Description

NSE circular regarding securities under Additional Surveillance Measure (ASM) framework for companies under Insolvency and Bankruptcy Code (IBC), effective December 24, 2025.

Summary

NSE has issued an update on the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC), effective December 24, 2025. This circular references previous circulars from June 2018, May 2022, February 2023, and September 2025. No new securities are being added to any stage of the ASM-IBC framework, while Sanco Industries Limited is being excluded from the measure.

Key Points

  • No securities satisfy the criteria for inclusion in ASM-IBC framework effective December 24, 2025
  • No securities are moving between stages (Stage I to Stage II or vice versa)
  • One security (Sanco Industries Limited, Symbol: SANCO, ISIN: INE782L01012) is being excluded from ASM-IBC
  • ASM-IBC framework operates in conjunction with other prevailing surveillance measures
  • Price band reinstatement applies to securities moving out of the framework
  • Shortlisting under ASM-IBC is purely for market surveillance and not an adverse action against the company

Regulatory Changes

No new regulatory changes introduced. This is a periodic update on securities status under the existing ASM-IBC framework established by previous circulars.

Compliance Requirements

  • Market participants must note that ASM-IBC framework works alongside all other surveillance measures
  • Members should monitor securities under this framework
  • Price bands for securities exiting the framework will be reinstated to pre-ASM levels, unless subject to other surveillance measures
  • Any queries should be directed to surveillance@nse.co.in

Important Dates

  • Circular Issue Date: December 23, 2025
  • Effective Date: December 24, 2025 (for exclusion of SANCO from ASM-IBC)

Impact Assessment

Market Impact: Minimal. No securities are being newly added to surveillance framework, indicating stable market conditions regarding IBC-related concerns.

Operational Impact: Positive for Sanco Industries Limited as it exits ASM-IBC framework, allowing normal price band operations (subject to no other surveillance measures).

Investor Impact: Low overall impact. Investors in SANCO may see normalized trading conditions with removal of IBC-related surveillance restrictions.

Impact Justification

Administrative update with no securities being added to ASM-IBC framework; only one security (SANCO) being excluded, indicating reduced surveillance rather than increased restrictions