Description

NSE announces changes to Additional Surveillance Measure (ASM) framework for companies under Insolvency and Bankruptcy Code (IBC), with Ortel Communications Limited added to Stage I and Goenka Diamond and Jewels Limited excluded from ASM.

Summary

NSE has updated the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC), effective December 16, 2025. Ortel Communications Limited has been shortlisted under ASM IBC Stage I, while Goenka Diamond and Jewels Limited has been excluded from the ASM IBC framework. This circular references previous circulars from June 2018, May 2022, February 2023, and September 2025 establishing the ASM IBC framework.

Key Points

  • Ortel Communications Limited (Symbol: ORTEL, ISIN: INE849L01019) added to ASM for Companies as per IBC Stage I
  • Goenka Diamond and Jewels Limited (Symbol: GOENKA, ISIN: INE516K01024) excluded from ASM IBC framework
  • No securities moved between stages (Stage I to Stage II or Stage II to Stage I)
  • No new securities added based on receipt of corporate announcement/disclosure
  • ASM IBC framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM IBC is purely for market surveillance and not an adverse action against the company
  • Consolidated list includes Seya Industries Limited (Stage I), Swan Defence and Heavy Industries Limited (Stage I), and East (details truncated)

Regulatory Changes

No changes to the ASM IBC regulatory framework itself. This circular implements the existing framework by updating the list of securities subject to surveillance measures based on their satisfaction of inclusion or exclusion criteria under the Insolvency and Bankruptcy Code.

Compliance Requirements

  • Market participants must note that ASM IBC framework applies in conjunction with all other surveillance measures
  • Trading members should be aware of the updated classification of affected securities
  • Members should monitor corporate announcements and disclosures from companies under IBC proceedings
  • Queries regarding ASM IBC may be directed to surveillance@nse.co.in

Important Dates

  • Circular Date: December 15, 2025
  • Effective Date: December 16, 2025 - Changes to ASM IBC classification become effective

Impact Assessment

Market Impact: Limited immediate market impact as only two securities are affected. The addition of Ortel Communications to Stage I ASM may result in additional scrutiny and potential trading restrictions, while the exclusion of Goenka Diamond indicates resolution or improvement in its IBC status.

Operational Impact: Trading members dealing in ORTEL and GOENKA securities need to update their surveillance systems and risk management frameworks. The ASM IBC Stage I classification for Ortel Communications may involve enhanced monitoring requirements.

Investor Impact: Investors holding or trading in these securities should be aware of the surveillance classification changes. ASM measures typically include additional disclosure requirements and may affect trading patterns, though the exchange clarifies this is not an adverse action against the companies.

Impact Justification

Routine surveillance update affecting two specific securities - one addition to ASM Stage I and one exclusion. Part of ongoing IBC monitoring framework with limited immediate market impact.