Description

NSE updates on securities moving in and out of Additional Surveillance Measure framework under Insolvency and Bankruptcy Code, effective February 01, 2026.

Summary

NSE has issued an update regarding the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Effective February 01, 2026, no new securities are being added to the ASM IBC framework, while five securities have satisfied the exclusion criteria and will be moved out of the framework. The price bands for excluded securities will be reinstated to their pre-ASM levels, subject to no other surveillance measures being applicable.

Key Points

  • No securities are being newly shortlisted under ASM IBC framework effective February 01, 2026
  • Five securities are being excluded from ASM IBC framework: Eastern Silk Industries Limited (EASTSILK), Jaiprakash Associates Limited (JPASSOCIAT), Ortel Communications Limited (ORTEL), Morarjee Textiles Limited (MORARJEE), and Reliance Infrastructure Limited (RELINFRA)
  • ASM IBC framework operates in conjunction with all other prevailing surveillance measures
  • Price bands will be reinstated to pre-ASM levels for excluded securities, unless other surveillance measures apply
  • Shortlisting under ASM IBC is purely for market surveillance and not an adverse action against the company
  • Circular references previous 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)

Regulatory Changes

No new regulatory changes are introduced in this circular. This is a routine update on the application of existing ASM IBC framework. The circular confirms that:

  • The ASM IBC framework continues to operate as per previous circulars
  • Exclusion criteria have been satisfied by five securities
  • The framework remains in conjunction with other surveillance measures

Compliance Requirements

Market participants should note:

  • Monitor the securities moving out of ASM IBC framework for price band changes
  • Continue to comply with all other prevailing surveillance measures applicable to these securities
  • Be aware that exclusion from ASM IBC does not necessarily mean all surveillance measures are removed if the security is subject to other frameworks
  • Direct any queries to surveillance@nse.co.in

Important Dates

  • January 30, 2026: Circular issue date
  • February 01, 2026: Effective date for exclusion of five securities from ASM IBC framework

Impact Assessment

Market Impact: Medium - Five securities are being excluded from ASM IBC framework, which should result in normalized price bands being reinstated (subject to other surveillance measures). This may improve trading flexibility for these stocks.

Operational Impact: Low - No new securities are being added to the framework, reducing operational burden on market participants. The five excluded securities will see their price bands reinstated to normal levels unless other surveillance measures apply.

Securities Affected:

  1. Eastern Silk Industries Limited (EASTSILK) - ISIN: INE962C01035
  2. Jaiprakash Associates Limited (JPASSOCIAT) - ISIN: INE455F01025
  3. Ortel Communications Limited (ORTEL) - ISIN: INE849L01019
  4. Morarjee Textiles Limited (MORARJEE) - ISIN: INE161G01027
  5. Reliance Infrastructure Limited (RELINFRA) - ISIN: INE036A01016

The exclusion suggests these companies have satisfied criteria indicating resolution or improvement in their IBC status, which is a positive development for these securities.

Impact Justification

Surveillance measure update affecting five securities moving out of ASM IBC framework, with no new securities being added. Price bands will be reinstated for excluded securities.