Description

BSE updates the list of securities under Additional Surveillance Measure (ASM) for companies in Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC), with additions and removals effective May 12, 2026.

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). Effective May 12, 2026, new securities meeting the IBC-ASM criteria are added (Annexure I), certain securities are removed from the framework (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 satisfied the criteria for IBC-ASM and will be placed under the framework effective May 12, 2026.
  • Securities listed in Annexure II are being removed from the IBC Framework effective May 12, 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 the exchanges.
  • Shortlisting under this framework is purely for market surveillance purposes and must not be construed as an adverse action against the company or entity.

Regulatory Changes

This notice updates the IBC-ASM framework originally established under Exchange Notice No. 20180608-34 (June 8, 2018) and subsequently amended by:

  • Exchange Notice No. 20220520-52 (May 20, 2022)
  • Exchange Notice No. 20230210-55 (February 10, 2023)
  • Exchange Notice No. 20250905-47 (September 5, 2025)

Securities placed under the framework are reviewed on a periodic basis.

Compliance Requirements

  • Members (brokers/trading members) must note the updated lists of securities entering and exiting the IBC-ASM framework.
  • Trading in securities under the IBC-ASM framework is subject to the price band restrictions imposed by the framework.
  • For scrips exiting the framework, the price band will revert to the band applicable before shortlisting, unless the scrip is under another surveillance measure, in which case the relevant surveillance framework’s price band will prevail.
  • Queries or clarifications may be directed to BSE Surveillance at bse.surv@bseindia.com.

Important Dates

  • May 11, 2026: Notice issued.
  • May 12, 2026: Effective date for additions to and removals from the IBC-ASM framework.

Impact Assessment

Securities newly added to the IBC-ASM framework (Annexure I) will face tighter price band restrictions, limiting intraday trading range and potentially reducing liquidity. Securities exiting the framework (Annexure II) will have their price bands restored to pre-shortlisting levels (subject to no other active surveillance measures), which may increase trading activity and price volatility for those scrips. Market participants trading in IBC-listed companies should consult the attached annexures to identify affected securities and adjust their trading strategies accordingly.

Impact Justification

Routine periodic update to IBC surveillance framework affecting specific securities; medium impact as it alters trading conditions (price bands) for affected scrips but is a standard regulatory mechanism with no systemic market-wide implications.