Description

NSE circular announcing changes to Additional Surveillance Measure (ASM) for companies under Insolvency and Bankruptcy Code (IBC), with one security being excluded from ASM effective October 29, 2025.

Summary

NSE has issued updates to the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). The key change is the exclusion of Future Supply Chain Solutions Limited (FSC) from ASM-IBC effective October 29, 2025. No new securities are being added to any IBC surveillance stage, and no securities are moving between stages.

Key Points

  • Future Supply Chain Solutions Limited (FSC - INE935Q01015) to be excluded from ASM under IBC framework
  • No new securities added to ASM-IBC in any stage
  • No securities moving from Stage I to Stage II or vice versa
  • No new securities receiving corporate announcements/disclosures under IBC
  • Consolidated list shows 19 securities remaining under ASM-IBC surveillance
  • 9 securities in Stage I, 10 securities under “Receipt of corporate announcement/disclosure” category

Regulatory Changes

The circular maintains the existing ASM-IBC framework with minimal adjustments. The surveillance measure continues to operate in multiple stages:

  • Stage I: For companies in early stages of IBC proceedings (9 securities)
  • Receipt of corporate announcement/disclosure: For companies that have made IBC-related disclosures (10 securities)

No changes to the surveillance framework rules or criteria are introduced in this circular.

Compliance Requirements

For Future Supply Chain Solutions Limited (FSC):

  • Trading restrictions under ASM-IBC will be lifted effective October 29, 2025
  • Normal trading conditions will apply post-exclusion

For remaining 19 securities under ASM-IBC:

  • Continue to operate under existing ASM-IBC surveillance restrictions
  • Enhanced disclosure and monitoring requirements remain applicable
  • Trading restrictions as per respective stages continue

Important Dates

  • October 29, 2025: Effective date for exclusion of FSC from ASM-IBC
  • October 29, 2025: Updated consolidated ASM-IBC list becomes applicable

Impact Assessment

Market Impact:

  • Minimal market-wide impact as only one security is being removed from surveillance
  • Positive development for FSC shareholders as surveillance restrictions will be lifted
  • No new securities entering surveillance indicates stable IBC situation for other listed companies

Operational Impact:

  • Trading members and participants should update their systems to reflect FSC’s removal from ASM-IBC
  • Risk management systems should be updated for normal treatment of FSC effective October 29, 2025
  • Investors in FSC may see improved liquidity post-exclusion from surveillance framework

Securities Under Continued Surveillance: The following securities remain under ASM-IBC monitoring: GENSOL, SANCO, SICALLOG, SWANDEF, EASTSILK, JPASSOCIAT, UEL, WAAREEINDO, GOENKA, ABAN, AGSTRA, ALCHEM, ALPSINDUS, ANKITMETAL, ANSALAPI, ARSHIYA, ARTEDZ, BANSAL, and CMICABLES.

Impact Justification

Routine surveillance update with minimal changes - only one security (FSC) being excluded from ASM-IBC framework, no new securities added to surveillance.