Description

NSE places Sanwaria Consumer Limited under ASM IBC Stage I effective March 18, 2026. No securities are being excluded or moved between stages.

Summary

NSE has issued Circular No. 202/2026 (Ref: NSE/SURV/73332) dated March 17, 2026, regarding the applicability of the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Effective March 18, 2026, Sanwaria Consumer Limited (SANWARIA) has been newly shortlisted under ASM IBC Stage I. No securities are being moved between stages or excluded from the framework in this update.

Key Points

  • New addition to ASM IBC Stage I (w.e.f. March 18, 2026): Sanwaria Consumer Limited (Symbol: SANWARIA, ISIN: INE890C01046)
  • No securities shortlisted under the “Receipt of corporate announcement/disclosure” category
  • No securities moved from Stage I to Stage II or Stage II to Stage I
  • No securities excluded from ASM IBC in this update
  • ASM IBC framework applies in conjunction with all other prevailing surveillance measures imposed by exchanges
  • The shortlisting is purely a market surveillance action and should not be construed as an adverse action against the concerned company

Regulatory Changes

This circular is issued under the existing ASM IBC framework established via prior circulars:

  • NSE/SURV/37979 dated June 08, 2018 (original framework)
  • NSE/SURV/52368 dated May 20, 2022
  • NSE/SURV/55582 dated February 10, 2023
  • NSE/SURV/70074 dated September 05, 2025

No new regulatory framework changes are introduced; this is an update to the list of securities under the existing ASM IBC mechanism.

Compliance Requirements

  • NSE members must note that SANWARIA will be subject to ASM IBC Stage I restrictions effective March 18, 2026
  • Market participants must comply with ASM IBC trading conditions (typically includes enhanced margin requirements and/or trade-to-trade settlement) for listed securities
  • Members should ensure client communication and system updates are in place prior to the effective date
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • Circular Date: March 17, 2026
  • Effective Date for new ASM IBC applicability: March 18, 2026

Impact Assessment

Sanwaria Consumer Limited (SANWARIA): Entry into ASM IBC Stage I will impose additional surveillance-related trading restrictions, potentially including trade-to-trade settlement and/or enhanced margin requirements. This will reduce trading flexibility for investors holding or trading this stock.

Consolidated ASM IBC List: The existing consolidated list includes Aban Offshore Limited (ABAN), Arshiya Limited (ARSHIYA), CLC Industries Limited (CLCIND), Eastern Silk Industries Limited (EASTSILK), Gensol (GENSOL), and others — all continuing under existing IBC-related surveillance measures.

The overall market impact is limited given the small number of securities affected, but individual stock liquidity and trading volumes for newly added SANWARIA may be reduced post-implementation.

Impact Justification

Affects a limited number of securities under IBC proceedings; one new addition to ASM Stage I. Impacts trading conditions for these specific stocks but is a routine surveillance action.