Description

NSE circular regarding securities under Additional Surveillance Measure (ASM) for companies under Insolvency and Bankruptcy Code (IBC), with one security (Alps Industries Limited) being excluded from the framework.

Summary

The National Stock Exchange has issued a surveillance circular regarding the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Effective November 11, 2025, no new securities have been added to the ASM-IBC framework. However, Alps Industries Limited (Symbol: ALPSINDUS, ISIN: INE093B01015) has satisfied the exclusion criteria and will be removed from the ASM-IBC framework. The consolidated list continues to include four securities in Stage I: Eastern Silk Industries Limited, Goenka Diamond and Jewels Limited, Jaiprakash Associates Limited, and Seya Industries.

Key Points

  • No new securities added to ASM-IBC framework under any category
  • Alps Industries Limited (ALPSINDUS) excluded from ASM-IBC effective November 11, 2025
  • ASM-IBC framework operates in conjunction with all other prevailing surveillance measures
  • Four securities remain in the consolidated ASM-IBC list at Stage I
  • Shortlisting under ASM-IBC is purely for market surveillance and not an adverse action against companies

Regulatory Changes

No new regulatory changes introduced. This circular provides a routine update on the existing ASM-IBC framework established through previous circulars (NSE/SURV/37979 dated June 08, 2018, NSE/SURV/52368 dated May 20, 2022, NSE/SURV/55582 dated February 10, 2023, and NSE/SURV/70074 dated September 05, 2025).

Compliance Requirements

  • Market participants should note that Alps Industries Limited is no longer subject to ASM-IBC measures
  • Trading members must continue monitoring securities under ASM-IBC framework in conjunction with other surveillance measures
  • No additional compliance requirements introduced in this circular

Important Dates

  • Effective Date: November 11, 2025 - Exclusion of Alps Industries Limited from ASM-IBC framework
  • Circular Date: November 10, 2025

Impact Assessment

Positive Impact:

  • Alps Industries Limited benefits from exclusion from ASM-IBC surveillance, which may improve investor sentiment and trading conditions for this security

Market Impact:

  • Minimal overall market impact as no new securities are being added to surveillance measures
  • The exclusion of one security represents a positive development in the insolvency resolution process

Consolidated ASM-IBC Securities (Stage I):

  1. Eastern Silk Industries Limited (EASTSILK) - INE962C01035
  2. Goenka Diamond and Jewels Limited (GOENKA) - INE516K01024
  3. Jaiprakash Associates Limited (JPASSOCIAT) - INE455F01025
  4. Seya Industries (SEYAIND) - [ISIN truncated in source document]

For queries, members may contact surveillance@nse.co.in.

Impact Justification

This is a routine surveillance update with no new securities added to ASM-IBC framework. Only one security (Alps Industries Limited) is being excluded, which is positive for that stock but has minimal market-wide impact.