Description

NSE notifies inclusion of Educomp Solutions Limited under ASM IBC framework effective March 27, 2026, with no securities excluded. Consolidated list of IBC-shortlisted securities also updated.

Summary

NSE has issued Circular No. 223/2026 (Download Ref No: NSE/SURV/73470) dated March 25, 2026, notifying the applicability of the Additional Surveillance Measure (ASM) under the Insolvency and Bankruptcy Code (IBC) framework. Educomp Solutions Limited (EDUCOMP) has been newly shortlisted under the ‘Receipt of corporate announcement/disclosure’ criteria effective March 27, 2026. No securities are being excluded from ASM IBC as of this circular.

Key Points

  • Educomp Solutions Limited (EDUCOMP | INE216H01027) newly added to ASM IBC under ‘Receipt of corporate announcement/disclosure’ category w.e.f. March 27, 2026
  • No securities shortlisted under ASM IBC Stage I (new additions)
  • No securities moving from Stage I to Stage II or Stage II to Stage I
  • No securities excluded from ASM IBC framework
  • 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 updates the ASM IBC list in reference to 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 structural changes to the ASM IBC framework itself; this is a periodic update to the list of securities.

Compliance Requirements

  • NSE Members must take note of the updated ASM IBC security lists
  • Trading members must apply applicable ASM restrictions for newly added securities from the effective date
  • Market participants should be aware that ASM IBC framework applies alongside all other existing surveillance measures
  • Queries can be directed to surveillance@nse.co.in

Important Dates

  • Circular Date: March 25, 2026
  • Effective Date: March 27, 2026 (for newly shortlisted and excluded securities)

Impact Assessment

Newly Added (Annexure I):

  • EDUCOMP (Educomp Solutions Limited | INE216H01027): Shortlisted under ‘Receipt of corporate announcement/disclosure’ — trading subject to enhanced surveillance measures from March 27, 2026.

Consolidated ASM IBC List (as updated): The following securities remain under ASM IBC (Stage I unless noted):

  • ABAN — Aban Offshore Limited (INE421A01028) — Stage I
  • ARSHIYA — Arshiya Limited (INE968D01022) — Stage I
  • CLCIND — CLC Industries Limited (INE376C01038) — Stage I
  • EASTSILK — Eastern Silk Industries Limited (INE962C01035) — Stage I
  • GENSOL — (details truncated in source)

Investors and traders in these securities face additional surveillance-related trading restrictions. The ASM IBC measure is a precautionary regulatory mechanism and does not reflect an official adverse finding against the listed companies.

Impact Justification

Directly affects trading conditions for multiple securities under IBC proceedings. ASM application restricts trading and imposes additional surveillance, materially impacting investors and traders in affected stocks.