Description
NSE updates ASM IBC framework effective May 04, 2026: no new securities shortlisted, and four securities (ABAN, NEUEON, RHFL, SANWARIA) removed from the framework.
Summary
NSE has issued a circular (Ref. No. 317/2026) updating the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC), effective May 04, 2026. No new securities have been shortlisted under ASM IBC, while four securities — ABAN, NEUEON, RHFL, and SANWARIA — have satisfied the exclusion criteria and will be removed from the framework.
Key Points
- No new securities are being added to the ASM IBC framework (Annexure I entries are all Nil).
- Four securities have met the exclusion criteria and are being removed from ASM IBC effective May 04, 2026.
- The ASM IBC framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges.
- Shortlisting under ASM IBC is purely for market surveillance purposes and should not be construed as an adverse action against the concerned company.
- Price bands for exiting securities will revert to the price band applicable before ASM IBC shortlisting, provided the security is not part of any other surveillance framework.
Regulatory Changes
This circular updates the ASM IBC framework established under earlier circulars: NSE/SURV/37979 (June 08, 2018), NSE/SURV/52368 (May 20, 2022), NSE/SURV/55582 (February 10, 2023), and NSE/SURV/70074 (September 05, 2025). The key change is the exclusion of four securities from the framework, which restores their normal price band conditions.
Compliance Requirements
- NSE members must note the updated ASM IBC security lists effective May 04, 2026.
- Members should update their systems to reflect the restored price bands for ABAN, NEUEON, RHFL, and SANWARIA, subject to no other surveillance measures being applicable.
- For queries, members may contact surveillance@nse.co.in.
Important Dates
- April 30, 2026: Circular issuance date.
- May 04, 2026: Effective date for all changes — exclusion of ABAN, NEUEON, RHFL, and SANWARIA from ASM IBC framework.
Impact Assessment
Securities Excluded (Annexure II):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | ABAN | Aban Offshore Limited | INE421A01028 |
| 2 | NEUEON | Neueon Corporation Limited | INE333I01044 |
| 3 | RHFL | Reliance Home Finance Limited | INE217K01011 |
| 4 | SANWARIA | Sanwaria Consumer Limited | INE890C01046 |
The removal of these four securities from ASM IBC is a positive development for their respective shareholders, as normal price band restrictions will be reinstated from May 04, 2026. No new securities are being placed under enhanced surveillance this cycle, indicating no deterioration in IBC-related corporate action disclosures across listed companies. Market participants holding or trading in the above stocks should take note of the change in price band conditions.
Impact Justification
No new securities added to ASM IBC, but four securities are excluded from the framework effective May 04, 2026, restoring normal price bands for ABAN, NEUEON, RHFL, and SANWARIA.