Applicability of Additional Surveillance Measure under IBC - March 2026

Description

NSE announces updates to Additional Surveillance Measure (ASM) for companies under Insolvency and Bankruptcy Code (IBC), effective March 23, 2026. Jaiprakash Associates Limited is excluded from ASM IBC framework; no new securities are added.

Summary

NSE has issued a circular (Ref No: NSE/SURV/73403, Circular Ref. No: 213/2026) updating the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC), effective March 23, 2026. No new securities have been shortlisted under any ASM IBC stage. One security, Jaiprakash Associates Limited (JPASSOCIAT), has been excluded from the ASM IBC framework.

Key Points

• No securities have been shortlisted under ASM IBC Stage I, Stage II, or the corporate announcement/disclosure category effective March 23, 2026.
• Jaiprakash Associates Limited (Symbol: JPASSOCIAT, ISIN: INE455F01025) is excluded from ASM IBC effective March 23, 2026.
• ASM IBC framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges.
• Securities exiting the framework will have their price bands reinstated to levels applicable before shortlisting, unless covered by another surveillance measure.
• Shortlisting under ASM IBC is a market surveillance action and should not be construed as adverse action against the company.

Regulatory Changes

This circular references and operates under the framework established by prior 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

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

Compliance Requirements

• NSE members must take note of the updated ASM IBC securities list.
• Trading in JPASSOCIAT will revert to standard price band applicable before its ASM IBC shortlisting (subject to no other surveillance measure being applicable).
• Members should ensure compliance with applicable price band and margin requirements as updated.
• Queries may be directed to surveillance@nse.co.in.

Important Dates

• Circular Date: March 20, 2026
• Effective Date for all changes: March 23, 2026

Impact Assessment

The impact of this circular is limited. No new securities are being placed under enhanced surveillance, which means no additional trading restrictions are being imposed on any stock. The exclusion of Jaiprakash Associates Limited (JPASSOCIAT) from ASM IBC is a positive development for that stock, as it will see its price band restrictions eased (reverting to pre-ASM IBC levels, assuming no other surveillance measure applies). Traders and investors holding JPASSOCIAT should note the improved trading flexibility effective March 23, 2026.

Impact Justification

Routine ASM IBC update with no new securities shortlisted; only one stock (Jaiprakash Associates Limited) is being removed from the framework, reducing restrictions rather than adding new ones.