Description

NSE updates the list of securities under Additional Surveillance Measure (ASM) for companies under Insolvency and Bankruptcy Code (IBC), with Morarjee Textiles Limited added to Stage I and Techindia Nirman Limited and Rolta India Limited excluded from ASM.

Summary

NSE has issued Circular No. 976/2025 updating the list of securities under Additional Surveillance Measure (ASM) for companies as per Insolvency and Bankruptcy Code (IBC). Effective December 18, 2025, Morarjee Textiles Limited has been added to ASM IBC Stage I, while Techindia Nirman Limited and Rolta India Limited have been excluded from the ASM framework. The ASM IBC framework operates in conjunction with all other prevailing surveillance measures and is purely on account of market surveillance, not as adverse action against the concerned companies.

Key Points

  • Morarjee Textiles Limited (Symbol: MORARJEE, ISIN: INE161G01027) added to ASM for Companies as per IBC Stage I
  • Techindia Nirman Limited (Symbol: TECHIN, ISIN: INE778A01021) excluded from ASM IBC framework
  • Rolta India Limited (Symbol: ROLTA, ISIN: INE293A01013) excluded from ASM IBC framework
  • No securities moved from Stage I to Stage II or vice versa
  • No new securities added to “Receipt of corporate announcement/disclosure from the company” category
  • ASM IBC framework operates in conjunction with other prevailing surveillance measures
  • Consolidated list includes Seya Industries Limited and Swan Defence and Heavy Industries Limited in Stage I

Regulatory Changes

This circular references previous circulars establishing the ASM IBC framework:

  • NSE/SURV/37979 dated June 08, 2018
  • NSE/SURV/52368 dated May 20, 2022
  • NSE/SURV/55582 dated February 10, 2023
  • NSE/SURV/70074 dated September 05, 2025

The framework continues to apply additional surveillance measures to securities of companies undergoing insolvency proceedings under the Insolvency and Bankruptcy Code.

Compliance Requirements

  • Market participants must note that ASM IBC framework applies in conjunction with all other prevailing surveillance measures imposed by exchanges
  • Trading members should be aware of the updated list of securities under ASM IBC and comply with applicable trading restrictions
  • Shortlisting under ASM IBC is purely on account of market surveillance and should not be construed as adverse action against the concerned company
  • Members can direct queries to surveillance@nse.co.in

Important Dates

  • Circular Issue Date: December 17, 2025
  • Effective Date: December 18, 2025 - All changes to ASM IBC classification take effect from this date

Impact Assessment

Market Impact: Limited and targeted to specific securities. The addition of one security (MORARJEE) to Stage I surveillance and exclusion of two securities (TECHIN, ROLTA) suggests routine monitoring and resolution of insolvency concerns.

Trading Impact: Securities under ASM IBC Stage I face enhanced surveillance including potential price bands, trade-for-trade settlement, and additional disclosure requirements. Exclusion of TECHIN and ROLTA from the framework removes these restrictions, potentially improving liquidity.

Investor Impact: Investors in Morarjee Textiles Limited should be aware of enhanced surveillance measures. Investors in Techindia Nirman Limited and Rolta India Limited may benefit from removal of ASM restrictions, though underlying insolvency concerns may persist.

Operational Impact: Brokers and trading members must update their systems to reflect the new ASM IBC classifications and ensure compliance with applicable trading restrictions for affected securities.

Impact Justification

Routine surveillance measure update affecting specific securities under IBC. Limited market-wide impact but significant for affected companies and their investors due to trading restrictions under ASM framework.