Description

NSE circular regarding securities shortlisted under Additional Surveillance Measure (ASM) framework for companies under Insolvency and Bankruptcy Code (IBC), effective February 10, 2026.

Summary

NSE has issued a surveillance circular regarding the applicability of Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC). Effective February 10, 2026, Housing Development and Infrastructure Limited (HDIL) has been shortlisted in ASM IBC Stage I. No securities were shortlisted for receipt of corporate announcements, moved between stages, or excluded from the framework. The ASM IBC framework operates in conjunction with all other prevailing surveillance measures.

Key Points

  • HDIL (INE191I01012) shortlisted in ASM IBC Stage I effective February 10, 2026
  • No securities newly shortlisted for receipt of corporate announcement/disclosure
  • No securities moved from Stage I to Stage II or vice versa
  • No securities excluded from ASM IBC framework
  • Consolidated list includes NEUEON, SWANDEF, and GENSOL in Stage I (existing)
  • ASM IBC framework works in conjunction with all other surveillance measures
  • Shortlisting is purely for market surveillance and not an adverse action against the company

Regulatory Changes

This circular updates the list of securities under the ASM IBC framework, referencing 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). The framework continues to apply additional surveillance measures to companies undergoing insolvency proceedings under IBC.

Compliance Requirements

  • NSE members must note the updated list of securities under ASM IBC
  • Trading members should be aware that ASM IBC applies alongside other surveillance measures
  • Market participants should monitor securities in the ASM IBC framework for compliance purposes
  • Members can contact surveillance@nse.co.in for queries

Important Dates

  • Circular Date: February 09, 2026
  • Effective Date: February 10, 2026
  • Reference: NSE/SURV/72709, Circular 103/2026

Impact Assessment

The impact is limited to specific securities under insolvency proceedings. HDIL’s inclusion in ASM IBC Stage I indicates heightened surveillance due to its insolvency status. Market participants trading these securities should exercise appropriate caution. The measure is preventive and monitoring-focused rather than punitive. Trading in affected securities continues but under enhanced surveillance parameters established by the exchange.

Impact Justification

Routine surveillance measure affecting limited number of securities under insolvency proceedings. HDIL moved to Stage I of ASM IBC framework. No securities excluded or moved between stages.