Description

BSE applies Additional Surveillance Measure to securities of companies under Insolvency Resolution Process (IRP) as per IBC, effective May 06, 2026, with updated lists of securities entering and exiting the framework.

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). Securities in Annexure I are newly placed under the framework effective May 06, 2026, while securities in Annexure II are being removed. A consolidated list of all securities currently under the IBC framework is provided in Annexure III.

Key Points

  • Securities listed in Annexure I are newly placed under the IBC Surveillance Framework effective May 06, 2026.
  • Securities listed in Annexure II are moving out of the IBC Framework effective May 06, 2026.
  • Annexure III provides the full consolidated list of securities currently under the framework.
  • The IBC framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges.
  • Shortlisting under this framework is purely for market surveillance purposes and does not constitute an adverse action against the concerned company.
  • Securities under this framework are reviewed on a periodic basis.

Regulatory Changes

This notice references and updates the framework established under:

  • Exchange Notice No. 20180608-34 dated June 08, 2018
  • Exchange Notice No. 20220520-52 dated May 20, 2022
  • Exchange Notice No. 20230210-55 dated February 10, 2023
  • Exchange Notice No. 20250905-47 dated September 05, 2025

The current notice updates the list of securities falling under the Additional Surveillance Measure for companies in Insolvency Resolution Process.

Compliance Requirements

  • Market participants and members must note the updated lists of securities entering and exiting the IBC Surveillance Framework.
  • Trading in newly listed securities (Annexure I) will be subject to ASM restrictions from May 06, 2026.
  • Members should ensure compliance with all surveillance conditions applicable to IBC-listed securities.
  • For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • May 05, 2026: Notice date; circular issued.
  • May 06, 2026: Effective date for securities entering (Annexure I) and exiting (Annexure II) the IBC Surveillance Framework.

Impact Assessment

Securities placed under the IBC Surveillance Framework face restricted trading conditions and modified price bands. Upon exit from the framework, the price band of a scrip is reinstated to the band applicable before it was shortlisted, provided the scrip is not under any other surveillance measure — in which case, the price band of the relevant surveillance framework prevails. This measure impacts liquidity and price discovery for affected securities and signals to market participants that the underlying companies are in insolvency proceedings, warranting heightened caution.

Impact Justification

Directly affects tradability and price bands of multiple securities undergoing insolvency proceedings; imposes restrictive surveillance measures with immediate market impact from May 06, 2026.