Description

BSE updates Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) under IBC, with securities moving in and out of the framework effective May 15, 2026.

Summary

BSE has updated its Additional Surveillance Measure (ASM) framework for companies undergoing the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). Effective May 15, 2026, certain securities have been added to the IBC Framework (Annexure I) while others have been removed (Annexure II). A consolidated list of all securities currently under the framework is provided in Annexure III.

Key Points

  • Securities listed in Annexure I have satisfied criteria for placement under the ASM-IBC Framework with effect from May 15, 2026.
  • Securities listed in Annexure II are moving out of the IBC Framework with effect from May 15, 2026.
  • A consolidated list of all securities currently under the IBC Framework is available in Annexure III.
  • The framework is reviewed periodically by BSE.
  • This action is purely for market surveillance purposes and should not be construed as adverse action against the concerned company.
  • The IBC Framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.

Regulatory Changes

This notice updates the IBC surveillance framework in reference to previous Exchange notices:

  • Notice no. 20180608-34 dated June 08, 2018 (original framework)
  • Notice no. 20220520-52 dated May 20, 2022
  • Notice no. 20230210-55 dated February 10, 2023
  • Notice no. 20250905-47 dated September 05, 2025

Compliance Requirements

  • Market participants and members must take note of the securities added to and removed from the IBC Framework.
  • Trading in securities under the IBC Framework is subject to the additional surveillance conditions applicable under this framework.
  • For clarifications, members may contact BSE at bse.surv@bseindia.com.

Important Dates

  • May 14, 2026: Notice date
  • May 15, 2026: Effective date for securities moving into and out of the IBC Framework

Impact Assessment

Securities placed under the IBC Framework are subject to enhanced surveillance measures, which typically include tighter price bands and additional margin requirements, restricting normal trading activity. Securities exiting the framework will have their price bands reinstated to the levels applicable before they were shortlisted, provided they are not subject to any other surveillance framework. This update has a moderate market impact, primarily affecting investors and traders holding positions in the specific securities listed in the annexures.

Impact Justification

Periodic update to IBC surveillance framework affecting specific securities undergoing insolvency proceedings; impacts trading conditions and price bands for listed companies in IRP but is a routine surveillance action.