Description

BSE places securities of companies under Insolvency Resolution Process (IRP) into Additional Surveillance Measure framework effective May 06, 2026, with updates to both inclusion and exclusion lists.

Summary

BSE has updated the Additional Surveillance Measure (ASM) framework for companies under the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). Effective May 06, 2026, new securities have been added (Annexure I), certain securities have been removed (Annexure II), and a consolidated list of all securities currently under the framework is provided (Annexure III).

Key Points

  • Securities listed in Annexure I have been 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.
  • A consolidated list of all securities currently under the framework is available in Annexure III.
  • The framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges.
  • Shortlisting under this framework is purely for market surveillance purposes and must not be interpreted as an adverse action against the company or entity.

Regulatory Changes

This notice updates the IBC surveillance framework originally established under Exchange notice no. 20180608-34 (June 08, 2018) and subsequently revised by:

  • 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

Securities under this framework are reviewed on a periodic basis.

Compliance Requirements

  • Market participants and members must note the updated lists of securities entering and exiting the IBC Surveillance Framework.
  • Trading in affected scrips must comply with the applicable price bands under the framework.
  • For scrips exiting the framework, price bands will revert to the band applicable before inclusion, unless the scrip is part of another surveillance measure — in which case, that measure’s price band will prevail.

Important Dates

  • May 06, 2026: Effective date for securities entering the IBC Surveillance Framework (Annexure I).
  • May 06, 2026: Effective date for securities exiting the IBC Surveillance Framework (Annexure II).

Impact Assessment

Securities placed under the IBC ASM framework face restricted trading conditions including modified price bands, which can significantly affect liquidity and price discovery. Companies entering the framework are those undergoing insolvency resolution, indicating financial distress. Securities exiting the framework will see their price bands restored (subject to no other active surveillance measure), potentially improving trading flexibility. Market participants should review Annexures I, II, and III carefully to identify affected holdings. For clarifications, members may contact BSE Surveillance at bse.surv@bseindia.com.

Impact Justification

Directly affects tradability and price bands of listed securities undergoing insolvency proceedings; changes trading conditions for affected scrips effective immediately.