed as adverse action against the concerned company
  • For clarifications, members may contact bse.surv@bseindia.com

Regulatory Changes

This notice updates the existing IBC surveillance framework established under Exchange notice no. 20180608-34 (June 8, 2018) and subsequently revised via notices dated May 20, 2022, February 10, 2023, and September 5, 2025. The additions and removals reflect a periodic review of securities satisfying or no longer satisfying the IBC/IRP criteria.

Compliance Requirements

  • Market participants and members must note the updated list of securities under the IBC surveillance framework
  • Trading in newly added securities will be subject to applicable price band restrictions under the framework
  • Securities moving out of the framework will have their price bands reinstated to levels applicable before shortlisting, provided they are not subject to any other surveillance measure
  • If a departing scrip is under another surveillance measure, the price band of that other framework will prevail

Important Dates

  • April 24, 2026: Notice issued
  • April 27, 2026: Effective date for securities moving into and out of the IBC framework

Impact Assessment

Securities added to the IBC surveillance framework will face tightened price bands, limiting intraday price movement and potentially reducing liquidity. This directly impacts traders and investors holding or wishing to trade these scrips. Securities exiting the framework will see price band restoration, which may improve trading flexibility unless they remain under another surveillance measure. The periodic review nature of this framework means ongoing monitoring is required by market participants with exposure to IBC-listed companies.

Impact Justification

Securities placed under IBC surveillance face trading restrictions including price band changes, directly affecting market participants trading those scrips. Effective date is imminent (April 27, 2026).