Description

NSE updates the list of securities under Additional Surveillance Measure (ASM) for companies under Insolvency and Bankruptcy Code (IBC) proceedings, effective December 09, 2025.

Summary

NSE has updated the list of securities under Additional Surveillance Measure (ASM) framework for companies undergoing Insolvency and Bankruptcy Code (IBC) proceedings. Three securities - Eastern Silk Industries Limited, Jaiprakash Associates Limited, and Ujaas Energy Limited - continue in ASM Stage I. The consolidated list now includes 5 securities in Stage I and 11 securities at the stage of receipt of corporate announcement/disclosure. These measures are effective from December 09, 2025.

Key Points

  • Three securities remain in ASM Stage I: EASTSILK, JPASSOCIAT, and UEL
  • No securities moved between stages or were excluded from ASM framework
  • No new securities added to receipt of corporate announcement stage
  • Total of 16 securities currently under ASM (IBC) framework
  • Stage I includes SEYAIND, SWANDEF, EASTSILK, JPASSOCIAT, and UEL
  • 11 securities at corporate announcement/disclosure stage including GOENKA, WAAREEINDO, ABAN, AGSTRA, and others

Regulatory Changes

No changes to the ASM (IBC) framework structure. The circular provides a routine update to the list of affected securities. The framework continues to operate in two stages:

  • Stage I: Active IBC proceedings
  • Receipt of corporate announcement/disclosure stage: Companies that have disclosed IBC-related information

Compliance Requirements

Market participants must be aware that securities under ASM (IBC) are subject to:

  • Enhanced surveillance and monitoring
  • Trading restrictions as per ASM framework
  • Additional risk disclosure requirements
  • Potential limitations on trading frequency and volume
  • Investors should exercise caution when trading these securities

Important Dates

  • Effective Date: December 09, 2025 - Updated ASM (IBC) list becomes applicable

Impact Assessment

The surveillance measures significantly impact liquidity and trading activity in the affected securities. Companies under IBC proceedings face heightened scrutiny, and investors encounter additional trading restrictions. The continuation of EASTSILK, JPASSOCIAT, and UEL in Stage I indicates ongoing insolvency resolution processes. Market participants should note that 16 securities remain under various stages of IBC-related surveillance, affecting overall market sentiment for these counters. The stability in the list (no movements or exclusions) suggests no major resolution developments in the current review period.

Impact Justification

Affects trading in securities of companies under IBC proceedings with additional surveillance measures that restrict trading activity and liquidity