Description

BSE places additional securities under the Additional Surveillance Measure framework for companies undergoing Insolvency Resolution Process (IRP) under IBC, effective April 30, 2026, while certain securities are removed from the framework.

Summary

BSE has updated the list of securities under the Additional Surveillance Measure (ASM) framework for companies undergoing the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC), effective April 30, 2026. Securities have been added (Annexure I) and removed (Annexure II) from the framework, with a consolidated list provided in Annexure III.

Key Points

  • Securities listed in Annexure I have met the criteria under ASM for IBC/IRP companies and will be placed under the framework effective April 30, 2026.
  • Securities listed in Annexure II are being moved out of the IBC framework effective April 30, 2026.
  • A consolidated list of all securities currently under the framework is available in Annexure III.
  • The ASM 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 does not constitute an adverse action against the company or entity.

Regulatory Changes

This notice updates the framework established under earlier notices: 20180608-34 (June 8, 2018), 20220520-52 (May 20, 2022), 20230210-55 (February 10, 2023), and 20250905-47 (September 5, 2025), by revising the list of securities subject to the Additional Surveillance Measure for IRP/IBC companies.

Compliance Requirements

  • Market participants and members must note the updated lists of securities entering and exiting the IBC surveillance framework.
  • Trading in affected securities must comply with the applicable price bands and surveillance conditions under the framework.
  • For securities exiting the framework, the price band will revert to the band applicable before shortlisting under the framework, unless the security remains under another surveillance measure.
  • Members may direct clarification queries to bse.surv@bseindia.com.

Important Dates

  • April 30, 2026: Effective date for new securities entering the IBC ASM framework (Annexure I) and securities exiting the framework (Annexure II).
  • Framework is reviewed on a periodic basis.

Impact Assessment

Securities placed under this framework face restricted price bands, limiting intraday volatility and potentially reducing liquidity. The exit of securities from the framework allows their price bands to revert to normal levels (subject to no other surveillance measures), which may improve trading activity. Market participants holding or trading in securities listed in the annexures should review their positions in light of the changed surveillance status and associated trading restrictions effective April 30, 2026.

Impact Justification

Directly affects tradability and price bands of specific securities undergoing insolvency proceedings; immediate effective date of April 30, 2026 with additions and removals from the ASM framework.