Description

NSE circular on securities shortlisted under Additional Surveillance Measure for companies under Insolvency and Bankruptcy Code (IBC), effective December 15, 2025.

Summary

NSE has issued a circular regarding the applicability of Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC). Embassy Developments Limited (EMBDL) has been shortlisted under the ASM IBC framework effective December 15, 2025, based on receipt of corporate announcement/disclosure from the company. No securities have been added to or removed from ASM IBC stages, and no securities have been excluded from the framework.

Key Points

  • Embassy Developments Limited (Symbol: EMBDL, ISIN: INE069I01010) shortlisted under ASM IBC framework based on receipt of corporate announcement/disclosure
  • No securities shortlisted in ASM IBC Stage I
  • No securities moved from Stage I to Stage II or Stage II to Stage I
  • No securities excluded from ASM IBC framework
  • ASM IBC framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance and should not be construed as adverse action against the company
  • Price bands will be reinstated for securities moving out of the framework, subject to other surveillance measures

Regulatory Changes

This circular updates the list of securities under ASM for companies under Insolvency and Bankruptcy Code (IBC) in accordance with 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 that ASM IBC framework applies in conjunction with all other surveillance measures
  • Members should monitor the securities listed under ASM IBC for trading purposes
  • Trading members should be aware of applicable price bands and surveillance restrictions

Important Dates

  • Circular Issue Date: December 12, 2025
  • Effective Date: December 15, 2025 - ASM IBC applicability for Embassy Developments Limited

Impact Assessment

The impact is limited to one security (EMBDL) being placed under surveillance due to corporate announcement/disclosure related to IBC proceedings. This may result in restricted price bands and enhanced monitoring for the security. Market participants trading in EMBDL should be aware of the surveillance framework applicability. The circular confirms no securities are being excluded or moved between ASM stages, indicating stable surveillance status for other previously listed securities.

Impact Justification

Affects one company (EMBDL) under IBC surveillance measure with receipt of corporate announcement/disclosure. No securities moved to ASM stages or excluded from framework.