Description

NSE circular regarding securities shortlisted under Additional Surveillance Measure (ASM) framework for companies under Insolvency and Bankruptcy Code (IBC), effective December 22, 2025.

Summary

NSE has updated the list of securities under Additional Surveillance Measure (ASM) for companies covered under Insolvency and Bankruptcy Code (IBC). Reliance Infrastructure Limited (RELINFRA) has been shortlisted in ASM IBC Stage I effective December 22, 2025. No securities are being excluded from the framework or moving between stages.

Key Points

  • Reliance Infrastructure Limited (Symbol: RELINFRA, ISIN: INE036A01016) shortlisted in ASM IBC Stage I
  • No securities moving from Stage I to Stage II or vice versa
  • No securities being excluded from ASM IBC framework
  • No new securities added to corporate announcement/disclosure category
  • ASM IBC framework operates in conjunction with all other prevailing surveillance measures
  • Price band of excluded securities (if any) would revert to pre-framework levels unless under other surveillance measures

Regulatory Changes

This circular implements ongoing surveillance measures under the ASM IBC framework as per 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). The framework provides enhanced monitoring for companies undergoing insolvency proceedings.

Compliance Requirements

  • Market participants must note that ASM IBC framework applies alongside other surveillance measures
  • Members should factor in enhanced surveillance conditions when trading affected securities
  • Price band restrictions applicable to securities under ASM IBC Stage I will apply to RELINFRA
  • Queries regarding the surveillance measure should be directed to surveillance@nse.co.in

Important Dates

  • Circular Date: December 19, 2025
  • Effective Date: December 22, 2025 - New ASM IBC classifications take effect

Impact Assessment

The inclusion of Reliance Infrastructure Limited in ASM IBC Stage I indicates the company is undergoing insolvency proceedings under IBC. This will result in enhanced surveillance and potentially tighter price bands. Investors should note this is a market surveillance measure and not an adverse action against the company. Trading volumes and liquidity may be affected due to the additional surveillance framework. The fact that no securities are being excluded suggests continued regulatory monitoring of companies under insolvency proceedings.

Impact Justification

One security (Reliance Infrastructure Limited) moves to ASM IBC Stage I, affecting trading conditions with enhanced surveillance. No securities excluded, indicating ongoing monitoring under insolvency framework.