Description
NSE circular regarding securities moving in and out of Additional Surveillance Measure (ASM) framework under Insolvency and Bankruptcy Code, with Five Core Electronics Limited being excluded from ASM IBC effective December 29, 2025.
Summary
NSE has issued a surveillance circular regarding the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). This circular updates the list of securities under ASM IBC effective December 29, 2025. No new securities have been added to any stage of the framework. One security, Five Core Electronics Limited (FIVECORE, ISIN: INE574Z01013), is being excluded from the ASM IBC framework.
Key Points
- No securities are being newly shortlisted under ASM IBC framework across all stages
- Five Core Electronics Limited (FIVECORE) is being excluded from ASM IBC effective December 29, 2025
- ASM IBC framework operates in conjunction with all other prevailing surveillance measures
- Price band of securities exiting the framework will be reinstated to pre-ASM levels (subject to no other surveillance measures)
- Shortlisting under ASM IBC is purely for market surveillance and not an adverse action against the company
Regulatory Changes
This circular references previous NSE 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
No new regulatory changes are introduced in this circular; it is a routine update to the existing ASM IBC framework.
Compliance Requirements
- Market participants should note that ASM IBC framework operates alongside all other surveillance measures
- Members should be aware of updated surveillance status for affected securities
- For Five Core Electronics Limited, normal price band restrictions will apply (subject to no other surveillance frameworks being applicable)
Important Dates
- Effective Date: December 29, 2025 - Changes to ASM IBC framework take effect
- Circular Issue Date: December 26, 2025
Impact Assessment
Market Impact: Minimal. No securities are being newly added to any stage of ASM IBC surveillance, indicating no deterioration in corporate insolvency situations requiring enhanced monitoring.
Stock-Specific Impact:
- Five Core Electronics Limited (FIVECORE): Positive development as the stock is being excluded from ASM IBC framework. The price band will be reinstated to normal levels (currently subject to verification that no other surveillance measures apply). This suggests the company’s insolvency-related concerns have been resolved or no longer warrant special surveillance.
Operational Impact: No operational changes required for market participants. The circular serves as an informational update to the surveillance landscape.
Securities Affected
Excluded from ASM IBC (Annexure II)
| Symbol | Security Name | ISIN |
|---|---|---|
| FIVECORE | Five Core Electronics Limited | INE574Z01013 |
No Changes in Other Categories
- Receipt of corporate announcement/disclosure: Nil
- Stage I shortlisting: Nil
- Stage I to Stage II movement: Nil
- Stage II to Stage I movement: Nil
Impact Justification
Routine surveillance update with no new securities added to ASM IBC framework; only one security (Five Core Electronics) being excluded, indicating minimal market-wide impact