Description

NSE places Swan Defence and Heavy Industries Limited under ASM Stage I framework for Companies as per Insolvency and Bankruptcy Code (IBC) effective January 09, 2026.

Summary

NSE has updated the list of securities under Additional Surveillance Measure (ASM) for Companies as per Insolvency and Bankruptcy Code (IBC). Swan Defence and Heavy Industries Limited (SWANDEF) has been newly placed under ASM Stage I effective January 09, 2026. No securities are being excluded or moved between stages. The ASM IBC framework operates in conjunction with other surveillance measures and is purely on account of market surveillance, not an adverse action against the company.

Key Points

  • Swan Defence and Heavy Industries Limited (SWANDEF, ISIN: INE542F01020) added to ASM IBC Stage I
  • No securities moved from Stage I to Stage II or vice versa
  • No securities excluded from ASM IBC framework
  • Consolidated ASM IBC list includes Eastern Silk Industries Limited, Jaiprakash Associates Limited, and Ujaas Energy Limited (list appears truncated in source)
  • ASM IBC framework works alongside all other prevailing surveillance measures
  • Measure is purely surveillance-based and not an adverse regulatory action

Regulatory Changes

This circular updates the application of Additional Surveillance Measure under the Insolvency and Bankruptcy Code framework. The ASM IBC mechanism has two stages (Stage I and Stage II) with securities moving between stages or being excluded based on specific criteria. The framework was previously established through 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).

Compliance Requirements

  • NSE members must note the updated list of securities under ASM IBC framework
  • Trading members should be aware of surveillance measures applicable to SWANDEF
  • Market participants must recognize that ASM IBC framework operates in conjunction with other surveillance measures
  • Members should direct queries to surveillance@nse.co.in

Important Dates

  • Circular Date: January 08, 2026
  • Effective Date: January 09, 2026 - SWANDEF placed under ASM IBC Stage I

Impact Assessment

The placement of Swan Defence and Heavy Industries Limited under ASM IBC Stage I indicates the company is subject to insolvency proceedings under IBC. This surveillance measure enhances monitoring of the security’s trading activity. While the exchange clarifies this is not an adverse action, investors and traders should be aware of the heightened surveillance and potential restrictions. The measure aims to protect market integrity during insolvency proceedings. No securities were removed from surveillance, suggesting ongoing IBC proceedings for previously listed companies including Eastern Silk Industries, Jaiprakash Associates, and Ujaas Energy Limited.

Impact Justification

Routine surveillance measure affecting one security under IBC framework. Limited immediate market impact but signals regulatory monitoring of insolvency proceedings.