Description

NSE updates Additional Surveillance Measure framework for companies under Insolvency and Bankruptcy Code, affecting UEL and WAAREEINDO securities effective August 11, 2025.

Summary

NSE has updated the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Two securities - Ujaas Energy Limited (UEL) and Indosolar Limited (WAAREEINDO) - have been newly shortlisted under ASM IBC Stage I effective August 11, 2025. The circular also provides consolidated lists of all securities currently under ASM IBC surveillance.

Key Points

  • Two securities newly shortlisted in ASM IBC Stage I: UEL (Ujaas Energy Limited) and WAAREEINDO (Indosolar Limited)
  • No securities moved between stages or were excluded from ASM IBC in this update
  • ASM IBC framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance and not an adverse action against companies
  • Consolidated list includes securities like ARSHIYA, COMPINFO, FLFL, and FSC in Stage I

Regulatory Changes

No changes to the ASM IBC framework itself. This circular provides periodic updates on securities classification under existing regulations referenced in previous circulars from 2018, 2022, and 2023.

Compliance Requirements

  • Market participants must note the updated surveillance status of affected securities
  • Trading in these securities will be subject to ASM IBC provisions
  • Members should refer to previous circulars for detailed ASM IBC framework requirements

Important Dates

  • August 11, 2025: Effective date for new ASM IBC classifications
  • August 8, 2025: Circular issue date

Impact Assessment

Limited market impact as only two securities are newly affected. The surveillance measure is designed to monitor companies under IBC proceedings without restricting normal trading operations. Existing investors in UEL and WAAREEINDO should be aware of the enhanced surveillance status but can continue trading subject to ASM IBC provisions.

Impact Justification

Affects specific securities under IBC surveillance but limited number of companies impacted