Description

NSE updates Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC), with NEUEON and SWANDEF moving to the corporate announcement disclosure category effective March 02, 2026. No new securities are being added to Stage I or Stage II.

Summary

NSE has issued Circular No. 156/2026 (Download Ref: NSE/SURV/73062) updating the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC), effective March 02, 2026. No securities have been newly shortlisted under any ASM-IBC stage. Two securities — NEUEON (Neueon Corporation Limited) and SWANDEF (Swan Defence and Heavy Industries Limited) — have satisfied the exclusion criteria and are being moved to the ‘Receipt of corporate announcement/disclosure’ category under ASM-IBC.

Key Points

  • Circular references prior NSE surveillance 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)
  • Annexure I (securities newly shortlisted under ASM-IBC Stage I, Stage II, or Stage I-to-II/II-to-I transitions): Nil — no new securities added
  • Annexure II: NEUEON and SWANDEF moved to the ‘Receipt of corporate announcement/disclosure’ category under ASM-IBC w.e.f. March 02, 2026
  • No securities fully excluded from ASM-IBC framework
  • ASM-IBC framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM-IBC is purely for market surveillance purposes and should not be construed as adverse action against the company

Regulatory Changes

  • NEUEON (Neueon Corporation Limited, ISIN: INE333I01044) reclassified to ‘Receipt of corporate announcement/disclosure’ category under ASM-IBC
  • SWANDEF (Swan Defence and Heavy Industries Limited, ISIN: INE542F01020) reclassified to ‘Receipt of corporate announcement/disclosure’ category under ASM-IBC
  • Price band reinstatement rule applies to securities moving out of the ASM-IBC framework: the price band reverts to what was applicable before shortlisting, unless the scrip is part of another surveillance measure, in which case the other framework’s price band prevails

Compliance Requirements

  • All NSE members must note the changes in ASM-IBC applicability effective March 02, 2026
  • Members must ensure compliance with price band rules for NEUEON and SWANDEF as they transition categories
  • Market participants should treat ASM-IBC in conjunction with any other surveillance measures applicable to affected securities
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • Circular date: February 27, 2026
  • Effective date for all changes: March 02, 2026

Impact Assessment

The immediate impact is limited in scope, affecting only two securities (NEUEON and SWANDEF) which are being reclassified to a less restrictive category within the ASM-IBC framework rather than being escalated. No securities are being newly added to Stage I or Stage II ASM-IBC, indicating no escalation of surveillance for any additional scrips this cycle. Market participants holding or trading NEUEON or SWANDEF should note any consequent changes in applicable price bands effective March 02, 2026.

Impact Justification

Routine ASM-IBC update with no new securities added to Stage I or Stage II; two securities (NEUEON, SWANDEF) are reclassified to the corporate announcement disclosure category, which reduces their surveillance intensity rather than escalating it.