Description

BSE updates the list of securities under Additional Surveillance Measure for companies in the Insolvency Resolution Process (IRP) under IBC, effective May 18, 2026, including new additions and removals.

Summary

BSE has issued an update under its Additional Surveillance Measure (ASM) framework for companies undergoing the Insolvency Resolution Process (IRP) as per the Insolvency and Bankruptcy Code (IBC). Effective May 18, 2026, securities listed in Annexure I are being added to the framework, 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 in Annexure I have met the criteria for placement under the IBC Surveillance Framework with effect from May 18, 2026.
  • Securities listed in Annexure II are being moved out of the IBC Framework effective May 18, 2026.
  • Consolidated list of all securities under the IBC Framework is available in Annexure III.
  • The IBC framework operates alongside all other prevailing surveillance measures imposed by exchanges.
  • Placement under this framework is purely for market surveillance purposes and should not be construed as adverse action against the concerned company.
  • For securities exiting the framework, price bands will revert to the band applicable before shortlisting, unless the scrip is under another surveillance measure.

Regulatory Changes

This notice updates the list of securities subject to the IBC-related Additional Surveillance Measure, referencing prior notices: 20180608-34 (June 8, 2018), 20220520-52 (May 20, 2022), 20230210-55 (February 10, 2023), and 20250905-47 (September 5, 2025). No changes to the framework rules themselves are announced; only the list of covered securities is updated.

Compliance Requirements

  • Exchange members must note the revised lists (Annexures I, II, III) and apply the appropriate surveillance restrictions to listed securities from May 18, 2026.
  • For securities exiting the framework, members should restore price bands to pre-shortlisting levels, subject to any other active surveillance measure.
  • Queries and clarifications should be directed to bse.surv@bseindia.com.

Important Dates

  • May 15, 2026: Notice issued.
  • May 18, 2026: Effective date for additions to and removals from the IBC Surveillance Framework.

Impact Assessment

Securities newly added to the IBC framework will face tightened price bands, reducing intraday volatility limits and potentially impacting liquidity. Conversely, securities exiting the framework will see price band restrictions lifted (unless under another surveillance measure), which may restore normal trading activity. Market participants—particularly traders and brokers dealing in equity scrips of IBC-listed companies—should review the attached annexures carefully before May 18, 2026 to adjust their risk and order management accordingly.

Impact Justification

Directly affects trading conditions (price bands) for multiple equity securities under IBC/IRP proceedings; traders and members must act on updated annexures before May 18, 2026 effective date.