Description

NSE notifies the addition of DHARAN INFRA-EPC LIMITED to Additional Surveillance Measure (ASM) framework under Insolvency and Bankruptcy Code (IBC) effective December 23, 2025.

Summary

NSE has issued a circular regarding Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC). DHARAN INFRA-EPC LIMITED (Symbol: DHARAN, ISIN: INE278R01034) has been shortlisted under ASM-IBC framework based on receipt of corporate announcement/disclosure from the company, effective December 23, 2025. This surveillance measure is implemented in conjunction with all other prevailing surveillance measures.

Key Points

  • DHARAN INFRA-EPC LIMITED added to ASM-IBC framework effective December 23, 2025
  • Addition based on “Receipt of corporate announcement/disclosure from the company” criteria
  • No securities moved to Stage I or Stage II of ASM-IBC
  • No securities excluded from ASM-IBC framework
  • No securities moved between Stage I and Stage II
  • ASM-IBC framework operates in conjunction with all other surveillance measures
  • Price band adjustments apply when securities move out of the framework
  • Shortlisting is purely for market surveillance and not an adverse action against the company

Regulatory Changes

This circular references previous circulars (NSE/SURV/37979 dated June 08, 2018, NSE/SURV/52368 dated May 20, 2022, NSE/SURV/55582 dated February 10, 2023, and NSE/SURV/70074 dated September 05, 2025) and implements the continuing ASM framework for companies under IBC proceedings.

Compliance Requirements

  • NSE members must note the shortlisting of DHARAN under ASM-IBC framework
  • Trading in the shortlisted security will be subject to ASM-IBC provisions
  • Members should monitor and comply with all applicable surveillance measures
  • For queries, members may contact surveillance@nse.co.in

Important Dates

  • Circular Issue Date: December 22, 2025
  • Effective Date: December 23, 2025 - DHARAN added to ASM-IBC framework

Impact Assessment

Market Impact: Limited to one security (DHARAN). The addition to ASM-IBC framework indicates heightened surveillance due to IBC-related developments. Investors should exercise caution when trading this security.

Operational Impact: Trading members need to be aware of the ASM-IBC status when executing trades in DHARAN. The security will be subject to enhanced monitoring and may have modified price bands or trading restrictions as part of the surveillance framework.

Price Band Impact: Securities under ASM-IBC may have different price band restrictions. When a security exits the framework, the price band will revert to the applicable band before shortlisting, unless it is part of another surveillance measure.

Impact Justification

Addition of one security to ASM-IBC framework for surveillance monitoring; no exclusions or stage changes reported; limited immediate market-wide impact