Description

BSE updates the list of securities under Additional Surveillance Measure for Companies under Insolvency and Bankruptcy Code (IBC), with new additions and removals effective May 19, 2026.

Summary

BSE has updated the list of securities subject to the Additional Surveillance Measure (ASM) for companies undergoing Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The update is effective May 19, 2026, and includes new securities added to the framework (Annexure I), securities moving out of the framework (Annexure II), and a consolidated list of all securities currently under the framework (Annexure III).

Key Points

  • Securities meeting the IBC/IRP criteria have been added to the Additional Surveillance Measure framework effective May 19, 2026 (per Annexure I).
  • Certain securities are being removed from the IBC framework effective May 19, 2026 (per Annexure II).
  • A consolidated list of all securities currently under the framework is provided in Annexure III.
  • Securities under this framework are subject to periodic review.
  • This measure 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 adverse action against the company.

Regulatory Changes

This notice references and operates under a series of prior 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

The current update modifies the list of securities under the IBC surveillance framework without changing the underlying framework rules.

Compliance Requirements

  • Market participants and members must take note of the updated securities list under the IBC surveillance framework.
  • Trading in affected securities will be subject to the price band and surveillance conditions applicable under this framework.
  • For securities exiting the framework, the price band will revert to the band applicable before the security was shortlisted, unless the security is under another surveillance measure (in which case the relevant surveillance framework’s price band prevails).
  • Members with clarifications may contact BSE at bse.surv@bseindia.com.

Important Dates

  • May 18, 2026: Notice issued.
  • May 19, 2026: Effective date for additions and removals from the IBC surveillance framework.

Impact Assessment

Securities added to the IBC framework will face enhanced surveillance conditions and restricted price bands, limiting daily price movement and potentially reducing liquidity. Securities exiting the framework will see their price bands restored, which may improve trading activity. The measure affects companies undergoing insolvency proceedings and signals heightened regulatory scrutiny. Investors in affected securities should review the attached annexures to determine if their holdings are impacted. The periodic review mechanism means security status can change over time as insolvency proceedings progress.

Impact Justification

Directly affects trading conditions and price bands for securities undergoing insolvency resolution; impacts investor decisions and liquidity for affected companies.