Description
NSE updates ASM framework for companies under IBC with Setubandhan Infrastructure Limited added to Stage I surveillance.
Summary
NSE has updated its Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC), effective August 29, 2025. Setubandhan Infrastructure Limited has been newly added to ASM Stage I surveillance. The circular emphasizes that ASM IBC operates alongside other existing surveillance measures and should not be construed as adverse action against companies.
Key Points
- Setubandhan Infrastructure Limited (SETUINFRA) added to ASM IBC Stage I
- No securities moved between stages or were excluded from ASM IBC
- ASM IBC framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance purposes, not adverse action
- Consolidated list shows 5+ securities currently under ASM IBC across stages
Regulatory Changes
No changes to the ASM IBC framework itself. This is a routine update of securities classification under existing regulations established through previous circulars from 2018, 2022, and 2023.
Compliance Requirements
- Market participants must note the updated ASM IBC classifications
- Trading members should be aware of surveillance measures applicable to listed securities
- Compliance with ASM IBC requirements alongside other surveillance measures
Important Dates
- Effective Date: August 29, 2025
- Circular Date: August 28, 2025
Impact Assessment
Limited market impact as only one security (SETUINFRA) is newly affected. The ASM IBC framework provides enhanced monitoring for companies under insolvency proceedings without restricting normal trading activities. Market participants should exercise appropriate caution when dealing with securities under surveillance measures.
Impact Justification
Routine surveillance update affecting limited securities under IBC framework