Description

NSE implements Additional Surveillance Measure (ASM) under Insolvency and Bankruptcy Code (IBC) for Seya Industries Limited, moving it to Stage I effective November 07, 2025.

Summary

The National Stock Exchange of India has issued a circular regarding the applicability of Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC). Effective November 07, 2025, Seya Industries Limited (Symbol: SEYAIND, ISIN: INE573R01012) has been shortlisted in ASM IBC Stage I. No securities are being excluded from ASM IBC or moving between stages in this circular. The consolidated list shows four companies currently under ASM IBC framework: Eastern Silk Industries Limited, Goenka Diamond and Jewels Limited, Jaiprakash Associates Limited (all in Stage I), and newly added Seya Industries Limited.

Key Points

  • Seya Industries Limited (SEYAIND) added to ASM for Companies under IBC Stage I effective November 07, 2025
  • No securities are moving from Stage I to Stage II or vice versa
  • No securities are being excluded from ASM IBC framework in this update
  • ASM IBC framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM IBC is purely for market surveillance and not an adverse action against the company
  • Circular references previous Exchange Circulars: NSE/SURV/37979 (June 08, 2018), NSE/SURV/52368 (May 20, 2022), NSE/SURV/55582 (February 10, 2023), and NSE/SURV/70074 (September 05, 2025)

Regulatory Changes

No new regulatory changes are introduced in this circular. It implements the existing ASM IBC framework established through previous circulars to one additional security that has satisfied the criteria for inclusion.

Compliance Requirements

  • All NSE members must take note of the securities shortlisted under ASM IBC
  • Trading members should apply surveillance measures as applicable to ASM IBC Stage I securities
  • Market participants must comply with all prevailing surveillance measures in conjunction with ASM IBC framework
  • Members should monitor companies under ASM IBC for any corporate announcements or disclosures related to insolvency proceedings

Important Dates

  • Circular Issue Date: November 06, 2025
  • Effective Date: November 07, 2025 - Seya Industries Limited moves to ASM IBC Stage I

Impact Assessment

Market Impact: High - The inclusion of securities under ASM IBC indicates serious financial distress and potential insolvency proceedings, which typically leads to increased volatility and reduced liquidity in the affected securities.

Investor Impact: High - Investors holding positions in Seya Industries Limited should be aware of the heightened surveillance and potential insolvency risks. The ASM IBC framework serves as a warning mechanism for market participants.

Trading Impact: Securities under ASM IBC may face additional trading restrictions and enhanced monitoring. The consolidated list now includes four companies under various stages of surveillance, with Eastern Silk Industries Limited, Goenka Diamond and Jewels Limited, and Jaiprakash Associates Limited continuing in Stage I.

Operational Impact: Market participants must ensure their surveillance systems account for ASM IBC classifications and comply with all applicable measures for trading in these securities.

Impact Justification

ASM under IBC indicates serious financial distress and insolvency proceedings, which significantly impacts trading and investor confidence in affected securities