Description

NSE updates the list of securities under Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency and Bankruptcy Code (IBC) proceedings, with changes effective December 01, 2025.

Summary

NSE has issued an update on the Additional Surveillance Measure (ASM) framework applicable to companies under the Insolvency and Bankruptcy Code (IBC). Effective December 01, 2025, five securities are moving to the ‘Receipt of corporate announcement/disclosure’ stage, while no new securities are being added to or removed from the ASM framework. The consolidated list now includes 13 securities under various stages of IBC-related surveillance.

Key Points

  • Five securities moved to ‘Receipt of corporate announcement/disclosure’ stage: Eastern Silk Industries, Goenka Diamond and Jewels, Jaiprakash Associates, Ujaas Energy, and Indosolar
  • No new securities added to ASM under IBC framework
  • No securities excluded from ASM framework
  • Two securities remain in Stage I: Seya Industries and Swan Defence and Heavy Industries
  • Total of 13 securities currently under ASM (IBC) framework
  • Changes effective from December 01, 2025

Regulatory Changes

No structural changes to the ASM (IBC) framework itself. This circular represents a periodic update reflecting the current status of securities under the framework based on company disclosures and IBC proceedings.

Compliance Requirements

  • Trading members must note the updated surveillance status of affected securities
  • Enhanced due diligence and risk management measures apply to all securities under ASM (IBC)
  • Members should monitor corporate announcements from companies in ‘Receipt of corporate announcement/disclosure’ stage for potential status changes
  • Compliance with applicable margin requirements and trading restrictions for ASM securities

Important Dates

  • December 01, 2025: Effective date for updated ASM (IBC) classifications

Impact Assessment

Market Impact: Limited direct market impact as this is a routine surveillance update. The five securities moving to ‘Receipt of corporate announcement/disclosure’ stage may indicate progress in IBC proceedings, potentially leading to future resolution or delisting.

Trading Impact: Securities under ASM (IBC) are subject to enhanced surveillance measures which may include trading restrictions, higher margins, or reduced price bands. Investors should exercise caution when trading these securities.

Investor Considerations: The consolidated list of 13 securities represents companies with ongoing insolvency proceedings. Investors should closely monitor corporate announcements and resolution plans for these companies, particularly the five that moved to the announcement stage.

Impact Justification

Routine surveillance update affecting 13 securities under IBC proceedings. Five securities moved to 'Receipt of corporate announcement' stage, indicating potential resolution activity. No securities added to or excluded from ASM framework this cycle.