Description

NSE circular regarding securities shortlisted under Additional Surveillance Measure for companies under Insolvency and Bankruptcy Code, with Indosolar Limited (WAAREEINDO) added to ASM IBC Stage I effective December 30, 2025.

Summary

NSE has issued a circular regarding the applicability of Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC). Effective December 30, 2025, Indosolar Limited (Symbol: WAAREEINDO, ISIN: INE866K01023) has been shortlisted in ASM IBC Stage I. No securities have been excluded from ASM IBC or moved between stages. The ASM IBC framework operates in conjunction with all other prevailing surveillance measures.

Key Points

  • One security (Indosolar Limited - WAAREEINDO) shortlisted in ASM IBC Stage I effective December 30, 2025
  • No securities moved from Stage I to Stage II or vice versa
  • No securities excluded from ASM IBC framework
  • ASM IBC is a purely surveillance-based measure and should not be construed as adverse action against the company
  • ASM IBC framework operates in conjunction with all other existing surveillance measures
  • Consolidated list includes 3+ securities currently under ASM IBC Stage I: SEYAIND (Seya Industries Limited), SWANDEF (Swan Defence and Heavy Industries Limited), EASTSILK (Eastern Silk Industries Limited)

Regulatory Changes

No new regulatory changes introduced. This circular is issued in continuation of previous NSE circulars:

  • 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 circular implements the existing ASM framework for companies under IBC proceedings.

Compliance Requirements

  • Market participants must note that securities under ASM IBC are subject to additional surveillance measures
  • Trading members should be aware of the enhanced monitoring applicable to WAAREEINDO effective December 30, 2025
  • All market participants must comply with ASM IBC framework requirements in conjunction with other prevailing surveillance measures
  • Members can contact surveillance@nse.co.in for queries

Important Dates

  • December 29, 2025: Circular issue date
  • December 30, 2025: Effective date for ASM IBC applicability to Indosolar Limited (WAAREEINDO)

Impact Assessment

Market Impact: Limited impact as only one security is being added to ASM IBC Stage I. The measure is surveillance-focused and does not immediately restrict trading.

Affected Security: Indosolar Limited (WAAREEINDO, ISIN: INE866K01023) will be subject to enhanced surveillance monitoring under the IBC framework.

Investor Consideration: The shortlisting is based on market surveillance criteria related to insolvency proceedings and does not constitute an adverse regulatory action. However, investors should exercise caution when trading in securities under ASM IBC.

Trading Impact: Securities under ASM may face additional trading restrictions or enhanced monitoring, though specific trading conditions are governed by the broader ASM framework referenced in earlier circulars.

Impact Justification

Circular affects one security moving into ASM IBC Stage I (Indosolar Limited). This is a routine surveillance measure that impacts trading conditions but does not constitute immediate trading action. The consolidated list shows three other securities already under ASM IBC Stage I.