Description

NSE notifies applicability of Additional Surveillance Measure (ASM) under Insolvency and Bankruptcy Code (IBC) framework effective March 16, 2026. Reliance Home Finance Limited (RHFL) is shortlisted under ASM IBC Stage I.

Summary

NSE has issued Circular No. 192/2026 (Ref: NSE/SURV/73274) dated March 13, 2026, notifying the applicability of Additional Surveillance Measure (ASM) under the Insolvency and Bankruptcy Code (IBC) framework. Reliance Home Finance Limited (Symbol: RHFL, ISIN: INE217K01011) has been shortlisted under ASM IBC Stage I with effect from March 16, 2026. No securities are being excluded from the framework in this update.

Key Points

  • Reliance Home Finance Limited (RHFL) shortlisted under ASM IBC Stage I w.e.f. March 16, 2026
  • No securities shortlisted under “Receipt of corporate announcement/disclosure” category
  • No securities moving from Stage I to Stage II or Stage II to Stage I
  • No securities excluded from ASM IBC framework in this update
  • ASM IBC framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued with reference to earlier 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 ASM IBC framework applies surveillance measures to companies undergoing insolvency proceedings under the Insolvency and Bankruptcy Code.

Compliance Requirements

  • All NSE members must note the updated ASM IBC shortlist effective March 16, 2026
  • Members must apply applicable price band restrictions to RHFL from the effective date
  • The price band for securities moving out of the framework will revert to the pre-ASM price band, subject to no other surveillance measure being applicable
  • Members should monitor the consolidated ASM IBC list for current shortlisted securities
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • Circular Date: March 13, 2026
  • Effective Date: March 16, 2026 (ASM IBC Stage I applicability for RHFL)

Impact Assessment

High Impact on RHFL: Reliance Home Finance Limited (RHFL) faces enhanced surveillance under ASM IBC Stage I from March 16, 2026. This typically results in:

  • Imposition of price band restrictions (commonly 5% or lower)
  • Increased margin requirements for traders
  • Potential reduction in trading activity and liquidity in the stock

The IBC-based ASM framework targets companies that have made corporate announcements or disclosures related to insolvency proceedings, signaling significant financial distress. Market participants trading in RHFL should exercise caution and be aware of the heightened surveillance status.

Impact Justification

Reliance Home Finance Limited (RHFL) is placed under ASM IBC Stage I effective March 16, 2026, imposing trading restrictions and price band changes on the security.