Description

NSE circular regarding securities placed under Additional Surveillance Measure (ASM) framework for companies under Insolvency and Bankruptcy Code (IBC), effective November 25, 2025.

Summary

National Stock Exchange of India Limited has issued a surveillance circular regarding the applicability of Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC). Effective November 25, 2025, BIL VYAPAR LIMITED (Symbol: BILVYAPAR, ISIN: INE071A01013) has been shortlisted under ASM-IBC framework based on receipt of corporate announcement/disclosure from the company. The circular references previous exchange circulars from June 2018, May 2022, February 2023, and September 2025. The ASM-IBC framework operates in conjunction with all other prevailing surveillance measures.

Key Points

  • BIL VYAPAR LIMITED shortlisted under ASM-IBC w.e.f. November 25, 2025 due to receipt of corporate announcement/disclosure
  • No securities moved to ASM-IBC Stage I from announcement stage
  • No securities moved from Stage I to Stage II or vice versa
  • No securities excluded from ASM-IBC framework
  • ASM-IBC framework works in conjunction with other surveillance measures
  • Shortlisting is purely for market surveillance and not construed as adverse action against the company
  • Consolidated list includes Eastern Silk Industries Limited, Goenka Diamond and Jewels Limited, Jaiprakash Associates Limited, and Seya Industries (all in Stage I)

Regulatory Changes

No new regulatory changes introduced. This circular is an implementation update to the existing ASM-IBC framework established through previous 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).

Compliance Requirements

Market participants must note:

  • Securities under ASM-IBC framework are subject to additional surveillance measures
  • ASM-IBC framework applies in conjunction with all other prevailing surveillance measures imposed by exchanges
  • Members should monitor the consolidated list of securities under ASM-IBC for trading and compliance purposes
  • For queries, members may contact surveillance@nse.co.in

Important Dates

  • November 24, 2025: Circular issued (Ref. No. 906/2025)
  • November 25, 2025: Effective date for ASM-IBC applicability on newly shortlisted securities

Impact Assessment

Market Impact: Limited impact as only one security (BILVYAPAR) newly added to ASM-IBC framework. The consolidated list shows four securities remain in Stage I of ASM-IBC.

Operational Impact: Trading members and market participants need to be aware of surveillance measures applicable to BIL VYAPAR LIMITED. The security will be subject to enhanced monitoring and disclosure requirements under the IBC surveillance framework.

Investor Impact: Investors in affected securities should be aware that ASM-IBC classification indicates the company is undergoing insolvency proceedings or related corporate actions. This may affect liquidity, volatility, and risk assessment for these securities.

Compliance Impact: Minimal additional compliance burden as this is a routine surveillance update. Members already familiar with ASM-IBC framework need only note the updated list of affected securities.

Impact Justification

Affects specific securities under IBC proceedings with surveillance measures. BIL VYAPAR LIMITED newly added to ASM-IBC framework. Other securities remain in consolidated list under Stage I.