Description

NSE updates the list of securities under Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC), adding two securities to Stage I and one to the corporate announcement category effective April 27, 2026.

Summary

NSE has issued an update to the Additional Surveillance Measure (ASM) framework applicable to companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC). Effective April 27, 2026, two securities are newly added to ASM Stage I, and one security is added under the ‘Receipt of Corporate Announcement/Disclosure’ sub-category. No securities are moving between stages or being excluded in this update.

Key Points

  • SETUINFRA (Setubandhan Infrastructure Limited, INE023M01027) added to ASM IBC Stage I w.e.f. April 27, 2026
  • SIMBHALS (Simbhaoli Sugars Limited, INE748T01016) added to ASM IBC Stage I w.e.f. April 27, 2026
  • BGRENERGY (BGR Energy Systems Limited, INE661I01014) added to ASM under ‘Receipt of Corporate Announcement/Disclosure’ category w.e.f. April 27, 2026
  • No securities moving from Stage I to Stage II (Nil)
  • No securities moving from Stage II to Stage I (Nil)
  • No securities excluded from ASM IBC in this update (Nil)
  • Consolidated ASM IBC list now contains 15 securities in Stage I and multiple securities in the corporate announcement category

Regulatory Changes

The ASM framework for IBC companies is updated periodically based on corporate announcements and insolvency proceedings. This circular adds new securities to the surveillance framework, which imposes additional trading restrictions such as reduced price bands, higher margin requirements, and mandatory physical delivery settlement on affected securities.

Compliance Requirements

  • Trading Members: Must ensure compliance with applicable margins, price bands, and settlement conditions for all securities on the ASM IBC list effective April 27, 2026
  • Investors/Clients: Should be aware that securities under ASM IBC are subject to enhanced surveillance; trading conditions may differ from normal securities
  • Clearing Members: Must apply enhanced margin requirements as stipulated under the ASM IBC framework for newly added securities

Important Dates

  • Circular Date: April 24, 2026
  • Effective Date for New Additions: April 27, 2026 (Sunday/Monday start of trading week)

Impact Assessment

The addition of SETUINFRA and SIMBHALS to ASM IBC Stage I will result in tighter price bands and higher margin requirements for these stocks, reducing liquidity and potentially increasing volatility around the effective date. BGRENERGY’s placement in the corporate announcement/disclosure category signals ongoing IBC-related disclosures and will subject it to enhanced regulatory scrutiny. The consolidated list of 15+ Stage I securities reflects NSE’s continued enforcement of investor protection measures for companies in financial distress. Traders and investors holding positions in newly added securities should review their exposure ahead of April 27, 2026.

Impact Justification

Directly restricts trading conditions for multiple securities under IBC proceedings; newly added stocks face enhanced surveillance from April 27, 2026, affecting liquidity and investor participation.