Description

BSE updates the list of securities under Additional Surveillance Measure for companies in Insolvency Resolution Process (IRP) under IBC, effective May 04, 2026, with new additions and removals.

Summary

BSE has updated the list of securities subject to the Additional Surveillance Measure (ASM) for companies under the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). The update is effective May 04, 2026, and includes new securities being added to the framework as well as securities being removed. A consolidated list of all securities currently under the framework is provided as Annexure III.

Key Points

  • Securities listed in Annexure I have newly satisfied the criteria for IBC surveillance measures, effective May 04, 2026.
  • Securities listed in Annexure II are moving out of the IBC Framework effective May 04, 2026.
  • A consolidated list of all securities currently under the IBC 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.
  • Securities exiting the framework will have their price bands reinstated to pre-shortlisting levels, unless they are subject to another surveillance measure.

Regulatory Changes

This notice updates the list of securities under the existing IBC surveillance framework, originally established via BSE notice no. 20180608-34 dated June 08, 2018, and subsequently revised through notices dated May 20, 2022, February 10, 2023, and September 05, 2025. No structural changes to the framework itself are introduced; this is a periodic review and revision of the securities list.

Compliance Requirements

  • Market participants and members must take note of the updated securities lists in Annexures I, II, and III.
  • Trading in newly added securities (Annexure I) will be subject to Additional Surveillance Measure conditions from May 04, 2026.
  • Members should ensure compliance with all applicable surveillance measures for affected securities.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • April 30, 2026: Notice date and issuance of updated securities lists.
  • May 04, 2026: Effective date for new additions (Annexure I) and removals (Annexure II) from the IBC surveillance framework.

Impact Assessment

Securities added to the IBC surveillance framework (Annexure I) will face additional trading restrictions and surveillance scrutiny, which may affect liquidity and price discovery for those scrips. Securities exiting the framework (Annexure II) will benefit from restoration of their prior price bands, subject to no other active surveillance measures applying. The overall market impact is limited to the specific scrips listed in the annexures, and the action reflects routine regulatory oversight of companies undergoing insolvency proceedings rather than any systemic market concern.

Impact Justification

Routine periodic update to IBC surveillance framework affecting specific securities undergoing insolvency resolution; impacts trading conditions and price bands for listed companies in IRP but is a standard regulatory mechanism, not a systemic change.